New Gallup research shows only 16 percent of Americans rate the economy as “excellent” or “good,” a concerning sign for President Trump and Republicans heading into a midterm season focused on affordability.
Roughly half of those surveyed in early May described economic conditions as poor, citing ongoing inflation and rising gas prices influenced by the Iran conflict (Gallup, 2026).
Economic Confidence Index Shows Decline
Gallup’s Economic Confidence Index dropped to -45, marking its lowest level since October 2022, during the Biden administration’s inflation challenges. Among U.S. adults, 76 percent reported that economic conditions are worsening.
Despite widespread economic dissatisfaction, Republicans remain supportive of President Trump, scoring him at +22 on the confidence index — though this is the lowest since his second term began.
Party Divisions on Economic Approval
Recent polling highlights splits within the Republican Party regarding Trump’s economic record:
- A May Associated Press-NORC Center poll found 63 percent of Republicans approve of Trump’s economic performance, down from roughly 80 percent in February.
- Fox News polling indicates a divide between MAGA loyalists and other Republicans: 74 percent of MAGA supporters approve, while only 36 percent of non-MAGA GOP respondents approve.
Consumer Confidence and Inflation Trends
American consumer confidence reached an all-time low in May, according to the University of Michigan’s Surveys of Consumers. Wholesale inflation climbed in April to its highest level since 2022, reflecting pandemic-era price pressures (University of Michigan, 2026).
Gas prices have also surged following U.S. military action against Iran. The national average hit $4.55 per gallon, approaching the Biden-era record of $5.02 per gallon. White House officials reportedly expressed concern that ongoing conflict could further spike prices (AAA, 2026; Politico, 2026).
Presidential Response
President Trump has publicly downplayed domestic economic concerns, emphasizing national security:
“I don’t think about American financial situation — I don’t think about anybody. I think about one thing: We cannot let Iran have a nuclear weapon.”
White House spokesperson Taylor Rogers disputed reports of internal panic, calling them “false” and accusing the outlet of relying on anonymous sources to push “fake news.”
Summary Table of Key Data
| Metric | Finding |
|---|---|
| Percent of Americans rating economy excellent/good | 16% |
| Percent rating economy as poor | 50% |
| Economic Confidence Index | -45 |
| Republican confidence in Trump economy | +22 |
| GOP split | MAGA 74%, Non-MAGA 36% |
| Consumer confidence | All-time low in May 2026 |
| Average gas price | $4.55 per gallon |
| Inflation trend | Highest wholesale inflation since 2022 |
U.S. economic confidence is at a low point amid the Iran conflict, rising inflation, and surging gas prices. While Trump retains support among core MAGA voters, broader public sentiment and non-MAGA Republican approval reflect growing concerns about affordability. This economic environment may shape voter behavior in the upcoming midterms.
