For all the commotion from media commentators criticizing President Donald Trump’s ambitious economic policies in his second term, real data from the Treasury Department paints a quite different picture—one his critics would prefer to ignore.
Despite giant opposition in Washington and ongoing pushback from globalist elites, the Trump administration has made progress in the fight against the federal debt.
Since his second inauguration in January, the national debt owned by the public — the majority of America’s debt, financed by outside creditors — has increased at a far slower rate than under former President Joe Biden’s final term.
According to a Washington Examiner investigation, the public debt climbed by almost $37 billion between January 22 and May 6 of this year. During the same period in 2024, under Biden, the total increased by much than $478 billion. This equates to a startling 92% decrease in the pace of debt growth, which all but vindicates Trump’s efforts to reduce federal bloat through the Department of Government Efficiency.
While the overall debt reduction — about $5.5 billion — may look little in the perspective of a $26.2 trillion national debt, the direction and speed of the shift are critical.
The development comes amid a surge of bold economic changes that represent a significant departure from Biden’s views.
In early April, Trump proposed a 10% duty on all imports, which he named “Liberation Day.” Citing the International Emergency Economic Powers Act, the White House placed even higher taxes on Chinese exports, resulting in an effective rate of 54%.The objective is to bring American manufacturing back home, safeguard US workers, and rebalance long-abused trade agreements.
Critics warned of economic consequences, and to some extent, financial markets reacted. Some analysts predict a 6% decline in long-term GDP, a 5% drop in salaries, and a $22,000 lifetime cost for middle-income households.
However, Trump has remained undaunted, claiming that short-term interruptions are a little price to pay for long-term freedom from foreign reliance.
In a departure from conventional Republican dogma, Trump has suggested tax increases on the ultra-rich.
His plan hikes rates on people earning more than $2.5 million and families earning more than $5 million, while removing the carried-interest loophole, which MarketWatch estimates will raise $350 billion to $450 billion over four years.
Trump recently signed a huge trade agreement with the United Kingdom, which boosted his administration’s economic momentum. The pact reduces tariffs on important UK exports like as steel and vehicles while increasing UK imports of US agricultural and industrial commodities.
It’s a diplomatic pivot that demonstrates America’s readiness to engage with allies while cracking down on foes like China.
The data, when taken together, paint a compelling tale. Trump’s unusual combination of trade toughness, focused tax policy, and bureaucracy belt-tightening appears to be working, based on early budgetary outcomes.
This comes as Trump’s approval rating has risen to near-record levels.
According to a new poll conducted by J.L. Partners in collaboration with the Daily Mail, Trump’s approval rating increased to 53 percent, a four-point improvement from last week’s poll, when it was 49 percent.
Breaking down the numbers further, Trump’s favorability rating among voters aged 18 to 29 has improved by an amazing 13 points.
The study implies Trump is building on the tremendous support he earned from the group in the November presidential election, when voters aged 18 to 29 switched 10 points in Trump’s favor after heavily supporting Joe Biden in 2020.
The president’s support rating increased by six percentage points among registered Democrats and independents, according to the study.
The president’s favorability among black voters has increased by 17 points since last week’s survey.
Nearly 100 days into his presidency, American employers and job board leaders have given Trump a very favorable report card, saying they believe the economy “can win now,” even though, as they note, it hasn’t “started to win yet.”
