Key Points – A new Harris Poll highlights significant economic anxiety among Americans early in President Trump’s second term, with six in ten reconsidering major life events such as marriage, having children, and buying homes. Tariffs top the list of financial concerns for 2025.
-This unease persists despite recent figures showing annual inflation at 2.3%, its lowest since 2021.
-President Trump’s approval ratings on handling the economy remain deeply negative across multiple polls, starkly contrasting with his overall job approval.
-While some recent trade developments signal potential stabilization, widespread uncertainty over future tariff impacts continues to fuel public economic apprehension.
Trump Has Economic Problems to Deal With
Throughout his second presidency, Donald Trump’s approval ratings have been lower on the issue of the economy than for his overall performance.
One new survey says things are even worse than that.
According to a new Harris Poll, released exclusively by The Guardian, Americans aren’t only feeling the bad economic effects so far in the Trump presidency. They are “reconsidering major life events including marriage, having children, and buying a home amid economic anxiety.”
When asked if the present economy has affected plans for one of their major life goals, six in ten Americans said yes.
Goals Thwarted
The Harris survey asked respondents about specific personal goals that “said the current economy has negatively affected their decision.”
When asked about “buying a house,” 75 percent of respondents say their decision was affected. To “moving to a higher cost-of-living area,” 70 percent said yes. To “making a large purchase,” 66 percent answered yes. To “upgrading your living situation” and “having a child,” 65 percent answered yes to each. To “switching jobs,’ 63 percent said yes, while to “doing an education program,” 61 percent answered yes. To “getting married,” 60 percent said yes.
“Much of the instability appears to come from the rising cost of living: 65% of Americans said they thought the cost of living had worsened since the start of the year, and half said it had made it more difficult to afford their living expenses,” the poll said.
The Harris survey also found that while only 33 percent of Republicans believe that the economy is getting worse, that number has reached 64 percent for independents.
The latest inflation numbers, released Tuesday, showed that inflation is down to 2.3 percent annually, which is the lowest since 2021. However, per CNBC, “the Trump tariffs remain a wild card in the inflation picture, depending on where negotiations go between now and the summer.” In addition, while egg prices have dropped 12.7 percent for the month, they’re still 49.3 percent more expensive than they were a year ago.
“Tariffs came out on top in a list of things that Americans believe will most likely hurt their household financially in 2025,” The Guardian’s description of the Harris survey said. “Nearly a third (29%) of respondents, including 39% of Democrats, 28% of independents and 21% of Republicans, said that tariffs will do the most harm. Over 20% said that government policies will be the most harmful, including 24% of independents.”
Following a Trend
While, per the RealClearPolling survey, Trump’s current overall average approval rating is 45.9 percent, compared to a disapproval rating of 50.2 percent, those numbers are much worse on the economy.
On the Economy tab, every single poll listed has Trump underwater on his handling of the economy, with many of them in double-digit negative territory. The average spread on that issue is -13.2, although many of the surveys date back to the tariff chaos of late April, and don’t take into account the relatively stable
The Economist/YouGov has Trump at -6, Emerson has him at -12, Yahoo News had him at -14, while CBS News had him at -16. CNN had him at -20, the lowest result listed. Even Fox News had him at -18, as part of a poll that led to both Trump and his deputy chief of staff, Stephen Miller, calling on Rupert Murdoch to fire Trump’s top pollster.
Signs of Stabilization?
Once again, the month of April saw absolute chaos, especially when it came to the issue of trade, as contradictory messages on tariffs led to massive stock market swings throughout the month.
With a pause in place, and announcements of a deal with the U.K. and a limited one with China, things appear to have stabilized. But some tariffs remain in place, and a great deal of uncertainty remains as to what’s to come.
About the Author:
Stephen Silver is an award-winning journalist, essayist and film critic, and contributor to the Philadelphia Inquirer, the Jewish Telegraphic Agency, Broad Street Review and Splice Today. The co-founder of the Philadelphia Film Critics Circle, Stephen lives in suburban Philadelphia with his wife and two sons. For over a decade, Stephen has authored thousands of articles that focus on politics, technology, and the economy. Follow him on X (formerly Twitter) at @StephenSilver, and subscribe to his Substack newsletter.
Trump Might Now Have a Bigger Problem
