U.S. GDP Growth Sparks Optimism

On Wednesday, economist Steve Moore shared his excitement over the latest U.S. real gross domestic product (GDP) figures. According to the U.S. Bureau of Economic Analysis (BEA), GDP grew at an annual rate of 3.0% in the second quarter of 2025, fueled by a reduction in imports and an increase in consumer spending. On “The Charlie Kirk Show,” Moore attributed this success to President Donald Trump’s economic policies.

“Oh my gosh, what a day. I can hardly believe these numbers, Charlie. Trump is really doing well,” Moore exclaimed. He recalled how five months ago, critics claimed that Trump’s policies would lead to a second Great Depression and a crashing stock market.

“Now we have 3% economic growth for the second quarter,” he added. “That’s higher than any quarter, I believe, during Joe Biden’s presidency. This economy is really thriving right now.”

While it’s noted that under Biden, the GDP surpassed 3% multiple times, this increase represents a bounce back from a 0.5% decrease in the first quarter of 2025, as reported by the BEA. Despite many economists predicting that Trump’s tariffs would lead to inflation and other economic issues, various indicators suggest stability, with the stock market achieving record highs.

Additionally, manufacturing output saw a 0.1% rise in June, following a revised 0.3% hike in May, according to the Federal Reserve Board. Furthermore, jobless claims dropped by 4,000 the week ending July 19, marking a three-month low and the sixth consecutive week of decline, as reported by Reuters. U.S. retail sales also grew unexpectedly in June, increasing by 0.6%, according to preliminary estimates from the U.S. Census Bureau released on July 17.

During his second term, Trump has announced significant trade deals with countries like the European Union, Japan, and the Philippines. Comedian Bill Maher even admitted on his “Club Random” podcast that he misjudged the impact of Trump’s tariffs, saying, “[T]he stock market is at record highs. I observe life around me, and I don’t see a country in depression. People are living their lives.” He had initially predicted the tariffs would harm the economy by now, but that hasn’t happened.

Moore acknowledged in a May appearance on “Kudlow” that his earlier concerns about inflation due to tariffs had not materialized. “I thought these tariffs would create higher inflation. Tariffs are taxes, and consumers do bear some of the cost, but it isn’t appearing in the numbers right now,” he noted during a conversation with Fox Business host Larry Kudlow. “If you look at almost any measure of inflation currently, it’s quite tame.”