Trump’s Economic Approval Rating Plummets Ahead of Congressional Elections
- 80% of Americans view the economy as fair or poor, impacting Republican campaigns.
- Democrats lead in congressional preferences, with a 52% to 45% margin over Republicans.
- Trump’s economic approval hits an all-time low at 34%, with 65% disapproving.
As the congressional elections approach in less than two weeks, a new CNBC All-America Economic Survey reveals that Americans’ outlook on the economy is nearly as bleak as during the pandemic’s aftermath. President Donald Trump’s economic approval rating has reached an unprecedented low.
According to the survey, 80% of Americans consider the economy to be in fair or poor condition, the most significant figure since December 2023. This pessimism poses a serious challenge for Republican candidates, as they grapple with the impacts of these sentiments on their electoral prospects.
The report highlights growing economic discontent, particularly among Democrats and independents, although recent months have seen a notable increase in pessimism among Republicans as well. Currently, 63% of the population expresses a negative outlook about the economy, a slight rise from the previous July survey. Notably, this includes 35% of Republicans, marking a six-point increase since July, the highest level of disillusionment within this group during Trump’s presidency.
Micah Roberts, partner at Public Opinion Strategies, noted, “We got there not because of independents or Democrats getting more sour — it’s because Republicans have.” Previously, Republicans maintained a positive margin regarding the economy, which now appears to be in decline.
The survey, which includes responses from 1,000 registered voters and has a margin of error of 3.1%, indicates a preference for Democratic control of Congress, with voters favoring them 52% to 45%. This represents a three-point gain for Democrats compared to the July survey.
Further complicating the picture for Republicans, the survey shows 72% of Democrats expressing high interest in the upcoming midterm elections set for November 3, compared to only 62% of Republicans. Women express 10 percentage points more interest in the election than men and show a preference for Democratic control of Congress by a significant 22-point margin. Independents also favor Democrats 49% to 33%.
In key Senate race states, respondents favor Democratic control by a narrow margin of four points, despite Trump having won those areas by a combined ten points in the 2024 presidential election.
Despite these economic challenges, Trump’s overall approval rating remains relatively steady at 40% approving and 59% disapproving. However, there’s a troubling nine-point drop in his economic approval from July, falling to 34%, with disapproval increasing to 65%. This marks the lowest net economic approval rating of his presidency. Notably, his disapproval figure now surpasses former President Joe Biden’s worst rating and is the highest recorded for any president by CNBC since surveying began.
Corruption ranks as the top concern for 36% of respondents, with Democrats holding a slight lead on this issue. The cost of food and groceries, a second primary concern, sees Democrats with a widening lead from July, now at +16. Also, Democrats outperform Republicans regarding issues related to protecting democracy and high gas prices.
Survey results also show skepticism surrounding the Iran war’s value, with only 46% of respondents believing military action was justified to deter Iran’s nuclear capability development, down from 53% in April. Resistance is even more pronounced regarding military action’s worth in light of rising gas prices, with just 35% considering it justified.
While concerns about costs, including food, gas, and housing, dominate voter priorities—57% cite these as their top concern—prices are rising for the majority. Among registered voters, 80% believe prices are increasing, with 55% claiming it is at an accelerated rate. Notably, the cost of food ranks higher than gas as a concern among voters.
The current political landscape reflects deep divisions, though consensus exists around the corruption issue, with 93% supporting restrictions on elected officials trading stocks in companies doing business with the federal government. Both pollsters advise caution regarding potential Democratic gains, with ongoing electoral dynamics and the strength of each base likely influencing outcomes.
News Courtesy of CNBC
