Donald Trump has hit a new low as a poll shows more Americans disapprove of his economic management than at any point during his two terms as president.
According to the latest YouGov/Economist poll, conducted between June 5-8, just 29 percent of Americans approve of Trump’s handling of the economy, while 63 percent disapprove, giving him a net approval rating of -34 points on an issue that has long been one of his political strengths.
By contrast, during his first term in the White House, more Americans approved than disapproved of Trump’s management of the economy, resulting in a positive net rating of 8 points.
Meanwhile, a clear majority of respondents—57 percent—say the economy is getting worse, while only 14 percent believe it is improving.
Perceptions of the economy varied significantly depending on whether respondents had money invested in the stock market. Among investors, 20 percent said the economy is improving, compared with just 11 percent of Americans without stock market investments.
Political affiliation also played a major role in shaping economic perceptions. The poll found that 86 percent of Democrats believe the economy is worsening, compared with 59 percent of independents and 25 percent of Republicans, underscoring the deep partisan divide in how Americans assess economic conditions.
Trump campaigned on promises to bring down inflation and ease economic pressure on American households.
But dozens of recent polls have shown Trump’s approval rating on the economy declining.
The latest Reuters/Ipsos polling showed that 70 percent disapprove of Trump’s handling of the cost of living, compared with just 22 percent who approve.
The same poll found that the public’s confidence in Trump’s economic stewardship has deteriorated to the point that he is now receiving worse marks on the issue than Joe Biden did when he left office.
Meanwhile, an Edward Jones and Gallup survey found that roughly one-third of Americans describe themselves as financially stressed.
A separate Marist poll found that 70 percent of Americans say the cost of living in their area is not very or not at all affordable.
It comes amid Trump’s deeply unpopular war on Iran, which has cost U.S. households $100 billion overall so far. That amounts to nearly $750 a household.
That is mostly down to rising energy prices. The national average price for regular gas climbed above $4.50 a gallon, according to AAA. In seven states, the average price of gasoline has exceeded $5 per gallon.
Meanwhile, oil prices have surged by about 35 percent. Overall, energy prices are up 3.8 percent.
At the same time, inflation climbed to 3.8 percent in April, marking its highest level in almost three years, with food prices up 0.5 percent from March, according to the Consumer Price Index.
As a result, Trump’s overall net approval rating has fallen to -25 points, according to YouGov and the Economist, slightly up from the all-time low of -26 reached in both of the past two weeks.
The latest numbers have intensified concern among some Republican strategists ahead of the midterms, where the economy will be at the top of voters’ minds.
Some advisers warn that fuel prices in particular could become a major political vulnerability.
“The toughest thing, too, is that we made gas prices the Achilles’ heel for Biden and now it’s our own,” one Republican adviser previously told Reuters.
The Daily Beast has contacted the White House for comment.
