Five days after the historic Republican defeat in the midterm elections, President Donald Trump promised in an interview with CBS News' 60 Minutes program that American citizens will begin to feel the positive effects of his economic policies "in two, three, or four months."
The conversation, led by correspondent Ross Douthat and broadcast on Sunday, came just hours after an October jobs report indicated 165,000 new jobs, exceeding forecasts by more than 130,000 jobs.
Trump described the economic indicators as "phenomenal" and insisted that the problem lies not in his policies, but in the way they have been communicated. "The numbers we have are historically good. I think it was a bad message. Perhaps on my part, but I talked about it all the time, so I don't know how much more I can say," he stated.
The president argued that trillions of dollars in investments in factories and manufacturing are underway, and their effects have yet to materialize for the average citizen. "We have trillions of dollars being invested right now in factories and everything else. That's why the construction and employment numbers are through the roof," he stated.
However, the exit polls from November 3 told a different story: three-quarters of voters considered the economy to be in poor condition, and 70% of that group supported Democratic candidates. Moreover, two-thirds of voters believed that Trump's tariffs were hurting the country, according to data from CBS News.
Voters blamed Trump for the economic decline in multiple pre-election polls. Only 26% approved of his economic management according to AP-NORC, and just 17% supported his handling of the cost of living. Inflation stood at 3.7% year-on-year in September, above the average wage growth of 3%.
The tariffs of between 10% and 12.5% applied to 60 countries were identified as a factor that increases product prices, with an estimated cost of between $1,400 and $2,600 annually per family.
This promise of economic improvement in the coming months follows a familiar pattern. In May 2025, Trump promised to lower all prices —medications, gasoline, and food—and eliminate inflation. In July 2026, he promised that gasoline would return to pre-war prices with Iran; at that time, the average price per gallon was $3.838, which was 28% above the level prior to the conflict.
About the electoral defeat, Trump acknowledged that voters "didn't want war" with Iran nor the rise in gas prices that it caused, although he insisted that the main reason was that "I was not on the ballot." The Republicans lost more than forty seats in the House of Representatives and at least seven in the Senate, marking the first simultaneous loss of control of both chambers since 2006.
Experts estimated that gasoline prices would not return to pre-conflict levels with Iran until early or mid-2027, calling into question the "two, three, or four months" timeframe set by the president for Americans to notice an improvement.
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