Wall Street Journal columnist and Fox News contributor James Freeman struck an optimistic tone about the U.S. economy during an appearance on Fox News Friday, arguing that despite gloomy headlines and persistent inflation, the underlying economic picture remains strong.
At the same time, Freeman cautioned against certain policy instincts from President Donald Trump, particularly on interest rates, even as he highlighted impressive recent growth.
Freeman acknowledged that many Americans remain frustrated by rising prices, a sentiment that has weighed heavily on consumer confidence. But he argued that frustration does not tell the full story of what is actually happening across the economy.
“This has been the story for a few years now,” Freeman said. “Consumers, voters, are very angry about inflation. They don’t like it.” He added that public anger over higher prices has shaped recent political outcomes, including the 2024 election and the early contours of the 2025 campaign cycle.
While some inflation measures have eased slightly, Freeman said price growth remains stubbornly close to 3 percent, roughly where it stood when President Trump took office. That persistence, he argued, continues to weigh on households. Freeman suggested the solution is not political messaging but a focus on productivity, economic growth, and sound monetary policy.
In that context, Freeman urged caution when it comes to calls for lower interest rates. He noted that Trump has pushed for rate cuts, but argued that such a move could be counterproductive while inflation remains elevated. Freeman said the Federal Reserve should instead focus on restraining money supply growth and, if necessary, consider maintaining or even raising rates to finally bring inflation under control.
Despite his concerns on inflation, Freeman was upbeat about overall economic performance. He said consumer spending remains solid even as confidence surveys show frustration, and pointed to a series of strong growth numbers as evidence that the economy has real momentum.
Freeman pushed back on the idea that tariffs deserve credit for the gains. While he praised the strength of the economy under Trump’s watch, he said the growth has occurred despite the tariff policy rather than because of it.
“This is a very good economy,” Freeman said. He noted that when Trump took office, the economy was shrinking. Since then, Freeman said, the country has seen a dramatic turnaround, including two consecutive strong quarters of growth.
According to Freeman, the economy posted 3.8 percent growth in the second quarter, followed by what he described as a “home run” 4.3 percent growth rate in the third quarter. He added that expectations for the fourth quarter remain strong, with the Federal Reserve anticipating around 3 percent growth. Freeman also pointed to robust corporate earnings as another sign of economic health.
Job growth, Freeman said, has remained steady, reinforcing the idea that the fundamentals of the economy are solid. Still, he emphasized that inflation remains the key obstacle preventing consumers from feeling more optimistic.
“It’s really that inflation number and trying to kill that beast that has afflicted us for several years now,” Freeman said. He argued that once inflation is clearly brought under control, public mood and confidence are likely to improve significantly.
Freeman concluded by saying the latest growth figures are unquestionably good news. While Americans may still be feeling squeezed by prices, he said the strong third-quarter performance is something policymakers and voters alike can welcome as a sign that the economy is moving in the right direction.
[READ MORE: Zelensky Set to Meet Trump at Mar-a-Lago as Peace Talks Gain Momentum]
