Recent polling shows a marked decline in support of President Donald Trump’s economic management. It is alarming that this shift has occurred, because economic approval used to be a major pillar in his administration. In the face of rising inflation in the United States and continued economic uncertainty, his economic policies are being criticized by voters.
How important is economic sentiment?
In pre-elections, voters ranked the economy at the top of their list for 2024. Many supported Trump, hoping he would deliver on promises to curb inflation – particularly food price inflation – while stimulating American trade and boosting industrial production. The US economy is still recovering from COVID-19 and dealing with supply chain issues. Recent economic indicators that show persistent increases in prices are fueling voters’ dissatisfaction. Cost of living issues are a growing concern for the public.
Important Trends and Data from Polling
The analysis shows a trend of declining economic approval for President Trump.
- A Reuters/Ipsos Poll conducted between the 12-18th of February showed that Trump’s general approval rating dropped to 44%. In earlier polls, Trump’s approval rating was higher: 45% on January 24-26 and 47% on January 20-21.
- Emerson College survey results confirm this trend.
Harry Enten, a CNN pollster, attributes the decline in voter satisfaction with Trump’s performance on economic issues. Take historical precedent into consideration:
- In a February 2017 Ipsos survey (conducted during Trump’s first tenure), the economy received a 16-point rating of approval.
- Quinnipiac University’s polling during the same period revealed a 6 point approval rating.
Compare this to recent figures
- Ipsos’ polling conducted between February 13 and 18 reveals that the economy is rated at a negative 8 points.
- Quinnipiac’s poll from February 13-17 shows a rating of -4 points.
These findings are echoed by other polls. The Reuters/Ipsos survey (February 12-18) showed that 53% Americans believed the economy was on the wrong path, a significant increase from the 43% who said the same thing in the poll conducted January 24-26. YouGov/Economist’s poll from February 16-18 showed slight disapproval. Only 46% approved of Trump’s handling the economy compared to 42% who disapproved. It is a drop from figures taken between January 26 and 28, when disapproval was 37%, but approval at 49%.
You can also find out more about the A-Team here. Gallup pollThe survey, which surveyed 1,004 Americans from February 3-16th, showed that Trump received a rating of 42% for economic approval, while 54% were disapproving. (Net -12 point). Gallup points out that Trump’s ratings are lower than his predecessors at the beginning of their first terms, which include Joe Biden (54%) Barack Obama (59%), George W. Bush (53%) and Bill Clinton (45%). Adam Carlson’s analysis indicates that Trump has a net approval rating of -5 on the economy.
These data could be a cause for concern, especially in light of President Trump’s campaign promises. The president made a promise that if he won the White House, inflation “would vanish completely”. The economic reality appears to diverge from his promise.
Recent economic reports have painted a more pessimistic picture. In a report from the Labor Department, January saw the biggest increase in consumer price in about 18 months. Americans face rising prices for a variety of products and services. Moreover, the data suggest that US consumers anticipate more inflationary pressures. It is likely that this expectation stems from Trump’s January 1 announcement about potential tariffs of up to 25 percent on Mexican and Canadian goods, and 10 percent on Chinese imports.
Goldman Sachs has estimated in previous analyses that the tariffs would increase inflationary pressures by 1 percent if they were implemented. The tariffs will also have a negative impact on the profit margins and international trade of American businesses.
Experts’ Perspectives on Trump’s Economic Approval Issue
CNN pollster Harry Enten “He is underwater… One of Trump’s great strengths during the 2024 campaign was the economy… Now it’s one of his great weaknesses. The day when Donald Trump’s economy polls were so low was a moment I had never expected. “Just as inflation ate Joe Biden’s presidency to death, Donald Trump faces the same danger.”
Look Ahead at Potential Economic Impacts from Trump’s Policies
It is expected that the broader effects of Trump’s extensive economic agenda will become more apparent in coming months. These include elements like tax reductions or increased tariffs for key trading partners. This unfolding of policies and effects could influence the public’s mood and approval ratings.
