Heading into the midterm elections, Americans are outraged over Donald Trump’s economy: seven in 10 Americans (70%) disapprove of how Trump is handling the economy, and an increasing number of Americans — including Republicans — say that Trump’s economic policies have made the economy worse.
Trump’s approval rating has sunk to historic lows — eroding even among his base of supporters — and Republicans are worried about a lack of enthusiasm among their voters heading into the midterms. Democrats now lead Republicans on the generic ballot by eight points among registered voters.
Almost 80% of Americans rate the economy poorly and only 23% rate it as good. Meanwhile, nearly 60% of voters feel the economy is getting worse, and nearly 50% say they are worse off financially than they were a year ago. Nearly two-thirds of Americans believe Republicans are focusing too little on the cost of living, and 56% of Republicans and GOP-leaning independents say Trump has not gone far enough to lower the price of everyday goods.
In response, DNC Rapid Response Director Kendall Witmer released the following statement:
“Donald Trump’s reckless tariffs and his deadly and costly war with Iran have spiked prices on everything from gas to groceries, squeezing household budgets and forcing Americans to dip further into their savings or put more on their credit cards just to make ends meet. Trump doesn’t care, saying out loud that he doesn’t think about Americans’ financial situations ‘even a little bit.’ Rising costs mean working families are barely keeping their heads above water — and they know who to blame. Trump and Republicans have made their bed and voters are going to send them a loud and clear message in November.”
New economic data released today reveals that Trump’s economy is slowing, as U.S. economic growth slowed to 1.5% in the second quarter of the year, falling short of economists’ expectations. Meanwhile, prices overall are still up 3.7% compared to last year, and core PCE is up, meaning everyday essentials are still getting more expensive. The Personal Saving Rate is 2.7% — the lowest savings rate since June 2022 — as high prices continue to squeeze household budgets and Americans are unable to save.
The average American household has spent more than $3,500 extra on goods and services, including $310 more on groceries, $504 more on gas — as gas refuses to budge from $4.05-$4.10 per gallon — and $695 more on housing, because of Trump’s reckless tariffs and his deadly and costly war with Iran.
It’s no wonder nearly 90% of voters identify inflation as a serious problem. Two-thirds of Americans said groceries were unaffordable this month — up from 45% before the war with Iran, and 66% of Americans report feeling “very concerned” about food and consumer goods prices in general. About three-quarters say gas prices cause household financial hardship, with 56% feeling “very concerned” about gas prices specifically and 54% “very concerned” about electricity costs, while the majority of Americans are “very concerned” about the costs of healthcare (69%) and housing (64%).
