Donald Trump's economic program, which helped him return to the White House in 2024, is now facing a serious crisis of confidence. My analysis of the latest polling data shows that more than 53% of registered U.S. voters report a deterioration in their financial situation since the president's inauguration. This is an alarming signal for an administration that bet on promises of rapid wealth growth.
Protest sentiment is spreading even among Republicans
A poll conducted in early August among 1,913 respondents (margin of error — 2.9%) records an unprecedented level of disappointment. Nearly 57% of independent voters report a decline in their standard of living, and even among Republicans this figure reaches 25%. The drop in approval ratings is especially telling: 55% of all respondents are dissatisfied with the president's performance, including nearly 20% of members of his own party. Over the course of a month, intra-party support has shrunk by 8 percentage points — one of the sharpest declines in recent decades.
The main trigger of discontent is inflation and the rising cost of living. 64% of voters disapprove of the administration's handling of price increases, and among independents this figure reaches 70%. Two-thirds of respondents (67%) believe the economy is heading in the wrong direction, and only one in four holds the opposite view.
Macroeconomic realities versus promises
The numbers confirm the pessimism: July inflation stood at 3.4%, higher than at the end of Joe Biden's presidency. The consumer sentiment index has collapsed to near-historic lows, and real household incomes have declined over the past month. Ahead of the November midterm congressional elections, traditionally viewed as a referendum on confidence in the president, the White House is trying to counter the criticism.
Administration representative Kush Desai cites lower drug prices, the return of jobs, and a historic reduction in crime. However, fresh inflation data will only be released closer to November, and it will be the decisive test: whether macroeconomic indicators can reverse voters' negative perception.
My conclusion: Trump has fallen into a classic trap — his electoral mandate was built on the promise of a rapid economic miracle, but the reality of inflation and stagnant real incomes is quickly destroying that narrative. For the cryptocurrency market, this is a signal of heightened volatility: political instability in the U.S. traditionally boosts demand for safe-haven assets, including bitcoin, but simultaneously raises the risks of regulatory decisions during the pre-election period.