Trump Luxuriates in Gold while Americans Struggle*
Published in Frankfurter Allgemeine Zeitung
(Germany) on 15 November 2025
by Winand von Petersdorff-Campen (link to
original)
The U.S. president promised his citizens that a Golden Age would come. But the economic pledges of his second term remain unfulfilled.
President Donald Trump prophesied it. And America’s Golden Age has begun, in the Oval Office at least. Cherubs, picture frames, medallions, goblets and even the curtains are all glistening with gold. The door panels are so heavily gold-laden that one worries about the hinges. Trump assures us proudly that this opulent décor did not come from the DIY depot.
These ostentatious furnishings show, moreover, that the president is losing touch with his voters. He is indulging his taste for glitz while the nation feels the pinch. He was elected a year ago not least because many U.S. citizens felt the cost of living had risen too high during Joe Biden’s presidency, and Democratic presidential candidate Kamala Harris could not address people's concerns. The Democrats bore their fair share of responsibility for the misery, insofar as Biden’s $1.9 trillion stimulus package had fueled inflation.
Many voters must also have recalled that the U.S. economy boomed during Trump's first term until the pandemic hit, by virtue of tax cuts, deregulation and higher government spending. These measures exemplified Trump’s focus on channeling his policies almost entirely into increasing American prosperity. While some of his methods were questionable, the attitude itself is refreshing. Unleashing growth, instead of regulating stagnation, is a guiding principle of the EU and Germany's government might follow.
Trump Lacks Good Advisers To Keep Him in Check
Granted, Trump also owed the economic policy successes of his first term to the fact that competent advisers still had his ear in the White House. They prevented the most excessively protectionist nonsense from happening. In his second term, there is no such corrective presence; cabinet ministers praise his instincts and carry out his wishes. The negative consequences are already becoming apparent.
Trump has not yet delivered on his biggest promise that life would become more affordable upon his return to the White House. Low and middle-income households are suffering the impact of high living and housing costs. The annual rate of inflation stood at 3% in September. Food prices and shelter costs are rising at a faster rate than overall inflation. Many Americans report eking out or skipping meals, particularly after the president suspended food assistance during the government shutdown.
Gasoline prices, which Trump was so keen to drive down, are on average marginally higher across the country than they were a year ago, while electricity prices are significantly higher. At the same time, real wages are stagnating as labor market conditions worsen. Health care insurance premiums are rising. The promised great manufacturing revival is not arriving anytime soon. Were it not for the artificial intelligence boom, the U.S. economy would be close to stagnating.
Talking up the Situation No Longer Works
It’s becoming increasingly difficult to put a positive spin on the economy. That's why Trump is reverting to the old argument that it’s all Biden’s fault. Only those who deliberately disregard the fact that Trump's tariffs have made imports around 12% more expensive can believe that. The effect is slowly feeding through to consumer prices. Companies that rely on imports are also putting off investment and freezing recruitment.
Meanwhile, the agricultural and construction sectors are dealing with the fallout from foreign workers being deported or no longer showing up for work. Make no mistake: This is Trump’s economy now. He senses that something has gone awry since Democrats scored sweeping victories in recent state-level elections. Affordability was one of the major campaign issues.
Trump is now vowing he will give every American, excluding “high income people,” a $2,000 tariff dividend, and use the remaining tariff revenues to pay down the national debt. This calculation does not add up. The $2,000 check for almost everyone would more than swallow up the tariff revenue. There would be no money left over to offset the tax shortfalls arising from delivering Trump's campaign promises, and certainly not enough to pay off the record-high national debt of $38 trillion.
It’s no wonder Trump Treasury Secretary Scott Bessent sought to water down his boss’ initiative. The gold-plated Rolex desk clock Swiss industry chiefs recently brought to the Oval Office as a gift for the American people may offer Trump a welcome distraction from the knotty arithmetic of fiscal imbalances. Except that the American people know you can’t eat a gold clock.
*Editor’s note: This article is available in its original language with a paid subscription.
President Donald Trump prophesied it. And America’s Golden Age has begun, in the Oval Office at least. Cherubs, picture frames, medallions, goblets and even the curtains are all glistening with gold. The door panels are so heavily gold-laden that one worries about the hinges. Trump assures us proudly that this opulent décor did not come from the DIY depot.
These ostentatious furnishings show, moreover, that the president is losing touch with his voters. He is indulging his taste for glitz while the nation feels the pinch. He was elected a year ago not least because many U.S. citizens felt the cost of living had risen too high during Joe Biden’s presidency, and Democratic presidential candidate Kamala Harris could not address people's concerns. The Democrats bore their fair share of responsibility for the misery, insofar as Biden’s $1.9 trillion stimulus package had fueled inflation.
Many voters must also have recalled that the U.S. economy boomed during Trump's first term until the pandemic hit, by virtue of tax cuts, deregulation and higher government spending. These measures exemplified Trump’s focus on channeling his policies almost entirely into increasing American prosperity. While some of his methods were questionable, the attitude itself is refreshing. Unleashing growth, instead of regulating stagnation, is a guiding principle of the EU and Germany's government might follow.
Trump Lacks Good Advisers To Keep Him in Check
Granted, Trump also owed the economic policy successes of his first term to the fact that competent advisers still had his ear in the White House. They prevented the most excessively protectionist nonsense from happening. In his second term, there is no such corrective presence; cabinet ministers praise his instincts and carry out his wishes. The negative consequences are already becoming apparent.
Trump has not yet delivered on his biggest promise that life would become more affordable upon his return to the White House. Low and middle-income households are suffering the impact of high living and housing costs. The annual rate of inflation stood at 3% in September. Food prices and shelter costs are rising at a faster rate than overall inflation. Many Americans report eking out or skipping meals, particularly after the president suspended food assistance during the government shutdown.
Gasoline prices, which Trump was so keen to drive down, are on average marginally higher across the country than they were a year ago, while electricity prices are significantly higher. At the same time, real wages are stagnating as labor market conditions worsen. Health care insurance premiums are rising. The promised great manufacturing revival is not arriving anytime soon. Were it not for the artificial intelligence boom, the U.S. economy would be close to stagnating.
Talking up the Situation No Longer Works
It’s becoming increasingly difficult to put a positive spin on the economy. That's why Trump is reverting to the old argument that it’s all Biden’s fault. Only those who deliberately disregard the fact that Trump's tariffs have made imports around 12% more expensive can believe that. The effect is slowly feeding through to consumer prices. Companies that rely on imports are also putting off investment and freezing recruitment.
Meanwhile, the agricultural and construction sectors are dealing with the fallout from foreign workers being deported or no longer showing up for work. Make no mistake: This is Trump’s economy now. He senses that something has gone awry since Democrats scored sweeping victories in recent state-level elections. Affordability was one of the major campaign issues.
Trump is now vowing he will give every American, excluding “high income people,” a $2,000 tariff dividend, and use the remaining tariff revenues to pay down the national debt. This calculation does not add up. The $2,000 check for almost everyone would more than swallow up the tariff revenue. There would be no money left over to offset the tax shortfalls arising from delivering Trump's campaign promises, and certainly not enough to pay off the record-high national debt of $38 trillion.
It’s no wonder Trump Treasury Secretary Scott Bessent sought to water down his boss’ initiative. The gold-plated Rolex desk clock Swiss industry chiefs recently brought to the Oval Office as a gift for the American people may offer Trump a welcome distraction from the knotty arithmetic of fiscal imbalances. Except that the American people know you can’t eat a gold clock.
*Editor’s note: This article is available in its original language with a paid subscription.
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