Trump is optimistic about US economy — but a new poll predicts a grim future for Americans
President Donald Trump continues to defend his economic policies and reiterate their benefits, but common Americans continue to struggle. Trump told a publication Politico that he'd give the current U.S. economy an "A++++++", but the publication's most recent poll paints a rather grim picture. With the president's approval rating sliding, Americans say they are struggling with affordability pressures, according to the recent Politico Poll conducted last month by Public First. While over a quarter of the respondents said they were delaying medical check-ups to save money, half of the respondents said they were struggling to pay for food.
In the November poll, the publication observed that Americans are struggling with spending constraints due to the rising costs and weakening wages. About 27% of the respondents said they skipped medical check-ups, while 23% said they skipped a prescription dose due to the rising costs in the last two years. While the president claimed food prices, like those of eggs, have come down, Americans are more worried about grocery prices than the cost of health care. More than half of the respondents in the poll said they find it difficult to pay for food, and 55% of them blamed the Trump administration for the rising prices.
Furthermore, the findings suggest that President Trump has struggled to convince even his supporters of the idea that the tariffs benefit the economy in the long run. Only 36% of the respondents who identified themselves as Trump supporters hoped the tariffs would eventually turn in results, while 22% felt that the tariffs are helping the economy now and will do so in the long term.
The second biggest concern among Americans was found to be the rising housing costs. The issue ranked below only the rising grocery costs, eclipsing the healthcare, utilities, commuting, and child care costs, as per the Politico Poll. While only 10% of Trump supporters blamed the administration for the rising costs, about 30% of the non-MAGA supporters did the same.
However, on one issue, both Trump and non-Trump supporters believed that the president would do well. About 84% of the MAGA Republicans said they trusted the GOP to bring down healthcare costs, and 49% of non-MAGA supporters also supported the sentiment. On the other hand, only 24% of the non-Trump supporters said they trusted the Democrats on the issue.
The grim outlook of the economy isn't exclusive to common citizens but to those in C-Suite roles as well. In a separate poll of Chief Financial Officers conducted by CNBC, it was found that while the top executives were upbeat on the economy, their primary concern was whether Americans would be able to sustain their level of spending in the future.
Furthermore, they anticipated inflation to remain above the Fed's 2% target till 2027, and weren't hopeful on the mega-aggressive rate cuts that Trump predicted. Even though the president plans to name a new Fed chair, 77% of the CFOs said they were doubtful if a new chair would make the Fed "more effective", in the Q4 CNBC CFO Council Survey.
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