Less than a year after Donald Trump's return to the White House, American voters are showing growing disillusionment with his economic policies. Fresh data from a large-scale survey conducted among registered voters paints a troubling picture for the administration: more than 53% of respondents said their financial situation has worsened since the president's inauguration.
This survey, covering 1,913 registered voters between August 7 and 10 (with a margin of error of 2.9%), was conducted ahead of the November midterm congressional elections. The rising cost of living has become the main stumbling block for those who, in 2024, placed their hopes on Trump to stabilize the economy.
Disillusionment with Trump's Economy
The numbers look grim for the Republican administration. Nearly 57% of independent voters noted a deterioration in their financial situation, and even a quarter of Republicans agree with this assessment. Overall, dissatisfaction with the president's performance has reached 55% among all registered voters, including nearly 20% of Trump's fellow party members. Approval ratings within the Republican Party itself have dropped by 8 percentage points over the past month.
The issue of inflation is particularly acute. Trump's policies to combat rising prices are disapproved of by 64% of voters, and among independents, this figure reaches nearly 70%. Moreover, 67% of respondents believe the economy is heading in the wrong direction, with only one in four holding the opposite view. Democrats, meanwhile, lead Republicans on key issues (44% vs. 39%), including inflation and employment.
The White House, of course, pushes back against the criticism. An official administration representative, Kush Desai, stated that the president's course is aimed at improving affordability: lowering drug prices, bringing jobs back to the U.S., and cutting taxes. He also noted a historic decline in violent crime and strengthened border protection.
Midterm Election Stakes for Republicans
The released survey serves as an important signal ahead of the November midterm elections, which are traditionally seen as a referendum on the incumbent president's performance. In July, inflation stood at 3.4%—higher than at the end of Joe Biden's term. The consumer sentiment index has fallen to nearly a record low, and real earnings have declined over the past month.
Voters consistently name inflation and the cost of living as the country's most pressing issues. The dissatisfaction of 64% of respondents is the worst figure for the current administration. Fresh inflation data due out before November will show whether the affordability of goods and services changes enough to shift the negative perception of the president.
My take: these numbers are not just political noise but a direct reflection of the macroeconomic reality that households are experiencing. For markets, including the cryptocurrency sector, this means sustained volatility and heightened attention to inflation data. If the trend does not reverse, we could see increased pressure on the Fed and new fluctuations in risk assets.