Trump proudly says the 'economic boom' has officially begun — but there's one problem
President Donald Trump has been facing criticism from business owners, consumers, and economists for his policies and their impact on the economy. But he remains defiant and continues to make claims about affordability and the positive effects of tariffs. Real GDP grew at an annualized rate of 4.3% in Q3 of 2025, surpassing predictions that said it would grow by around 3%. Donald Trump saw this as a big win for his administration, but millions of Americans are still struggling to deal with rising prices. Despite that, the President touted his achievements and said that the economy was booming.
"The Trump economic boom has officially begun. And it's really begun almost from the beginning," the President said at the Detroit Economic Club, as per a report in ABC News. The affordability crisis remains a major concern for Americans, but the President still felt it appropriate to call it a hoax fabricated by the Democrats. However, he also said that he would announce certain measures to ease the financial struggle of millions.
"In the coming weeks, I will be laying out even more plans to help bring back affordability. And again, remember, that's a fake word by Democrats," he said. It was the Joe Biden administration, which preceded Trump’s second term, that saw a decades-high inflation rate of 9%. At the moment, the rate of inflation stands at 2.7%.
While it is lowest since July of 2025, it is still higher than the Fed’s 2% target. Speaking of the Fed, Trump had some harsh words for the Chair Jerome Powell as well. The President has been pushing him to lower interest rates further, but Powell has refused to do so as much as Trump might have liked. The President was the one who appointed him to the post in his first term. Relations between the two have soured since.
"If I had the help of the Fed, it would be easier. But that jerk will be gone soon," Trump said. Powell’s term will come to an end in May this year, and the 72-year-old is also facing a criminal investigation by the Justice Department. Of course, he believes the investigation to be politically motivated. One of the best examples of the affordability crisis is the condition of the housing market, and the President explained his plan to deal with it by banning large institutional investors from "buying more single-family homes" and imposing a 1-year, 10% cap on credit card interest rates.
Trump also said that he was going to announce a health care affordability framework, which would reduce premiums, lower drug prices, and demand accountability from insurance companies. However, he did not delve into any more detail. Americans are facing high healthcare premiums after the Affordable Care Act subsidies came to an end in 2025.
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