A national survey released by the Financial Times on Sunday reveals that over 53% of registered voters in the United States feel their financial situation has deteriorated since Donald Trump returned to the White House in January 2025. This sentiment of dissatisfaction extends even into Republican ranks.
Conducted by the nonpartisan firm Focaldata between August 7 and 10, the poll surveyed 1,913 registered voters and has a margin of error of ±2.9 percentage points. The findings show that nearly 57% of independents and about a quarter of Republicans also feel worse off under the current administration.
Economic Challenges Under Trump's Leadership
The economic data supports this perception. As of July 2026, the annual inflation rate was 3.4%, higher than what Trump inherited from the Biden administration. This rise is largely attributed to the ongoing U.S. conflict with Iran, which sharply increased gasoline prices from around $2.98 to over $4.17 per gallon within weeks, with peaks reaching $4.52 in May.
According to official figures, real wages dropped by 0.1% from June to July and declined 0.2% compared to the same month the previous year, meaning workers' incomes are failing to keep up with rising costs.
Consumer sentiment hit near-historic lows, with high prices forcing many Americans to cut back on spending, as indicated by data released on Saturday.
Challenges for Trump's Approval Ratings
In terms of presidential approval, 55% of registered voters disapprove of Trump's performance, a figure that climbs to 64% when focusing on his handling of inflation and the cost of living. This includes nearly seven out of ten independents and about one-third of Republicans.
Trump's net approval among his own Republican voters fell by 8 percentage points from the previous month, signaling potential trouble for the White House with less than three months to go before the November midterm elections.
Nearly two-thirds of registered voters believe the economy is heading in the wrong direction, while only one in four sees it as moving in the right direction.
Voter Trust and Upcoming Elections
The survey also revealed that voters place more trust in Democrats than Republicans when it comes to managing inflation, the cost of living, employment, and the economy in general—areas traditionally seen as Republican strengths.
In the lead-up to the November legislative elections, Democrats hold a five-point advantage over Republicans in voter intention: 44% to 39%.
The White House dismissed the survey's findings. Spokesperson Kush Desai stated that "the Trump administration continues to deliver on the president's affordability agenda by lowering drug prices, bringing back American jobs, and cutting taxes, while highlighting a historic drop in violent crime and the most secure border in history."
Mortgage rates also surged to 6.58% in July, adding further strain to American household finances as electoral models position Democrats as slight favorites to reclaim the House of Representatives with a projected gain of 11 seats.
Frequently Asked Questions about Economic Sentiment Under Trump
Why do voters feel worse off economically under Trump's administration?
Voters cite increased inflation, higher gasoline prices, and stagnant wages as key reasons for feeling economically worse off under Trump's administration.
How do current economic indicators compare to the previous administration?
Current economic indicators, such as the inflation rate, are higher compared to the previous Biden administration, largely due to increased costs from the U.S. conflict with Iran.
What impact have these economic challenges had on consumer sentiment?
Consumer sentiment has plummeted to near-historic lows as high prices force many Americans to reduce their spending.