Trump’s Hyperbolic Sales Pitch

National Review Online

Thursday, December 18, 2025

 

President Trump is never one to settle for mere overstatement when he can reach for outlandish exaggeration instead.

 

This quality was on full display in last night’s address from the White House, which at times sounded like something from an excitable caller on C-SPAN’s Republican line. Trump portrayed the nation as on the verge of a collapse during the Biden administration and now, under his stewardship, experiencing successes like “no one has ever seen.”

 

Wrapped inside the hyperbole and Trumpian tics and flourishes, there was a version of the traditional case made by nearly every new president pointing out the ills he inherited, emphasizing the progress that’s been made, and pleading for more patience until the positive effects of his policies fully kick in.

 

There’s no doubt that Joe Biden was a terrible president who presided over a historic bout of inflation and shredded the country’s credibility overseas. Trump likes to brag, but that doesn’t mean he doesn’t have legitimate things to brag about — the sealing of the southern border, net negative migration after the surge of the Biden years, the successful strike on Iranian nuclear sites, the tax bill, a deal to get the hostages out of Gaza, the end of the war on gas-powered cars, and a more rational energy policy, among other things.

 

Clearly, though, the occasion for the address was the public discontent over the state of the economy. This has dragged down the president’s poll numbers on the economy and threatens to sweep in a Democratic congressional majority next year.

 

The basic problem for Trump here is threefold.

 

First, the price increases under Biden mean that goods are still more expensive than they used to be, even if the inflation rate is lower than the Biden-era peak. It is true that rising wages — and tax cuts — can put more money in people’s wallets and counteract the effect of the higher prices, but this will take time.

 

Second, the Trump tariffs are making goods more expensive while their chaotic rollout has created great uncertainty for businesses. Manufacturing has been hurt, both by the uncertainty and the higher prices for inputs. Politically, Trump’s rapid, unilateral implementation of the sweeping tariffs has made it harder to argue that he didn’t immediately take ownership of the economy.

 

Third, Trump has refused to acknowledge that prices are still going up. This is problematic since inflation is still running at about 3 percent, enough for Americans to feel the pinch.

 

Trump’s first principle on the economy should have been “do no harm,” but he simply loved tariffs too much.

 

Since they are large-scale tax increases, the tariffs have been throwing off considerable revenue, creating the temptation to dole it back out to people in politically popular ways. Last night, Trump announced a “warrior dividend” that would pay every member of the military $1,776. We take a backseat to no one in our love for the military and for the year 1776, but if we want to better compensate the military it should be done in regular fashion via congressional appropriation.

 

If nothing else, Trump’s speech shows the White House realizes the political challenge it faces on the economy. Ultimately, it is economic conditions that will determine how the issue plays out, regardless of the president’s exceedingly harsh or boundlessly self-glorifying words.