A majority of American voters say their personal finances have deteriorated since President Trump returned to the White House, another warning sign for Republicans with just 80 days until the midterm elections.
Why it matters: Trump returned to office in 2025 after campaigning heavily on inflation and affordability, but multiple recent polls suggest Republicans are losing their traditional advantage with voters on the economy.
- A new Financial Times poll found that 53% of registered voters say they are financially worse off since Trump returned to office in January 2025.
- The dissatisfaction crosses party lines. Nearly 57% of independents said their finances have deteriorated, along with nearly one-quarter of self-identified Republicans.
- Cost of living remains a major problem. The FT poll found voters were more likely to trust Democrats than Republicans to handle inflation and affordability, while 64% disapproved of Trump’s handling of inflation.
And the FT isn’t alone: A recent Reuters/Ipsos poll found voters preferred Democrats over Republicans to manage the economy, 37% to 36%, the first Democratic advantage on the issue in nearly a decade.
- A July Fox News poll showed an even wider gap, with voters preferring Democrats by 9 points on the economy and 10 points on inflation.
The big picture: Polls are snapshots rather than predictions of election results, and voters’ economic perceptions can change quickly. But with 80 days remaining before the midterms, several independent surveys are now pointing in the same direction: Republicans’ long-standing advantage on economic issues has eroded considerably.
The bottom line: The economy helped return Trump to the White House, but affordability is now becoming a political vulnerability for his party. If voters continue feeling financially worse off heading into November, the cost of living could become one of the defining issues of the midterm elections.