The economic agenda of the current U.S. administration has faced a serious crisis of confidence. According to a fresh sociological survey conducted among registered voters, 53% of respondents report a deterioration in their financial situation since Donald Trump's return to the White House. These figures were released less than three months before the November midterm congressional elections, making them especially sensitive for the Republican agenda.
Collapse of confidence in the economic course
The poll, which involved 1,913 registered voters (margin of error 2.9%), revealed alarming dynamics for the White House. The sentiments of independent voters are particularly telling: 57% of them stated that their financial situation had worsened. Notably, even among Republicans, one in four (25%) acknowledges negative changes in their budget.
The overall level of dissatisfaction with the president's performance has reached 55%, with nearly 20% of those dissatisfied being voters who identify with the Republican Party. The approval rating within the party itself has plummeted by 8 percentage points in a month—a troubling signal for party discipline.
Inflation—the administration's Achilles' heel
The sharpest criticism is directed at efforts to combat rising prices. 64% of voters disapprove of Trump's policies on inflation and the cost of living, and among independents, this figure approaches nearly 70%. Two-thirds of respondents (67%) believe the economy is heading in the wrong direction, with only one in four holding the opposite view.
Macroeconomic indicators only add fuel to the fire. July inflation stood at 3.4%—higher than the level recorded at the end of Joe Biden's term. The consumer sentiment index has slid to near-record lows, and real earnings have declined over the past month.
The White House, of course, is trying to counter the criticism. Official administration spokesperson Kush Desai stated that the president's course toward improving affordability is being consistently implemented: lowering drug prices, bringing jobs back to the U.S., and cutting taxes. However, these statements have yet to resonate with voters, who consistently name inflation and the cost of living as the country's top problems.
Analytical commentary: Midterm elections are traditionally perceived as a referendum on the performance of the current administration, and the current figures are the worst indicator for the White House in recent years. Markets, including the cryptocurrency market, will be closely watching fresh inflation data due before November. If the affordability of goods and services does not improve, we may see heightened market volatility amid political uncertainty in the U.S.