Republicans from President Donald Trump on down are selling the U.S. economy as strong and vibrant headed into the November midterm elections.
But if a recent Gallup poll is any true indication, Americans may not be buying it.
In the poll released Friday, only 16 percent of U.S. adults say the economy is “excellent” or “good,” while 34 percent call it “only fair.” Meanwhile, 49 percent rate the economy as “poor.”
According to a report from The Washington Post, economic confidence has declined steadily recently among Americans across the political spectrum. The Post points out the war in Iran is driving a sharp increase in inflation and gas prices. Three out of four Americans say economic conditions are getting worse, according to the report.
Overall, the share of U.S. adults saying conditions are getting worse is at its highest point since May 2023. Just 20 percent of Americans say conditions are improving, the Post reported.
Summarizing Americans’ assessment of their economic outlook, the Gallup economic confidence index also has registered a decline, to -45, the lowest reading since 2022, when inflation surged as high as 9 percent. The top rating in the index is +100.
Gas Buddy reports that gas prices are averaging $4.56 a gallon headed into Memorial Day weekend. That’s up from $2.90 in February before the war began.
Americans are increasingly listing gas prices as the nation’s top problem – with 4 percent listing it in the Gallup poll. That number includes 10 percent of Republicans and 3 percent of both Democrats and independents. The poll also found more Americans listing inflation and the cost of living overall.
