Maggie Haberman Says Trump and Biden Both Out of Touch on Economy — She's Not Wrong

She's right. But the backstory matters.

What Haberman Actually Said

Haberman's point, reported by The Hill, is that Trump — like Biden before him — tends to talk about the economy in abstract or self-congratulatory terms that don't match what voters feel at the grocery store, the gas pump, or the rental office.

Biden spent two years insisting inflation was "transitory," then insisted the economy was "strong as hell" while Americans were getting crushed by 9.1% inflation — the highest in 40 years, per the Bureau of Labor Statistics June 2022 data.

Trump, for his part, talks about the stock market and tariff revenue like they're paying people's rent. They're not.

The Part Nobody Wants to Say Out Loud

Here's what's actually going on: both men are wealthy, insulated from price pressure, and surrounded by staff who tell them what they want to hear.

Biden's net worth is estimated at around $10 million, according to Forbes. Trump is a billionaire. Neither man has checked a price tag at a Walmart in decades.

When Biden said "junk fees" were the problem, or Trump says tariffs will make America rich, regular people are thinking about the same thing: how do I make this paycheck stretch?

Neither answer speaks to that.

The Media's Own Disconnect

Let's be blunt about what Haberman's outlet — The New York Times — did during the Biden years.

The Times spent significant editorial energy downplaying inflation as a political narrative rather than an economic reality. When Larry Summers, former Treasury Secretary under Clinton, warned in early 2021 that Biden's $1.9 trillion stimulus would trigger serious inflation, The New York Times editorial board largely dismissed it. Summers was right. The Times was late.

Now Haberman is on CNN making even-handed observations about economic disconnect. That's fine. But credibility on this topic requires owning the miss.

The Hill reporting this story frames it as a clean "both sides" moment. It's not quite that simple.

Trump's Specific Problem Right Now

Trump's current messaging failure on the economy is concrete and specific.

His administration's tariff policy — sweeping duties announced in April 2025 on imports from dozens of countries — has rattled markets and pushed consumer prices up on goods from electronics to clothing. The Yale Budget Lab estimated in April 2025 that the tariffs could cost the average American household roughly $3,800 per year.

Trump's response? Repeatedly tout tariff revenue and promise factories coming back to America. Maybe they will. But that's a 5-year story, not a grocery bill story.

When pressed, Trump points to the stock market. The S&P 500 dropped roughly 15% between February and April 2025 before partially recovering. That's NOT the winning argument he thinks it is.

Biden's Legacy Problem

Biden, now out of office, still matters here because Trump is governing in the economic hangover Biden left behind.

Cumulative inflation from January 2021 through January 2025 was approximately 21%, according to Bureau of Labor Statistics data. Wages went up, but for most workers, NOT enough to compensate.

The Biden administration's answer to that was to say real wages were rising. Technically true in some periods. Completely disconnected from how people feel when their rent is 30% higher than it was four years ago.

Haberman's observation that Biden had the same disconnect is accurate. But let's be precise: Biden's disconnect came with four years of media cover. Trump's disconnect is getting real-time scrutiny. Both deserve scrutiny. But the scoreboard on media consistency doesn't lie.

What This Means for Regular People

Here's the bottom line for anyone not living in a D.C. media bubble or a Mar-a-Lago dining room.

Neither party has a serious near-term answer for the cost-of-living crisis that built up through COVID spending, supply chain collapse, and energy policy whiplash.

Trump's tariff bet might pay off in a decade. It's hurting people now.

Biden's spending bet pumped up demand. It also pumped up prices.

Maggie Haberman saying both men are disconnected from voters isn't brave analysis — it's obvious. What would be brave is The New York Times running a front-page correction on four years of "the economy is fine" coverage.

Don't hold your breath.