Americans are disappointed with Trump's economy: inflation and prices are hitting the president's approval rating.
Donald Trump's economic policy is facing growing discontent among American voters. According to a fresh public opinion poll conducted in August, more than 53% of registered voters said their financial situation has worsened since Trump returned to the White House. This is an alarming signal for the current administration, especially amid the upcoming midterm congressional elections.
Discontent extends beyond party lines
The poll, which surveyed 1,913 registered voters (margin of error — 2.9%), shows that frustration is not limited to Democrats. Nearly 57% of independent voters noted a deterioration in their financial situation, and even about 25% of Republicans agree with this assessment. Trump's overall job approval rating has fallen to 55% among all voters, while support within his own party dropped by 8 percentage points in a month.
The issue of inflation and the rising cost of living is particularly acute. Some 64% of respondents disapprove of the president's policy on fighting inflation, and among independent voters this figure reaches nearly 70%. At the same time, 67% of respondents believe the economy is moving in the wrong direction — one of the highest levels of dissatisfaction in recent times.
Macroeconomic backdrop and the White House response
The poll data is being published against a challenging macroeconomic backdrop. Inflation in July stood at 3.4% — higher than at the end of Joe Biden's term. The consumer sentiment index has fallen to near record lows, and real earnings have declined over the past month. Voters consistently name inflation and the cost of living as the country's top problems, making the 64% dissatisfaction rate the worst figure for the current administration.
The White House, of course, is defending its position. Administration representative Kush Desai stated that the president is consistently implementing a course to improve affordability — lowering drug prices, bringing jobs back to the U.S., and reducing taxes. He also mentioned a historic reduction in violent crime and reliable border protection.
Fresh inflation data will be released before the November elections, and it will be the key indicator: whether the administration can reverse the negative perception of the economy or whether voter discontent will only intensify. Midterm elections are traditionally seen as a referendum on the sitting president's performance, and the current numbers do not bode well for Republicans.
My take: the poll numbers confirm what we see in the macroeconomic data — the gap between the administration's promises and the actual state of affairs is becoming increasingly obvious. For the crypto market, this is also an important signal: if inflation remains high, the Fed will be forced to maintain a tight monetary policy, which traditionally puts pressure on risk assets. Keep an eye on CPI data in the coming months — it could become a catalyst for volatility in both traditional and digital markets.