Americans’ confidence in the economy has hit a nearly four-year low, according to a new poll, underscoring a growing problem for Republicans ahead of the midterm elections as President Donald Trump struggles to deliver on his campaign pledge to make life more affordable.
Just 16 percent of U.S. adults rate the economy “excellent” or “good,” according to the Gallup poll, which was released Friday. An additional 34 percent rate the economy as “only fair,” while 49 percent say it is “poor.”
Economic confidence has declined steadily in recent months among Americans across the political spectrum, as the war in Iran drives a sharp increase in inflation and gas prices. Three out of four Americans say economic conditions are getting worse.
While Gallup found that Republicans still remain positive overall, their economic confidence in May reached its lowest since Trump returned to office. But their confidence remains much higher than it was shortly before he left office in January 2021, in the midst of a global pandemic.
Overall, the share of U.S. adults saying conditions are getting worse is at its highest point since May 2023. Just 20 percent of Americans say conditions are improving.
Summarizing Americans’ assessment of their economic outlook, the Gallup economic confidence index also has registered a decline, to -45, the lowest reading since 2022, when inflation surged as high as 9 percent. The top rating in the index is +100.
Despite a campaign pledge to address cost-of-living concerns, Trump said this month that he does not consider the economic effects the war in Iran is having on Americans — “not even a little bit.” His remarks, in response to a question about whether such concerns were motivating him to reach a deal to end the war, drew swift criticism from Democrats, who are hoping that voter anxiety about the economy buoys their chances in the November midterms.
As Americans begin the Memorial Day weekend, the average price for a gallon of gas is around $4.56, according to Gas Buddy, up from $2.90 in February before the war began.
Americans are increasingly listing gas prices as the nation’s top problem — with 4 percent listing it in the Gallup poll. That number includes 10 percent of Republicans and 3 percent of both Democrats and independents. The poll also found more Americans listing inflation and the cost of living overall.
Americans still identify the government most often as the nation’s top problem, another potential headache for Republicans, who control the House and the Senate in addition to the White House, in the midterms.
Meanwhile, Trump continues to tout the construction of his planned White House ballroom, a project widely rejected by the American people, according to a Washington Post-ABC News-Ipsos poll. This week, Trump offered reporters a closer look at the construction behemoth. Among the spotted details: a walkway emblazoned with gold lettering reading “45-47,” nodding to his role as the nation’s 45th and 47th president.
“The thing I do best in life is build,” Trump said Tuesday. “I’m a great builder, and I build beautiful product.”
His approval rating has declined to 36 percent, according to a Post average of national polls this month, his worst month since returning to office and down from 40 percent in January.
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