This is a political sideshow that makes the White House look unserious, bad for Trump's messaging as he gets dragged into a fight over a joke instead of the economy.

• Obama joked that Trump's expensive White House renovations look like "Saddam Hussein opened a Cheesecake Factory," a jab at gaudy gold decor, not an attack on the restaurant chain.
• Trump and his team reacted angrily, with the White House's official account putting out a mocking response video, showing how much energy they spent on a joke instead of inflation or other real problems.
• Obama has kept bringing it up at campaign events, saying the reaction proves Republicans don't have real solutions and would rather talk about cheesecake than fix actual issues.
• Obama is drawing large crowds while campaigning for Democrats, which is likely the real source of Trump's irritation, with the joke used as a cover story.

Outlook: Expect this spat to keep getting replayed in the media as a distraction while bigger economic and policy issues get less attention.