America’s Economic Anxiety Soars as Trump Suffers

The latest CNBC All-America Economic Survey paints a dismal picture of public sentiment towards the economy and President Donald Trump’s handling of it. With 61% of respondents expressing pessimism about the current state of the economy, and an equal number concerned about its future prospects, Americans are increasingly anxious about their economic well-being.

Stagnant wages, rising inequality, and lingering pandemic-era inflation have contributed to a string of concerning economic indicators. In particular, the increased cost of everyday goods has hit home for many Americans: 47% report they’ve cut back on essential items like food and medical care. This is at odds with steady national retail sales growth, which may be driven by spending from wealthier households.

The economic outlook has worsened significantly since December 2023, when the country was emerging from pandemic-era inflation. Now, only 25% of respondents are optimistic about the economy’s future, a dire indicator of public trust in Trump’s economic policies. His net approval rating on handling the economy remains deeply underwater at -22, with 60% disapproving of his performance.

The survey highlights sharp divisions within the country, particularly on immigration and border security. Republicans hold a commanding lead on this issue, while Democrats are making gains on issues like housing and healthcare – although these advantages come with caveats.

One striking aspect of the survey is its revelation that half of all voters say they would be unlikely to support a democratic socialist candidate. This isn’t surprising given past presidential elections where such candidates faced scrutiny and caricature from opponents. Conversely, an endorsement from Trump carries little weight: 52% say they wouldn’t support a candidate backed by the President.

The survey underscores the increasingly polarized nature of American politics. Both parties have successfully defined each other’s extremes, making it more challenging for voters to shift allegiance despite growing dissatisfaction with the economy and government policies. In this environment, partisans are digging in and increasing their support for their chosen party – largely offsetting each other.

Support for military action against Iran has dropped to 48%, down from 53% in April. The President’s net approval rating on dealing with Iran fell to -28, highlighting the country’s growing unease with this issue.

The survey’s findings highlight a deep-seated concern among Americans about their economic prospects and the government’s ability to address pressing issues like inflation and healthcare. Trump’s continued low marks on these issues raise questions about his capacity to effectively lead the country out of its current economic woes. The survey’s findings are a stark reminder that even in times of relative economic growth, public sentiment can quickly shift towards pessimism when faced with rising costs and stagnant wages.

As the midterm election cycle approaches, it is essential for both parties to acknowledge these concerns and develop policies that address the pressing issues facing Americans. The current divide between the two parties on immigration, border security, and other key issues must be bridged through constructive dialogue rather than partisan posturing. Only by addressing these deep-seated concerns can we hope to restore a measure of trust in government and rebuild a more optimistic economic outlook for all Americans.