Overall uncertainty seems to have more Americans questioning how President Donald Trump is handling the economy. In fact, a Reuters/Ipsos survey showed Trump’s approval rating on the economy fell to 36%, even with his overall approval at 42%. Further, as noted by The Hill, in surveys conducted in June and July, the economic approval rating fell to its lowest level of both terms at 35%.
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So what does this low economic approval rating mean for you and your wallet?
Impacts of Economic Uncertainty
Kevin Estes, CFP, founder of Scaled Finance, noted presidential job ratings and economic approval ratings are connected and said there are several negative things happening with the economy that may be bringing down Trump’s ratings.
Among them are an uncertain job market, inflation impacts and shifting tariffs — all of which can have significant impacts on consumers’ wallets.
Chad D. Cummings, an attorney and CPA with Cummings & Cummings Law, pointed to similar economic events when talking about approval ratings for the president. “The bottom line is that the consumer is squeezed from every direction,” Cummings said. “They are paying for tariffs, paralyzed by rates, exposed to selective prosecution and trapped in rising inflation.”
Cummings added that the president’s visit to the United Kingdom earned him some positive press abroad, but he still faces major challenges on the domestic front.
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Impacts of Consumer Cutbacks
Additionally, Tie Lasater, CEO of Lasater Capital, said the rate cut from the Federal Reserve was too little and too late. While that was the Fed’s decision rather than Trump’s, it still has an impact on the economy and consumers.
“The Fed is still fighting the last recession, oblivious to how the economy has shifted,” Lasater said. “Failure to act more decisively now is strangling growth, hurting Main Street and accelerating decline in sectors like housing. Consumers are cutting back on groceries, discretionary spending and big-ticket purchases.”
Editor’s note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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This article originally appeared on GOBankingRates.com: Trump’s Economic Approval Rating: Experts Weigh In on Where He Stands and What It Means for You
