Donald Trump Loses His Grip on the Economy – President Donald Trump’s problems are growing as the American voting public prepares to head to the polls on November 3 to determine the makeup of the next Congress. New polling shows Americans now trust Democrats more than Republicans to manage the economy, remarkable news after decades of Republicans being widely seen as the party of fiscal conservatism and responsibility.
The findings are particularly damaging for the president, too, because he returned to the White House on a promise to bring down prices and rebuild American industry. But instead of restoring economic prosperity, the president has overseen two years of rising inflation. He also initiated a war with Iran that has driven up energy costs.
President Donald Trump is joined by Secretary of Commerce Howard Lutnick, Vice President JD Vance, British Ambassador Peter Mandelson, U.S. Trade Representative Jamieson Greer, and Secretary of Agriculture Brooke Rollins, while announcing a trade agreement with the U.K., Thursday, May 8, 2025, in the Oval Office. (Official White House Photo by Molly Riley)
President Donald J. Trump signs executive orders alongside Utah Governor Spencer Cox and members of the Utah congressional delegation in the Oval Office, Monday, July 13, 2026. (Official White House Photo by Molly Riley)
A new Gallup survey published Tuesday, October 13, shows Democrats now have a substantial advantage over Republicans on the economy. When asked which party is better equipped to keep the country prosperous, Democrats now have an advantage—and other polls show President Trump’s economic approval ratings are collapsing.
The consequences could go well beyond the upcoming midterm elections — especially if Republicans stay the course and the Iran war causes further economic damage. If the polls hold and Democrats are seen as better equipped to manage the economy, they might not only win the party the midterm elections in November but also substantially boost the chances of the next Democratic presidential nominee winning in 2028.
Democrats Take the Lead on the Economy
According to Gallup’s October 13 report, 51% of Americans now believe that Democrats are better equipped to maintain the country’s economic prosperity. Just 37% said that they trust Republicans.
This gives Democrats a 14-point lead over the party long known for its generally good handling of the economy, the largest recorded advantage by Gallup since 2007. It also marks a dramatic reversal from 2023, when Republicans led Democrats by the same margin.
The survey, conducted between September 1 and 17, also found that independent voters are increasingly siding with the Democrats on economic matters. Among independent voters, 50% trust Democrats more to maintain prosperity, compared with 32% who prefer Republicans. The problems extend beyond the economy; when Americans were asked which party could better handle the country’s most important problem, Democrats led Republicans 44% to 33%.
The findings show that Republicans are losing their biggest advantages over the Democrats, including on issues that have traditionally helped them win elections. This means Republicans have fewer issues to campaign on, perhaps leaving only immigration and law and order as issues they can leverage in the short-to-medium term.
Trump’s Economic Approval Ratings Collapse
Gallup’s findings follow another poll showing President Trump losing his grip on the economy: a Financial Times/Focaldata poll on October 11 found that just 25% of registered voters approve of his handling of the economy.
His approval rating on inflation is even worse, with about one in five voters confident in his efforts to keep rising prices under control.
The survey, conducted in early October, also found that Trump’s overall approval rating had fallen to 34%, with 45% of voters saying they believe the president is actively damaging the Republican Party’s chances in November.
More concerning for the White House, President Trump’s popularity is declining even among some voters who supported him in the last presidential election, with only 70% of his previous supporters now approving of his performance, down from 80% in May. However, the survey also suggested that most Republican voters plan to remain loyal to their party, with 80% of Trump’s 2024 supporters still intending to vote Republican in the upcoming congressional elections.
Were Tariffs A Good Idea?
While President Donald Trump argues that his tariff policy will benefit the United States in the long term, other analysts and American voters believe the policies have made American goods more expensive.
On October 6, researchers at the Federal Reserve Bank of New York published findings showing that Trump’s import tariffs added an estimated 2.9 percentage points to consumer goods inflation by February 2026. Researchers noted that prices for the examined goods would have declined slightly otherwise.
The effects were not limited to imported products; American manufacturers also faced higher production costs because they rely on imported materials and components.
Those additional expenses for American manufacturers have contributed to price increases for domestically produced goods — and while President Trump would argue that he is working to bring back American industry and the jobs that come with it, rising prices caused by tariffs at a time when fuel inflation is skyrocketing is a major problem for the Republicans.
About the Author: Jack Buckby
Jack Buckby is a British researcher and analyst specializing in defense and national security, based in New York. His work focuses on military capability, procurement, and strategic competition, and he produces and edits analysis for policy and defense audiences. He brings extensive editorial experience, with a career output spanning over 1,000 articles at National Security Journal, and has previously authored books and papers on extremism and deradicalization.
