WASHINGTON — While President Trump continues to enjoy strong support from Republicans regarding his approach to inflation, this backing has seen some decline amidst growing dissatisfaction with the economy among the wider public, according to recent polling data.
The latest CBS News/YouGov poll reveals that 63% of Republicans still approve of Trump’s inflation policies, though this is a drop from 74% in March. In contrast, only 27% of the general public shares this approval, down from 33% earlier in the year.
Inflation has risen, reaching 3.8% over the past year ending in April, which significantly exceeds the Federal Reserve’s target of 2%. This increase comes amid instability in energy markets. However, the U.S. economy added 115,000 new jobs in April, surpassing many predictions.
Trump’s sustained support within the Republican Party during these economically challenging times follows a series of effective political maneuvers in GOP primaries.
In Louisiana, Trump’s endorsement of Rep. Julia Letlow in the Senate GOP primary played a crucial role in the defeat of incumbent Sen. Bill Cassidy. Earlier this month in Indiana, Trump successfully unseated five Republican state legislators who opposed him on redistricting issues.
Overall, an impressive 85% of Republicans express either strong or moderate approval of Trump’s overall performance, compared to a 37% approval rating among the general public.
The poll found deep pessimism about the state of the economy, which has only been exacerbated by the fallout from the war in Iran and the crisis in the Strait of Hormuz that sent gas prices skyrocketing.
When asked to describe the state of the economy, 65% used the word “uncertain,” 63% said “struggling,” 40% called it “unfair.” Only 12% said “rebounding” or “stable.”
Voters also overwhelmingly conveyed anxiety about the rise of artificial intelligence, with about two-thirds fretting that the nascent technology will kill jobs.
But despite those bleak numbers on the economy, Americans only barely trusted Democrats more, per the poll.
Only 35% said the Democrats have a better approach to the economy, compared to 31% who picked Trump and Republicans.
Trump has publicly argued that the economic fallout from the war in Iran is less severe than he anticipated, but contended that his attack on Iran was necessary to prevent the Islamic Republic from obtaining a nuke.
“We’ll call it a little pain,” Trump told Fox News’ Bret Baier last week. “I want to do the job right. If it takes another four weeks, think of it, we were in Vietnam for 19 years, I’m doing this for two, two-and-a-half months.”
The president and top officials in his administration have predicted that oil prices will quickly come tumbling down after the crisis in the Strait of Hormuz, where over a fifth of the world’s seaborne oil once flowed, is resolved.
The bleak sentiment on the economy is one of the lowest ratings polled since 2023, according to CBS News.
The CBS News/YouGov survey sample 2,064 adults from May 13-15, with a margin of error of plus or minus 2.7 percentage points.
