Trump's Tariffs Undermine Economic Strength, Hurt Affordability Perceptions

Key Quotes

"70 of people say that their area is no longer affordable for average families that's up from 45 over the summer which is a huge jump 61 of people say that the economy is simply not working for them personally and a majority of people actually say that we are in a recession currently even though technically we're not in one but clearly it's a thermometer of how people are really feeling about whether or not they can afford things."

Domenico Montanaro highlights that a significant majority of people feel the economy is not working for them personally and perceive the country to be in a recession, indicating a strong disconnect between official economic status and public sentiment regarding affordability. This sentiment is further underscored by a substantial increase in those finding their areas unaffordable for average families.

"Jerome Powell being the Fed chair who President Trump doesn't like but he is the Chairman of the Federal Reserve yes thank you very much yeah and he said that goods inflation is entirely in sectors where there are tariffs so yes tariffs are driving prices upward and this poll shows that Americans are worried about that."

Danielle Kurtzleben explains that Federal Reserve Chair Jerome Powell has indicated that inflation in goods is directly linked to sectors affected by tariffs. This statement, as reported by Kurtzleben, suggests that the administration's tariff policies are a contributing factor to rising prices, a concern that is reflected in the poll's findings about public worry.

"Trump's central economic policy hurting their personal finances that is really significant I think well before Trump really started talking about how it's Democrats' fault that prices are so high while he was being pushed back on over the summer Republicans had said a majority of them had said that they felt that tariffs were a big problem and that they were concerned about them impacting their bottom line and now that's changed so clearly they've bought into some of that messaging from Trump."

Domenico Montanaro points out the significance of a shift in Republican sentiment regarding tariffs, noting that while a majority previously expressed concern about their impact on personal finances, this has changed. Montanaro suggests this shift indicates that Republicans have become more receptive to President Trump's messaging that blames Democrats for high prices, despite the poll's data on tariffs.

"36% of people approve of the job that he's doing on handling the economy it's his worst mark that he's ever gotten on this score it's only tied in the last six years with Joe Biden from 2022 when inflation was going through the roof and was a huge concern he was at 36% as well back then."

Domenico Montanaro states that President Trump's approval rating for handling the economy has reached a new low of 36%, matching Joe Biden's rating in 2022 during a period of high inflation. This comparison, according to Montanaro, highlights a significant decline in public confidence regarding the economy under Trump's leadership.

"But with Trump he has unilaterally pushed a lever that makes prices go up in imposing all of these tariffs on all of these goods and goods from all of these countries and not only that but he talks so much about it as being a super great policy this creates a huge liability when you have two thirds of people being worried about tariffs directly impacting their bank account."

Danielle Kurtzleben argues that President Trump's imposition of tariffs is a direct action that increases prices, creating a significant political liability. Kurtzleben emphasizes that this is a unique situation for a president, as he has actively implemented a policy that directly impacts consumers' finances, leading to widespread concern among the public.

"And there's this disconnect between his economic policies and what most people are feeling and clearly we've seen now in polling that people feel like this is his economy this is Trump's economy and they don't think that he's necessarily taken steps to bring prices down they say that his policies have made things worse."

Domenico Montanaro observes a disconnect between President Trump's economic policies and the public's perception, with many feeling that his administration has worsened their financial situation. Montanaro notes that polling indicates people view the current economy as "Trump's economy" and believe his policies have not effectively lowered prices.