Special Poll
Polls indicate that Americans’ confidence in President Trump’s handling of the economy is slipping, despite it being a key issue that helped secure his second term. Concerns about inflation, job security, and affordability are weighing on his approval rating, alongside weakening consumer sentiment and worrisome economic indicators, including a negative GDP forecast for the first quarter from the Atlanta Federal Reserve.
A February Gallup poll shows 42 percent of Americans approve of Trump’s economic policies, while 54 percent disapprove. Similarly, Reuters/Ipsos polling found his approval on the economy dropped to 39 percent from 43 percent last week. This marks a significant decline compared to the start of Trump’s first term in 2017, when his economic approval stood at 53 percent.
However, Trump’s economic approval still surpasses that of former President Biden, who left office with just 34 percent approval after overseeing the highest inflation in 40 years.
Recent polling suggests Americans remain skeptical about the economy’s direction. The latest Reuters/Ipsos survey found that:
- 44 percent believe the job market is deteriorating, while 33 percent think it’s improving.
- 53 percent say the overall economy is on the wrong track, compared to 30 percent who believe it’s getting better.
- A staggering 64 percent feel their cost of living is worsening, while only 20 percent think it’s improving.
Economic concerns deepened Friday when the Atlanta Fed projected a negative 1.5 percent GDP growth rate for the first quarter, a dramatic reversal from last week’s 2.3 percent positive growth forecast. Just a month ago, the prediction stood at 3.9 percent growth, signaling a sharp downturn.
Trump’s tariffs on Canada, Mexico, and China are raising further economic questions. Although many of these tariffs have yet to take effect, analysts warn that uncertainty is already impacting consumer and business confidence. A Deutsche Bank report noted that current policy decisions may increase recession risks.
Consumer confidence also took a sharp hit in February, with the University of Michigan’s sentiment index falling nearly 10 percent from January and 16 percent from a year ago. Inflation expectations for the next year jumped from 3.3 percent in January to 4.3 percent in February, the highest level since November 2023.
Trump has acknowledged the uptick in inflation, but he has been quick to distance himself from it, stating on Fox News earlier this month, “Inflation is back… and I had nothing to do with that.” The rise in inflation has also stalled the Federal Reserve’s plans for interest rate cuts, a key component of economic stimulus.
One of the major pillars of Trump’s economic agenda this year is expanding his 2017 tax cuts, including eliminating taxes on tipping and overtime pay. However, the popularity of his tax plan remains in question.
A 2018 Gallup poll found that 56 percent of Americans disapproved of Trump’s tax cuts when they were first introduced, with only 29 percent in favor. While opposition softened over time, approval still remained negative overall.
Democrats, looking to regain power in the next election cycle, are seizing on these economic concerns. They are attacking GOP tax proposals while also raising alarms about potential Republican-led cuts to Medicaid, aiming to position themselves as champions of economic stability for working Americans.