Nobel Prize-winning economist Paul Krugman took aim at President Trump in a new Substack post after Trump told Politico he would give the economy an “A-plus-plus-plus-plus-plus” grade ahead of the 2026 midterm elections. Krugman questioned why, if the economy were truly performing so well, Americans continued to report anxiety about prices and household finances.
Krugman’s commentary came in response to Trump’s recent Pennsylvania speech inaugurating a national tour focused on “affordability” and cost of living. The president has repeatedly insisted that inflation is falling and that his policies are driving economic strength, even as living costs, especially for essentials like groceries and healthcare, remain high for many households.
In his post, Krugman pointed to comments by Treasury Secretary Scott Bessent, who said that many Americans simply do not realise “how good they have it.” Krugman used that exchange to highlight a key contradiction: surveys and polls suggest widespread dissatisfaction with the economy, even as Trump insists the fundamentals are excellent.
Krugman noted that Trump repeatedly promised sharp declines in consumer prices from “day one” of his administration. More than 11 months into his term, prices for a wide range of goods and services have continued to rise for many families. For voters who expected relief, that gap between promise and reality has fuelled frustration.
The economist also argued that Trump’s own policy choices have contributed to economic unease. He cited tariffs and regulatory shifts that have complicated supply chains and raised costs — moves that Trump sometimes touts as wins but which many consumers perceive as burdens. Krugman suggested that if Trump had largely continued with existing policy frameworks from the prior administration, public sentiment on the economy might be stronger.
Krugman portrayed the administration’s messaging as out of step with voters’ experiences. He wrote that assigning blame to ordinary Americans for not appreciating positive economic data is unlikely to resonate and may further damage political support.
Political observers note that multiple other leaders have also pushed back on Trump’s self-assessment. Democratic governors and commentators have used the “A+++++” claim as evidence of a disconnect between political rhetoric and economic realities faced by working-class voters.
As the debate over economic conditions unfolds, Krugman’s critique underscores a broader divide: official optimism by senior leaders versus widespread public concern about affordability, job security and living costs. That gap may shape voter attitudes as the midterm elections draw closer.
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