Trump's Economic Approval Rating Hits Record Low, Below Biden's Worst

Donald Trump’s economic approval rating has fallen so far since the start of his second term that it has now dipped below former President Joe Biden’s low-water mark, a new poll has found.

Just 33 percent of Americans approve of Trump’s handling of the economy — a record low for his time in office — while 60 percent disapprove, an NPR/PBS News/Marist survey revealed Thursday. The disapproval figure includes 65 percent of independents and 22 percent of Republicans.

By contrast, Biden’s worst economic approval rating, in July 2022, was 36 percent. At the time, the Democratic president was struggling to bring down soaring inflation.

Trump’s waning support on the economy is likely linked to his unpopular war with Iran which has sent fuel prices soaring, caused inflation to tick up and triggered Republican fears of a midterms shellacking.

But Trump appeared unconcerned by the numbers Thursday when he posted on Truth Social after signing a peace deal with Iran late the night before.

“OIL IS FLOWING, IRAN CAN NEVER HAVE A NUCLEAR WEAPON (THE WORLD WILL BE SAFE!), THE STOCK MARKETS ARE ROARING, JOBS ARE AT RECORDS, AND PRICES ARE DROPPING (AFFORDABILITY!),” he wrote, in his signature all-caps style. “OUR COUNTRY IS STRONG, SAFE, AND RESPECTED LIKE NEVER BEFORE.”

In the Marist poll, other indicators suggested many Americans are currently feeling financially squeezed. Some 34 percent described gas prices as a “major strain,” while 22 percent said they’re “no strain at all.”

On Thursday, the average price for a gallon of gas in the U.S. stood at $3.99, according to AAA. This figure has trended downward in recent weeks, including after Trump signed the Iran peace deal, but it remains markedly higher than the $2.98 average from two days before war broke out in February.

At the same time, 45 percent of Americans said they don’t plan to take a summer vacation, with about half of that group citing costs as the main reason.

Earlier this month, government data indicated inflation had climbed past 4 percent for the first time in three years, driven by the Iran war’s impact on energy costs.

Yet, in recent months, Trump has repeatedly downplayed economic concerns, arguing that the war with Iran is a bigger priority.

“I don’t think about Americans’ financial situation,” he told reporters in May. “I don’t think about anybody. I think about one thing: You cannot let Iran have a nuclear weapon.”

Trump’s 14-point peace plan with Iran includes a commitment that Iran will not develop nuclear weapons but it does not set any specific restrictions, such as limits on uranium enrichment which were included in former President Barack Obama’s Iran nuclear deal. The issue is set to be discussed further over the next 60 days.

The deal also states that fighting on all fronts will cease, the Strait of Hormuz will open and that the the U.S. will aid in Iran’s economic development, among other provisions.

After the details of the agreement emerged, it was slammed by a number of critics on both sides of the aisle.

“Iran gets sanctions relief, the release of frozen funds, the ability to export oil, and a $300 billion reconstruction fund,” Senator Adam Schiff, a California Democrat, wrote on X. “The U.S. gets a reiteration of the vague promise Iran won’t develop a nuke. Hard to imagine a more thorough capitulation.”

“Reagan is rolling over in his grave,” Senator Bill Cassidy, a Louisiana Republican, wrote on social media. “Iran’s nuclear ambitions were not curbed, and they have learned that threatening the Strait of Hormuz works and will undoubtedly leverage it in the future.”

Still, others have expressed relief that the war has finally ended.

“The terms seem no better than what Obama secured under the JCPOA nearly a decade ago,” Rep. Ro Khanna, a California Democrat, wrote on X. “But today, we can be relieved that gas and food costs will start coming down for Americans. And that no more American or civilian lives will be lost.”

At the same time, GOP lawmakers and strategists have warned that their party could face a reckoning in November’s midterms — in part due to the downstream economic effects of the war.