Trump's economy approval collapses to 30% as voters blame rising costs

The Polling Collapse

President Trump’s approval rating on the economy hit a career low of 30% in CNN/SSRS polling conducted April 30-May 4 and released May 12. His net approval rating on economic issues stands at -40, a dramatic reversal from his 2024 campaign strength on this issue. Multiple polling organizations confirm the trend: Reuters/Ipsos shows 30% approval (-34 net), and YouGov/Economist records 34% approval (-24 net).

What Voters Say

The CNN/SSRS survey of 1,499 adults found 77% of Americans - including a majority of Republicans - say Trump’s policies have increased the cost of living in their communities. That’s not partisan opposition; that’s shared economic experience across party lines. Seventy percent disapprove of his overall economic handling.

Specific Vulnerabilities

Approval scores drop further when voters assess specific economic issues. Only 26% approve of his inflation management, 21% on gas prices, and 33% on support for the middle class. These precise figures reveal where voter anxiety concentrates: the visible, daily costs of living that Americans experience weekly.

Republican Fracture

The finding that a majority of Republicans believe Trump’s policies have increased costs is politically significant. Republican voters typically offer strong support for Republican presidents on economic issues. This split suggests economic pressure is overriding traditional party alignment - voters are responding to their own lived experience rather than partisan loyalty.

Historical Irony

Economic strength was central to Trump’s 2024 victory. Voters blamed the Biden administration for inflation and chose Trump as the solution. Now, with inflation and tariffs continuing - and accelerating in some categories - that political advantage has inverted. The issue that carried him to power has become his central vulnerability.

Heading Into the Midterms

In November 2026, American voters will decide control of Congress. Economic discontent is traditionally the most powerful predictor of midterm outcomes. With economic approval at career lows and voter anxiety about household costs at high levels, the political landscape is reshaping itself around economic grievance rather than partisanship.

References: CNN poll midterms affordability politics | Newsweek Trump approval rating