A recent AP-NORC poll reveals that only 31% of voters approve of President Donald Trump’s handling of the economy- the lowest rating for either of his terms. Despite the numbers, Trump continues to champion the nation’s economic performance since returning to office.
A Troubling Poll but a Confident President
The AP-NORC poll, released just before the midterm elections, shows that just 31% of Americans approve of Trump’s economic stewardship. The figure is the lowest approval rating the president has received during either of his terms. Even with the low approval, Trump has reiterated that he believes the economy is on a positive trajectory.
Affordability Takes Center Stage
With the pivotal midterm elections less than a year away, Trump has signaled that affordability is a primary concern for his administration. He has repeatedly said that he has “no higher priority than making America affordable again,” a statement he made during a rally-style speech in Pennsylvania this week.
During that speech, Trump also touted a healthy stock market and dismissed media discussions about affordability as a “hoax.” He added that Democrats “caused the high prices and we’re bringing them down.”
Federal Reserve Rate Cut and Economic Outlook
A day after Trump’s speech, the Federal Reserve cut interest rates by a quarter percentage point for the third time this year. The president, however, said it’s not enough.
“He did a rather, I would say, a rather small number that could have been doubled, at least doubled,” Trump said. The Fed Chair, Jerome Powell, and other policymakers may be done cutting rates for now, but that pause is because they anticipate the U.S. to emerge from a period of volatility over tariffs and immigration into a year of productivity, ongoing consumer spending and inflation that falls as the impact of tariffs on goods prices begins to wane.
The Fed’s projections set a strong baseline for whoever Trump chooses to replace Powell when his term as chair ends in May.
Treasury Signals Near-Term Relief for Working-Class Americans
Working-class Americans could see some economic relief in the near future, according to Treasury Secretary Scott Bessent. He recently said that Americans are going to get “very large refunds” of $1,000 to $2,000 in the new year as a result of tax cuts in Trump’s Big Beautiful Bill, according to The New York Post.
“I think we’re going to see $100 [billion] to $150 billion of refunds, which could be between $1,000 $2,000 per household,” Bessent said Wednesday.
Key Takeaways
- Low Approval: Only 31% of voters approve of Trump’s economic handling.
- Affordability Focus: Trump prioritizes affordability over other issues.
- Fed Action: The Fed cut rates again, but Trump believes more cuts are needed.
- Refund Promise: Treasury Secretary Bessent forecasts $100-$150 billion in refunds, translating to $1,000-$2,000 per household.
Closing Thoughts
Trump’s recent remarks and the Fed’s latest rate cut paint a picture of an administration that believes the economy is improving, even as public approval remains low. While the president emphasizes affordability and the promise of refunds, the next steps from the Federal Reserve and Treasury will be closely watched by voters heading to the polls.
Reuters and NewsNation’s Tom Dempsey, Kellie Meyer and Patrick Djordjevic contributed to this report.
