President Trump’s economic approval rating has plummeted to 30%, an 8% drop over the past month, according to a new poll released Wednesday.
The Associated Press-NORC Research Center poll found that less than a third of voters approve of his handling of the economy. That’s a precipitous drop from 38% in March and 39% in February.
It’s the lowest grade the president has received from voters on the economy. His previous low was 31% in December.
Reviving the economy and bringing inflation under control were key campaign promises by Mr. Trump after voters became frustrated with high inflation under President Biden.
Inflation remains elevated at 3.3% annually, and the Iran conflict has sent gas prices soaring. The average is $4.02 per gallon, up from $3.94 last month and $3.16 a year ago, according to the AAA auto club.
Consumer prices hit their highest level in nearly four years in March, with the increases fueled by energy costs.
The poll was conducted during the brief period in which the Strait of Hormuz was reopened by Iran, but it has since closed again. The narrow waterway is a major transportation route where 20% of the world’s oil passes through it annually.
Nearly half of the respondents (45%) said they are “extremely/very concerned” about being able to afford gas over the next few months, and 41% said they were “extremely/very concerned” about affording groceries.
Roughly 25% of those polled said they approve of how Mr. Trump is handling the cost of living.
Mr. Trump has shrugged off concerns about rising prices. He told a crowd in Las Vegas last week that inflation levels are “fake” because price increases caused by the Iran war are only temporary and will go back down once the conflict ends.
“America remains on a solid economic trajectory, thanks to the Trump administration’s agenda of deregulation, tax cuts, and energy abundance,” White House spokesman Kush Desai said in a statement to The Washington Times. “This same agenda delivered historic job, wage, and economic growth in President Trump’s first term, and trillions in investment commitments along with robust productivity and real wage growth reflect how this agenda is again laying the groundwork for America’s long-term economic resurgence.”
Voters’ perception of Mr. Trump’s economy could create major headaches for Republicans as they try to keep their House and Senate majorities in November’s midterm elections. Democrats won critical races in New Jersey, Georgia and Virginia last year campaigning on the issue of affordability.
The AP-NORC poll found tepid support for Mr. Trump’s economic policies among his own supporters. The poll found that only half of Republicans approve of Mr. Trump’s handling of the cost of living.
Younger Republicans are particularly disenchanted with Mr. Trump’s handling of the economy. About 60% of Republicans under 45 disapprove of how he’s managing the cost of living compared with about 40% of Republicans 45 and older.
Republicans who identify themselves as MAGA still stand behind the president. About 90% of them approve of Mr. Trump’s overall job performance compared with 44% of non-MAGA Republicans.
However, that number drops when it comes to the economy, with only about 70% of MAGA Republicans approving of Mr. Trump’s handling of the cost of living.
The AP-NORC poll was conducted from April 16-20, with 2,596 adults participating. It has a margin of error of 2.6 percentage points.
