Touting a brand, shiny, new trade deal with Great Britain, President Trump had a message for Americans who have become increasingly worried about their slumping 401k’s: The American Economy is on the verge of becoming a “rocket ship that goes straight up.”
There are good and valid reasons to have confidence the Trump economic realignment will pay off eventually. Already the Trump Administration has secured $10 Trillion in promises from companies planning to bring manufacturing back to the United Staes. That will create jobs. New industry and manufacturing generates tax revenue. Trump energy policies have already brought down the cost of oil. Cheaper energy costs on the horizon will help to keep inflation under control. Reductions in government regulations will increase profitability. Tariffs, while controversial, are bringing billions into the US Treasury. There is ample historical evidence the President’s proposed tax cuts could super-charge the economy.
For Trump, the short-term challenge is to convince Americans that — in time — everything will be fine. The problem? American voters are notoriously impatient.
And as renowned economist and political analyst, Steve Miller, once sang, “Time keeps on slipping, slipping, slipping … into the future.”
Our collective impatience has, in fact, gotten worse in recent years. We live in a time when it is possible to tippy-tap on a device we carry in our pocket and have groceries, meals, pharmaceuticals — just about anything — delivered to our front porch. Americans chafe if a website takes too long to load. We grind our teeth when the Wi-Fi is slow.
We want what we want, when we want it.
A Common Sense Media study in 2012 found that 70% of teachers believe media use, driven by the desire for instant gratification (e.g., through video games and texting), has harmed student’s attention spans. The study suggests the constant feedback from technology reinforces consumer expectations for immediate rewards.
Studies have even show that the humble Goldfish has more patience that the average American. Collectively, studies show, our online attention span is right around 8 seconds. Goldfish clock in at 9 seconds.
There is little evidence American voters, with their goldfish-like attention spans, will suddenly develop the patience of Job.
Former Speaker of the House Newt Gingrich recently weighed in suggesting tariffs in 2025 could lead to tax cuts in 2026. The good news for Republicans is that mid-term elections will occur in 2026.
It is also good news for the President that beyond short attention spans, American voters share another characteristic often attributed (perhaps incorrectly) to Goldfish: They have very short memories.
If the President can turn the US economic battleship around before Americans start focusing on the mid-terms, it just MIGHT work out. Memories of the chaos and volatility will quickly fade as the economy starts to respond to the difficult and revolutionary things the President is trying to accomplish.
But the clock is ticking. One trade deal down, many to follow. Tick tock.
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Brian Wilson is the Managing Editor of State News Foundation
