Criticizing the administration’s economic record

Critics of President Trump’s economic policies warn that the mixed results mask deeper structural problems. While jobs are being created, many are in low-wage sectors, and wage growth has not kept pace with inflation for the bottom half of earners. The national debt has surged past $35 trillion, and the deficit is growing even during a period of expansion — a rarity that foreshadows fiscal trouble. The Federal Reserve’s high interest rates, partly a response to tariffs that raise import prices, have made mortgages and business loans more expensive. Trade wars have hurt farmers and manufacturers that rely on imported components. The stock market’s gains have mostly benefited the wealthy, while household debt is at an all-time high. Critics also note that the administration’s tax cuts disproportionately helped corporations and high-income households, and that promised investment in infrastructure never materialized. Without a course correction, they warn, the economy could tip into recession once the stimulus fades or consumer confidence erodes.