Vance says fixing the economy will take 'more than 18 months' as Trump gives himself an 'A+'
WASHINGTON, DC: Vice President JD Vance, in an interview, admitted that it will take time to revive the economy, stating that the Trump administration is working to turn the ship around.
Notably, the US economy is facing a deep affordability and cost-of-living crunch, driven by persistent inflation, soaring energy costs from conflicts in the Middle East, and a massive national debt.
JD Vance asks for patience on the economy
Vance spoke at CBS News' 'Things That Matter: A Town Hall With Vice President JD Vance', which will be released on Saturday evening, October 17.
"I'll be the first person to tell you that just as this country wasn't broken in one presidential term, it's gonna take more than 18 months to fix things and turn them around," Vance said during a town hall in Michigan that will air on Saturday evening.
Vance spoke about the country’s economic outlook while responding to a question from a woman who said that her small business is struggling.
Notably, polls also suggest that most Americans are dissatisfied with the state of the economy and are blaming it on the Trump administration's policies.
When host Tony Dokoupil asked Vance about Trump's characterization of the economy, he clarified that Trump is touting the administration’s performance on the economic front because he can see the influx of investment into the US.
In response to a question from a woman who says her small business is struggling in today's economy, Vice President JD Vance said it will take time to turn things around. "It's going to take more than 18 months to fix things and turn 'em around," Vance said in a @CBSNews "Things that Matter" town hall with @TonyDokoupil. Watch more Saturday at 8 p.m. ET/PT on @CBS and @paramountplus.
— CBS Mornings (@CBSMornings) October 17, 2026
"I think that what the president is saying is that we are seeing all of these massive new investments come into our country. But he would be the first person to tell you that you gotta build the factories first, before you can employ the workers working in those factories," Vance said.
"I think what we're doing is, we're turning the ship around," the vice president continued.
Notably, President Trump has been more positive about the economic situation, giving his administration an "A+" on the economy.
Americans are facing an economic crunch
Ahead of the midterms, Americans are battling deteriorating economic performance amid rising inflation and increasing cost of living.
Inflation has soared more than economists had predicted. Overall prices rose 3.7% from a year ago and 0.6% from August, according to a Bureau of Labor Statistics report.
The US national debt reached $40 trillion, doubling over a decade, with interest payments now ranking high on the federal budget.
Strains from the Iran conflict and oil infrastructure impacts have driven up fuel and fertilizer costs.
In a bid to ease fuel prices, Trump announced a diesel deal with Russia and wrote on Truth Social on October 10: "Russia will immediately supply over 300,000 Tons of Diesel Fuel to the American and Global Marketplace, another 500,000 Tons during the month of November, and 1,000,000 Tons immediately thereafter."
