Economist Stephen Moore told Newsmax on Tuesday that the U.S. economy has shown steady strength throughout President Donald Trump's second term and is positioned for what he called a "blockbuster year" in 2026 as the administration's tax and regulatory policies deepen.
Moore, a senior economic adviser during Trump's first term, told "American Agenda" that real income gains have been "very solid" for middle-income households and noted that lower-income Americans have also "made pretty good gains this year."
He pushed back on claims that consumers lack disposable income, arguing that spending patterns heading into the holiday season tell a different story.
"The idea that people don't have the money to spend is not true," Moore said. While acknowledging that food, housing and healthcare costs remain elevated, he pointed to sustained consumer activity and lower fuel prices in several states.
"You've got $2.69 a gallon gas in a lot of places," he said. "the American economy is just fine right now."
Moore credited Trump's economic agenda — particularly the administration's new round of tax reductions and regulatory rollbacks — for what he described as durable growth. Those policies, he said, will exert a larger impact in 2026 as provisions increasingly take effect.
"I think 2026 is going to be a blockbuster year as the tax cuts kick in [and] the deregulations," Moore said. "You're talking about a guy who's very confident about a really strong economy ... that will even be stronger next year."
When asked about strong Black Friday and holiday-season spending, Moore said consumer behavior contrasts with what Americans tell pollsters about their personal finances.
He described a gap between sentiment surveys — which have shown persistent pessimism — and government data on wages and spending.
"What people are saying to pollsters and what they're actually doing is somewhat different," he said.
Moore cautioned that he is watching one risk factor: credit card debt. With holiday totals still being calculated, he said the key question is whether Americans are spending within their means.
"I haven't seen the numbers," he said. "Are people spending more than they can afford? I don't know the answer, but I'll be looking at that one."
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