Why Are Americans Sinking in Trump's "Economic Boom?"
In his Feb. 2026 State of the Union Address, Trump said, "You’re going to see results in six months to a year. We’re poised for an economic boom the likes of which the world has never seen."
Four months later, Trump-friendly spin doctors say the US economy is resilient. Unemployment remains relatively low, consumer spending has not collapsed, and the stock market continues to attract investment.
But there is a troubling question. If the economy is doing so good, why are Americans increasingly struggling to make ends meet?
Per the Federal Reserve Bank, Americans now carry a record $1.25 trillion in credit card debt. This is
the highest level ever recorded. At the same time, credit card delinquencies have reached a 15-year high. 13% of all credit card accounts are now at least 90 days overdue. This is the worst level since the 2008 financial crisis. This financial stress explains why "
consumer sentiment slip[ed] to record low."
Credit card debt and delinquencies do not get the headlines other economic calendar items do (Fed minutes, CPI, Jobs reports, etc.). That's part of how the Trump-friendly spin doctors can mask the truth. They do not say the stock market is up because of the obscene amount of money billionaires are pouring into highly speculative AI cap-ex. And they do not say the reason consumer spending stays level is because the consumer spending cuts people have made are going not into their pockets but into their grocery carts and gas tanks.
Americans are not increasing their credit card debt because they are buying more goods. They are doing it to make ends meet. The financial stress will increase as Trump's "boom economy" continues to develop.
Bad will become worse as the Trump-induced interest rate hikes will make it even harder to pay down these higher credit card balances.