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Finance & Markets · North America

Trump allies cite market gains as voters remain dissatisfied

Donald Trump and his allies are pointing to a roughly 29 percent rise in the S&P 500 since January 2025 as evidence of economic strength, while the article says polls show voters remain dissatisfied. The Bureau of Economic Analysis reported annualized inflation-adjusted GDP growth of 2.2 percent in the second quarter.

AI-assisted synthesis · Based on 2 outlets' reporting · Article text read from 1 of 2 outlets · 1 article captured only in partHow it's made

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2 outlets2 regionsLatest reporting 3 min read
Coverage: Too few ratedL 1 · C 0 · R 1
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Photo: Daniel Torok / Wikimedia Commons (Public domain)

What happened

Key facts

  • The article says polls show voters remain dissatisfied with the economy (per thenewamerican.com).
  • The Bureau of Labor Statistics reported annual inflation of 3.7 percent in September, up from 3.0 percent when Trump took office (per thenewamerican.com).
  • Reuters reported Monday that average gasoline prices during Trump’s second term had exceeded the average under Biden, at $3.472 versus $3.471 per gallon (per thenewamerican.com).
  • The Guardian framed its headline around whether the United States has inflation and said five charts show the economic reality of Trump’s second term so far (per The Guardian, thenewamerican.com).

The brief

Donald Trump and his allies are citing market gains and economic growth as signs of a strong economy, while the article says polls show voters remain dissatisfied. The S&P 500 climbed approximately 29 percent from January 2025 through October 20, 2026, and the Bureau of Economic Analysis reported annualized inflation-adjusted GDP growth of 2.2 percent in the second quarter.

The New American describes Trump and his allies as promoting what they view as an economic comeback. It argues that rising share prices do not, on their own, establish that living standards are improving. Its account puts the market figures alongside inflation and fuel prices, which it presents as measures relevant to the gap between upbeat economic claims and voter sentiment.

The Bureau of Labor Statistics reported annual inflation of 3.7 percent in September, compared with 3.0 percent when Trump took office, according to The New American. That figure offers a counterpoint to the growth and stock-market numbers cited by Trump’s allies, though the article does not quantify how inflation shaped voters’ views.

Fuel costs provide another part of the account. AAA reported national averages of $4.27 per gallon for regular gasoline and $6.35 for diesel by Tuesday. Reuters reported Monday that average gasoline prices during Trump’s second term had reached $3.472 per gallon, slightly above the $3.471 average under Biden.

These are distinct measures: the AAA figures are national prices reported for a particular point, while Reuters’ comparison concerns average prices across the two presidential terms. The article also points to a difference between aggregate market performance and who owns wealth.

It says the stock-market rise cannot by itself show whether households’ living standards have improved. The evidence it cites thus includes both economic growth and market gains, as well as higher reported inflation and fuel prices; the article’s central contrast is between those indicators and voter dissatisfaction.

The Guardian’s headline separately poses the question “We don’t have inflation?” and describes five charts as showing the economic reality of Trump’s second term so far. The headline signals an emphasis on inflation and chart-based evidence, but does not state what the charts show.

For the central economic claim, The New American’s account presents the market and GDP figures alongside polling dissatisfaction and price measures, rather than treating stock performance as a complete measure of household prosperity.

Why it matters

  • Voters are the population at the center of the reported dissatisfaction; the article contrasts that sentiment with a roughly 29 percent S&P 500 gain and 2.2 percent annualized GDP growth.
  • Households face the reported price measures: September annual inflation was 3.7 percent, while AAA put regular gasoline at $4.27 per gallon and diesel at $6.35 by Tuesday.
  • The article’s argument is that stock prices alone do not establish whether living standards are improving, making the distinction between market performance and household conditions central to evaluating the economic claims.

What to watch next

  • Whether Trump and his allies continue to cite the S&P 500’s approximately 29 percent gain and second-quarter GDP growth as evidence of economic strength.
  • Whether polling continues to show voter dissatisfaction with the economy.
  • Whether reported inflation and fuel-price measures change from the figures cited: September inflation of 3.7 percent and AAA’s gasoline and diesel averages.

How it's being covered

Coverage analysisShow details
2 source articles · 2 unique outlets
Outlet political mix: Too few rated· 1 Left · 1 Right
Where the outlets are based: US/Canada 50% · Europe 50%
Outlet political mix
Too few rated
Left
Center
Right
1 outlet
0 outlets
1 outlet
The marker shows coverage balance: each unique outlet counts once.
Geography
Where the outlets covering this story are based.
2 unique outletsDominant coverage: US/Canada
Limited coverage
  • Coverage is currently limited to 2 outlets.
How we measure coverage

How outlets' accounts compare

Updat3 does not yet have enough full reports to compare how outlets framed this story.

Timeline

Developments from this story's sources, dated background we compiled and fact-checked, and our earlier coverage. Each row says which.
  1. The S&P 500, created in its modern form in 1957, tracks large US companies and is a measure of stock-market performance, not household costs or wages.
    Background · from our historical context
  2. Standard & Poor’s introduced the S&P 500 in its modern form.
    Background · compiled and fact-checked by Updat3
  3. The Tax Cuts and Jobs Act, signed on December 22, 2017, lowered the federal corporate tax rate from 35 percent to 21 percent and reduced individual income-tax rates.
    Background · from our historical context
  4. During Trump’s first term, the index rose about 68 percent from his inauguration to its end on January 20, 2021; that figure did not itself measure changes in living standards.
    Background · from our historical context
  5. President Joe Biden signed the American Rescue Plan Act, authorizing about $1.9 trillion in pandemic relief.
    Background · compiled and fact-checked by Updat3
  6. The Federal Reserve began raising interest rates in March 2022, after keeping its benchmark rate near zero during the pandemic.
    Background · from our historical context
  7. Donald Trump won the presidency, and Republicans gained control of the Senate.
    Background · compiled and fact-checked by Updat3
  8. Donald Trump was inaugurated for a second, non-consecutive term as U.S. president.
    Background · compiled and fact-checked by Updat3

How we got here

Before Donald Trump returned to office on January 20, 2025, voters had already lived through a sharp rise in consumer prices: the Bureau of Labor Statistics recorded 9.1 percent annual inflation in June 2022, the highest rate in four decades. The Federal Reserve began raising interest rates in March 2022, after keeping its benchmark rate near zero during the pandemic.

Congress enacted the $1.9 trillion American Rescue Plan Act on March 11, 2021, during Joe Biden’s presidency; economists and officials later debated how fiscal support, supply disruptions and strong demand contributed to inflation.

Original sources

2 articles from 2 outlets

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