Trump promotes economic gains in Iowa ahead of midterms: 'Made a lot of people rich'

CLIVE, IOWA: President Donald Trump delivered a major address on Tuesday, January 27, focusing on his administration’s economic performance as he launched his campaign push ahead of this year’s midterm elections.

Speaking in a suburb of Des Moines, Trump emphasized the impact of tax cuts, the stock market’s performance, and the perceived improvements in affordability under his leadership. His remarks came amid ongoing political scrutiny, including fallout in Minneapolis over a second fatal shooting by federal immigration officers this month.

Trump’s economic pitch and criticism of Joe Biden

In his speech, Trump credited his administration for addressing what he described as the economic mess left by former President Joe Biden. “Twelve months ago, Biden handed us a mess,” he said, emphasizing record-high inflation and what he called “the highest inflation in the history of our country.”

He claimed that news outlets understated economic problems, repeatedly dismissing coverage of inflation as “fake news” during Biden's term. Trump then went on to point to the stock market’s performance following his reelection in January 2025, noting that it had reached “52 all-time highs, adding $9 trillion in value.” 

He framed this growth as beneficial to the middle class, pointing to 401(k) accounts, retirement savings, and higher salaries. “This stock market doesn’t affect the middle class? I say, it does,” he remarked. 

Trump also claimed credit for increasing Americans’ wealth, saying he had “made a lot of people rich.” He added jokingly that even people he did not like had seen their net worth “doubled” because of the economic gains.

Trump ramps up midterm campaign effort in Iowa

Trump’s visit was explicitly tied to the 2026 midterm elections. He stated, “I’m here because I love Iowa, but I’m here because we’re starting a campaign to win the midterms,” highlighting the importance of Republican victories to protect current policies. 

He warned that a Democratic triumph would “lead to very bad things” and urged voters to support GOP candidates. Several Republican candidates spoke ahead of Trump, including Rep Zach Nunn, who represents one of Iowa’s most competitive House districts.

Nunn, who narrowly won re-election in 2024 with a 3.85% point margin, was presented as a key ally riding on Trump’s influence. Trump emphasized the stakes of the midterms, saying, “If we lose the midterms, you’ll lose so many of the things that we’re talking about.”

The visit also tied into a broader White House strategy to focus on affordability ahead of November’s elections. Trump minimized opponents’ concerns about rising prices, claiming the term “affordability” was recently invented by critics and asserting that prices are “coming down so much.”

Politically, Iowa remains competitive with the Cook Political Report rates the open gubernatorial race as “lean Republican” and the open Senate race as “likely Republican.” A recent Morning Consult poll showed Trump’s approval rating in Iowa at 48 percent, with a 49 percent disapproval rating, indicating a closely divided electorate.