Claiming a Golden Age

“Rhetoric Is Not Reform: The Good Life Can Not Be an Applause Line,”

Roosevelt Institute

In his State of the Union address, President Trump claimed a “Golden Age of America,” insisting the economy is “roaring like never before” and pointing to market highs and headline indicators as proof.

But people don’t live inside a speech. How they feel about their experience from the economic impacts and the narratives they’re willing to buy into. They live with rent hikes, unaffordable childcare, and medical bills, while struggling to pay for food. A leader can not claim the economy is working when people can not build a good life, afford the basics and plan for retirement. Trusting the rules are not rigged for the wealthy.

The real divide isn’t left versus right, it’s top versus bottom: who the economy is working for, and from whom is it extracting. Right now, we’re getting a view into just how the ultra-rich have bought them- selves a seat (if not a couch) in the Oval Office. When billionaires and corporate interests are shaping policy, it’s no surprise that the economy can “look strong.” Most families are left with higher costs, less agency, and more anxiety. That’s one way headline indicators can look strong even as most families feel stuck, stretched, and one bill away from crisis.

That is the frame we lay out in our State of the Union fact sheet, which breaks down how this administration claims to be working on behalf of working families. It has not pursued the actual policies needed for a meaningful good life.

The Economy as People Experience It

The president framed the economy in personal and headline-driven terms. He claimed the credit, picked the stats, and skipped the hard work of governing to change people’s lives. And while the economy has been resilient in some ways, resilience for “the economy” is not the same as a deep sense of security and optimism for families. Growth in 2025 came in at 2.2 percent which is fine as a macro headline. However, it is not a guarantee that rent, childcare, and health costs are becoming manageable. The latest benchmark revisions show net job growth in 2025 was just 181,000 (far fewer than the 1.46 million jobs added in 2024). That’s not a “roar.” It is a warning light for anyone living paycheck to paycheck.

Take health care as an example. The president talks about affordability while backing away from coverage guarantees and leaning on workarounds that ask sick people to do the navigating. And with employer health insurance costs up 6.8 percent in the latest data. This is exactly the wrong moment to let coverage fray. We should be extending and strengthening ACA premium tax credits so people can keep coverage and costs stay down. Gaps in coverage and high out-of-pocket costs are what push families into medical debt. Affordability does not come from asking patients to navigate prices while sick. It comes from stable coverage and enforceable protections that prevent debt in the first place.

He went on to celebrate “the annual cost of a typical new mortgage is down almost $5,000.” He promised “lower interest rates will solve the . . . housing problem.” But in the same breath, he insisted we must “[protect] the values of those people who already own a house . . . We want to keep those values up.”

His focus on a win here is telling, the housing crisis is not primarily an interest-rate story. It is a financialization story. Underbuilding, exclusionary rules, speculation, and a market that treats shelter like a financial asset have caused the crisis. “Points,” listeners would conveniently miss in Trump’s remarks. We can see the bait-and-switch as clear as day, Debt-heavy approaches stretch households adding further risk without changing the system. This approach rather than public investment and smart regulation that can increase supply and access. We see the consequences directly and particularly for the majority of young people, where rent takes up more than 30 percent of their income.

And housing isn’t the only system where we see this bait-and-switch.

Take health care. The president talks about affordability while backing away from coverage guarantees and leaning on workarounds that ask sick people to do the navigating. And with employer health insurance costs up 6.8 percent in the latest data, this is exactly the wrong moment to let coverage fray. We should be extending and strengthening ACA premium tax credits so people can keep coverage and costs stay down. Gaps in coverage and high out-of-pocket costs are what push families into medical debt. Affordability doesn’t come from asking patients to navigate prices while sick; it comes from stable coverage and enforceable protections that prevent debt in the first place.

The same pattern shows up in prescription drugs. Transparency may be necessary; however, it is not sufficient when monopoly power and corporate capture are what keep drug prices high. Shifting where people buy medicines doesn’t durably lower what they pay, especially when few rules are in place to directly check market power and hold industry accountable.

On jobs, the president boasted that nearly “100 percent” of new jobs have been created in the private sector. And the label on the job doesn’t matter—what matters is whether the work provides stability and bargaining power. Without unions, enforceable standards, and real enforcement capacity, workers are still left absorbing risk through unpredictable schedules, weak leverage, and fragile security.

As Roosevelt’s Senior Fellow Paul Krugman pointed out on Substack, there are two gaps that matter:

• The gap between what Trump said he would do on prices, and what has actually happened, and

• The gap between his “booming economy” claims and what families actually experience day to day.

That is the K-shaped growth curve: gains pooling at the top while most working families spend their whole income on rent, medical bills, and groceries.

When leaders insist the country is thriving while families actually feel worse off, it distorts reality and corrodes trust. In an unequal economy, the people with the most money and access get even more leverage. Ordinary people get more anxiety and less say. Especially when the president is increasingly entangled with private enrichment. A scale estimated to be at least $1.4 billion.

We Need a New Kind of Leadership

What’s missing isn’t a better speech (though such is also welcome). We need a different theory of governing entirely. Public power shouldn’t rely on flimsy promises and publicity-driven announcements. Real governing would change the rules so that affordability is built in. It’s about investing in democratic infrastructure that produces clear rules, real enforcement, and the capacity to stand up to concentrated private power.

This is what decades of hollowing out government looks like: agencies stripped of capacity, expertise outsourced, and roadblocks piled on until action becomes impossible. That’s not only a bureaucratic problem, but a democratic one. Legitimacy depends on a government that can deliver.

When government fails to invest in infrastructure, it hands the hard work back to everyone else. Fill out the forms. Comparison shop for health care while sick. Borrow more. Budget harder. Be grateful the stock market is up.

That isn’t a good life. It’s privatized survival.

If we want a strong economy to have meaning, it has to show up as stability in people’s lives. That means housing costs that don’t consume the future, care that isn’t a monthly budgeting crisis, and health coverage that prevents debt instead of creating it. And it has to be backed by public institutions with the capacity to enforce rules and guardrails against extraction—so families don’t have to negotiate their survival one bill at a time.

Until that’s true, “golden age” is just branding. And the good life remains out of reach for most people.

Rhetoric Isn’t Reform: The Good Life Can’t Be an Applause Line – Roosevelt Institute