The rump economy is gaining steam, but it’s facing testing of messages, says Stephen Moore

Economic momentum is growing under President Donald Trump, but translating those gains into political advantage will require sharp messaging, said economist Stephen Moore, as voters remain skeptical despite improving indicators.

“There’s perception and there’s reality,” Moore explained in an interview with Fox News Digital.

“The truth is what the numbers show – that the income of the average family has increased by almost 1,200 dollars this year, adjusted for inflation. We are seeing a real increase in wealth. Anyone who invests in the stock market – not just rich people, but about 160 million Americans – has a retirement savings in stocks.”

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Still, Moore, a former Trump adviser and founder of the free-market advocacy group Unleash Prosperity, acknowledged that the rising cost of living continues to shape how many Americans view the economy.

“People tend to focus on the upside, and I understand that,” Moore said. “But there are areas where costs have come down, including fuel, plane tickets and other everyday items.”

That disconnect between economic data and how voters feel about the economy poses a political challenge to Trump, who returned to the White House promising affordability but now faces doubts about whether that promise will be fulfilled.

Moore says Trump should continue to address issues of affordability with voters, noting that cost-of-living pressures still shape how many Americans view the economy. (Molly Riley/Official White House Photo)

A national Fox News poll found that 76% of voters rate the economy negatively, up from 67% in July and 70% at the end of former President Joe Biden’s term.

The survey revealed that voters are more likely to blame Trump than Biden for the current economic situation, with many saying that Trump’s policies have hurt them.

The sentiment fueled the Democratic message of consumerism, echoed in recent state and local elections.

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That disconnect, Moore says, isn’t just about prices — it’s also about tone.

“I think people want to sympathize with the president,” Moore said. “People in the middle of the working class want to know that this president understands the difficulty of working 40 hours a week and still having trouble meeting their bills.”

To bridge that gap, Moore compared Trump’s current challenge to Ronald Reagan’s early presidency, which followed the economic crisis behind Jimmy Carter — dynamics he said resembled the results of the Biden administration.

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President Donald Trump has launched a nationwide campaign to talk about his economic plans. (Daniel Torok/Official White House Photo)

“Trump should use an old line from Ronald Reagan, because Reagan’s first 18 months in office were very difficult. We had a very bad economy as a result of Jimmy Carter. And Reagan told the American people, stay the course, these policies will work and they will make America better.”

Moore said the latest data suggests the recovery is accelerating, and that momentum is likely to continue.

“In the last few months, the economy has picked up a lot,” Moore said. “At 4.3% growth, that’s a very high rate, and the recovery is going well. It’s been a very successful first year and I expect 2026 to bring very strong economic growth.”