Trump promised voters their incomes and net worth will soar. Economists are not convinced

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Inside a Pennsylvania arena, President-elect Donald Trump promised voters their incomes and net worth “would soar.” The economy was among the top concerns for voters in the 2024 presidential election and the Trump campaign’s messaging cut through. “Trump’s policies aren’t a remedy – they will feed the fire,” Trump will return the White House at a time when inflation has slowed and there are signs the economy is improving. “This idea that those tariffs would somehow be magically paid by the foreign companies and wouldn’t be passed through American consumers does not seem to stand out empirically in the data.” History tells us that consumers are likely to see higher prices if these tariffs come in. The 2024 campaign claimed: “Under President Trump, wages soared and there was no inflation.” In the first three years of Trump’s presidency, inflation averaged 2.1 percent, close to the Federal Reserve’s target.