President Donald Trump’s standing on the economy has taken a hit, according to a new Fox News poll that finds voters now rate him less favorably on the issue than President Joe Biden.
By Martha McHardy
According to the survey, conducted November 14-17 among 1,005 registered voters, 76 percent view the economy negatively under Trump, up from 67 percent in July.
At the end of Biden's presidency, Fox News polling showed that 70 percent viewed the economy negatively.
Why It Matters
The findings undercut one of Trump’s most reliable political arguments—that voters trust him more than Democrats to manage the economy. With economic dissatisfaction rising since his return to office in January, the poll suggests Trump may be losing ground on the issue that has historically buoyed his support. The shift could reshape both parties’ messaging as economic concerns continue to dominate voters’ priorities.
What To Know
Voters are reporting widespread financial strain as prices continue to rise for basic necessities, and many are now directing their frustration at Trump.
The Fox News poll found that voters think costs for groceries, housing, utilities, health care and other essentials have climbed compared to last year, with overwhelming majorities across political lines saying they are paying more. Grocery prices stand out most sharply as 85 percent say their bills increased, including 60 percent who say they rose “a lot.”
The rising costs are shaping bleak views of personal finances and the broader economy. Forty 40 percent of respondents describe their household finances as good or excellent, while 60 percent say they are in fair or poor shape. Negative assessments are especially high among voters under 45, those without a college degree, lower-income households, and Hispanic and Black voters. On the national level, 76 percent judge economic conditions as poor or fair, and 18 percent believe inflation is mostly under control.
Trump has sought to blame inflation on Biden. During a White House event in March, he said the U.S. and its economy "went to hell" under his predecessor. The same month, during his address to Congress, Trump said that "we inherited from the last administration an economic catastrophe and an inflation nightmare."
The poll shows that voters are increasingly holding Trump responsible for the current economic climate. By nearly a 2-to-1 margin, they say he bears more responsibility than Biden (62 percent to 32 percent). The partisan breakdown is striking: While Democrats overwhelmingly (81 percent) fault Trump, 42 percent of Republicans also say he is to blame, even as a slight majority (53 percent) of GOP voters continue pointing to Biden. Independents (62 percent) also assign responsibility to Trump.
Amid the pessimism about the economy, the Fox News poll shows a sharp decline in perceptions of Trump’s economic leadership. Approval of his handling of the economy has dropped to a new low. During Trump’s first term, in 2018, only 21 percent said his policies had harmed them. Today, voters say by a 31-point margin that his agenda has left them worse off.
The shift comes as affordability concerns dominate the political landscape. New car prices have soared to above $50,000 on average, pushing a basic purchase into luxury-level territory for many middle-income families.
Behind the scenes, the New York Federal Reserve reported that the country’s debt burden has increased to $18.6 trillion, the highest level since the agency began tracking it two decades ago. Mortgages, auto loans, student debt and credit card balances have climbed to record levels, with revolving credit alone hitting $1.2 trillion after another sharp increase over the past year.
And according to the U.S. Department of Agriculture’s Economic Research Service, food-at-home prices rose by about 2.7 percent in the 12 months ending in September.
The administration, aware of the mounting frustration, has begun floating new policy ideas aimed at easing household pressures. Among them is Trump’s proposal to introduce 50-year mortgages as a way to lower monthly payments for homebuyers. But not all of Trump's party supports his plan.
"I don't like 50-year mortgages as the solution to the housing affordability crisis," Republican Representative Marjorie Taylor Greene of Georgia wrote on X. "It will ultimately reward banks, mortgage lenders and home builders while people pay far more in interest over time and die before they ever pay off their home."
A 50-year home loan would spread payments over a much longer timeline, reducing the monthly burden but drastically increasing the total amount paid over the life of the mortgage. Housing economists note that stretching repayment for an additional two decades would cause borrowers to pay roughly twice as much in interest compared with a standard 30-year loan.
“Generally speaking, the more you can avoid longer-than-usual loan terms, the better,” Matt Schulz, chief consumer finance analyst at LendingTree, told CNN.
