Economic pessimism surges as Trump’s approval sinks to a new low before the midterms
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A CNBC survey shows a deepening cost-of-living crisis and growing disillusionment with President Donald Trump’s economic stewardship, while Democrats hold a clear edge for congressional control.
A new CNBC All-America Economic Survey released Thursday shows that eight in ten Americans now rate the economy as fair or poor, the highest share since December 2023 and a stark indictment of the system failing ordinary people. The poll, which surveyed 1,000 registered voters nationwide with a margin of error of ±3.1%, also finds President Donald Trump’s economic approval collapsing to 34%, down from 38% in July, while his overall approval holds at just 40%.
The survey found 63% of respondents pessimistic about the current state of the economy and its outlook, up one point since July. Pessimism rose among Republicans as well, reaching 35%, the highest level recorded in either of Trump’s terms. "We got there not because of independents or Democrats getting more sour — it's because Republicans have," said Micah Roberts, partner at Public Opinion Strategies, the Republican pollster for the survey.
Democrats are preferred to control Congress by a 52% to 45% margin, a seven-point lead that represents a three-point gain from the July poll. Interest in the November 3 midterm election is higher among Democrats (72%) than Republicans (62%), reflecting a broader backlash to Trump-era economics. Women show a ten-point higher interest than men and favor Democratic control by 22 points. Independents also lean Democratic, preferring it 49% to 33%.
On policy issues, respondents view Democrats as better positioned to address corruption, the cost of food and groceries, and high gas prices — the everyday burdens hitting working families hardest. Republicans retain an advantage on border security and immigration, though the immigration lead narrowed to nine points. The public remains skeptical of the Iran military action, with only 46% believing it was worthwhile to disrupt nuclear development.
Both pollsters noted the competitive environment. Jay Campbell, partner at Hart Associates, the Democratic pollster, said the trends would make Republican campaign leaders “very nervous” in the final weeks before the election. Roberts added that the shift reflects a broader movement toward Democrats, but emphasized that any substantial change depends on flipping districts Trump won in 2024.
The poll also revealed strong bipartisan support for anti-stock-ownership rules for elected officials, with 93% opposing personal stock trades involving government contracts and 89% opposing contracts for companies linked to a sitting president’s immediate family.