A recent poll indicates a growing sense of pessimism about the U.S. economy under President Donald Trump. Concerns over affordability and the implications of the ongoing Iran conflict have contributed to this outlook.
Poll Findings Highlight Economic Doubts
The Financial Times and Focaldata’s new poll shows that only 33 percent of registered voters approve of Trump’s presidential performance. This marks a three-point decline from the previous month, reaching the lowest approval level since the poll began in May.
A significant 66 percent of the 2,178 adults surveyed believe the U.S. economy is on the wrong track, setting a new high for this measure. Trump’s approval rating for handling inflation and living costs has dropped to 17 percent, with 69 percent disapproving. Support for his approach to job creation and the broader economy also hit a low of 26 percent.
Newsweek has reached out to the White House for comment outside regular hours.
Waning Economic Confidence
Only 18 percent of Americans feel financially better off since Trump took office last January, a decrease from 32 percent in May. Meanwhile, those feeling worse off have increased to 57 percent, up from 36 percent. The percentage of respondents who feel their situation remains unchanged or are unsure decreased to 26 percent from 36 percent.
Negative sentiment about the economy has risen among both parties. The percentage of those who believe the economy is headed in the wrong direction has grown to 66 percent from 61 percent in May. Trump’s disapproval ratings for managing inflation and job creation rose to 69 percent from 58 percent, and 58 percent from 51 percent, respectively.
Among Trump supporters, 44 percent now think the economy is on the right track, down from 55 percent in May. Those who disagree rose to 40 percent from 33 percent. Within the group identifying as “strong” Republicans, a slim majority of 52 percent think the economy is improving, down from 65 percent. Meanwhile, 32 percent disagree, and 15 percent remain unsure.
Midterm Election Implications
The rise in economic pessimism has been reflected in several polls since the Iran War began in late February. This presents a challenge for the administration and the president’s party, given the expected focus on economic issues and affordability in the upcoming elections.
A Harris Poll for The Guardian in early July revealed that 95 percent of Americans view the U.S. as being in an affordability “crisis” due to increasing grocery, gas, and other costs. Fuel prices remain high, with diesel prices recently hitting historic levels.
Polling from FT and Focaldata in mid-August indicated that Democrats are more trusted than Republicans regarding economic management, with a margin of 44 percent to 38 percent.
Economic issues emerged as the top concern for 43 percent of Americans two months before the midterms. Inflation and living costs are key issues, with 31 percent choosing the economy and jobs, followed by war and immigration at 20 percent and 16 percent, respectively.
A White House spokesperson responded to the poll results, citing “temporary disruptions” from the Iran conflict but reiterated a commitment to a proven economic agenda of tax cuts, deregulation, and energy abundance.
The spokesperson also highlighted August employment figures from the Bureau of Labor Statistics, which exceeded analyst expectations, as evidence of job creation and re-industrialization.
Political consultant Matt Klink noted in August that economic skepticism poses a risk to the Republicans, who rely on working-class, rural, and independent voters seeking relief from high prices. “If voters perceive rising costs and excuses from Washington, the midterms could become a referendum on affordability,” Klink stated.