As the nation enters the final months before the midterm elections, a significant majority of Americans report deep pessimism regarding the economy, according to multiple polls conducted in July. Americans are expressing strong concerns about the rising cost of goods and services, rating the current economic climate negatively and anticipating further decline.
Several polls indicate a bleak economic outlook. CNN polling found that only 23% of Americans view the economy favorably, while 77% rate it poorly. Similarly, Pew Research Center and Fox News polls showed approximately three-quarters of Americans holding a negative view of economic conditions, with 41% describing it as poor in the Fox News survey.
Concerns over the cost of everyday items are particularly acute. Despite a slight decrease in the inflation rate in June to 3.5% year-over-year, Americans remain highly worried about prices. The Pew poll revealed that majorities are "very concerned" about the costs of healthcare (69%), food and consumer goods (66%), housing (64%), gasoline (56%), and electricity (54%). The anxiety surrounding gasoline prices has notably increased, with the percentage of Americans very concerned up from 34% in January. A Washington Post/Ipsos poll indicated that two-thirds of Americans find groceries unaffordable, an increase from 45% before February.
Gas prices are also a significant source of financial strain. A CNN poll found that about three-quarters of Americans reported that gas prices have caused household financial hardship, with over 20% experiencing severe hardship. The same poll suggested that a majority of Americans do not believe President Donald Trump has a clear plan to address rising gas prices. In a Quinnipiac poll, 88% of voters labeled inflation as a serious problem, and a Fox News poll found three-quarters of registered voters experienced financial hardship due to inflation, with 34% reporting serious hardship.
Looking ahead, Americans do not anticipate an improvement in economic conditions. The Washington Post/Ipsos poll showed that 48% of Americans expect the economy to worsen over the next year, compared to 20% who anticipate improvement. The Fox News poll reported that 54% of registered voters expect the economy to decline, with larger majorities among Democrats (75%) and independents (64%) holding this view, while most Republicans (71%) expressed optimism. A Quinnipiac poll found 59% of registered voters believe the nation's economy is deteriorating, and 49% feel financially worse off than a year ago. Pew found that optimism for the economy a year from now has decreased to 23%, down from 31% in January. This pessimism extends to personal financial futures, with 59% in the Post/Ipsos poll doubting their family's ability to improve their standard of living.
Many Americans also perceive the economic system as fundamentally unfair. A Fox News poll indicated that 65% believe the country is rigged in favor of the wealthy, an increase from 56% in 2019.
President Trump faces significant disapproval for his handling of the economy. The CNN poll showed 70% of Americans disapprove of his economic performance, matching a record high. Disapproval is even higher regarding his approach to gas prices, with about 80% expressing disapproval. A record high of 70% also believe Trump has not done enough to reduce the price of everyday goods. The Post/Ipsos poll found a record 43% feel they are not as well off as when Trump took office, a 10-point increase since February.
Furthermore, a growing number of Americans, including Republicans, believe President Trump's economic policies have negatively impacted the economy. Overall, 60% in a Pew poll stated Trump's policies have worsened the economy, up from 52% in January. Among Republicans and Republican-leaning independents, 28% now hold this view, compared to 18% in January. CNN polling showed 65% believe Trump's policies have worsened economic conditions, tying earlier record highs.
Despite the prevailing public sentiment, the Trump administration maintains a positive stance on the economy. President Trump stated in a recent speech in Michigan that the country is on track to surpass the economic achievements of his first term. "In my first term," Trump said, "we had the greatest economy in the history of our country. And we're blowing it away this time. You're going to see the results very soon."
The economy is shaping up to be a central issue in the upcoming midterm elections. The Pew poll identified the economy as the top issue voters want congressional candidates to discuss. A Post/Ipsos poll found that a majority of registered voters consider the economy and high prices among their top three voting issues, significantly outweighing other concerns. Historically, Republicans held an advantage in trust regarding economic policy, but this has diminished. Recent Reuters/Ipsos polls show a near tie, with 33% trusting Democrats more on economic policy and 34% trusting Republicans. Similarly, Pew and Post/Ipsos polls indicate a significant erosion of the Republican lead on economic trust, with current sentiment nearly evenly split between Democrats and Republicans.