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A year into President Donald Trump’s second term, a growing share of the voters who helped return him to the White House now say his economic agenda is doing more harm than good. According to the latest Fox News national survey, frustrations over rising household expenses have penetrated deeply into the GOP base — a rare and politically costly rupture between the president and the working-class coalition that powered his comeback in 2024.

The poll shows a broad deterioration in consumer confidence, sharp declines in presidential approval, and a widespread perception — even among Republicans — that the administration’s fiscal and trade policies have pushed the cost of living higher, not lower. And in states already strained by volatile energy prices and housing shortages, governors in both parties increasingly describe the economic fallout as “destabilizing” and “unsustainable.”

The findings add to a challenging moment for the administration, which is contending with a post-shutdown credibility deficit, bruised congressional allies and deteriorating public patience with the political infighting that accompanied the government’s closure earlier this fall.

Rising Costs Erode Support Among Trump Loyalists

While Trump continues to enjoy strong Republican backing, signs of erosion are unmistakable. GOP approval of the president has fallen to 86%, down from 92% in March, and the decline is sharper among non-college white voters — the demographic most sensitive to price pressures.

Among voters who supported Trump in 2024, 42% now say he is responsible for the current state of the economy, compared with 53% who continue to blame Joe Biden. That 42% figure is notable: it represents more than a third of his base formally acknowledging dissatisfaction with Trump-era economic conditions, a rare admission in a highly polarized electorate.

Overall, 58% of voters disapprove of the president’s job performance, while 41% approve — approaching lows not seen since 2017. On the economy specifically, approval has slid to 38%, an all-time low for Mr. Trump across both terms.

What Has Gone Up Since Trump Took Office Again?

Inflation has eased compared with the post-pandemic spikes of the early 2020s, but the poll underscores a different reality: prices have not come down, and voters perceive a fresh uptick in several categories since January 2025.

Across all voters:

• 85% say grocery prices have risen in the past year
  • 60% say they rose “a lot”
• 78% report higher utility bills, including electricity and heating
  • driven partly by escalating energy demand in AI-heavy industrial corridors
• 67% say healthcare costs are up, continuing a decade-long trend
• 66% report increases in housing costs, fueled by supply shortages and rising mortgage rates
• 54% say gasoline prices have climbed

The perception spans all groups, including Republicans, independents and Democrats. Only on gasoline is there a significant partisan divide, with Democrats and independents more likely to perceive rising prices than Republicans.

Low-income households remain hardest hit:

79% of voters earning under $50,000 rate their personal finances negatively.

Young voters, Blacks, Hispanics and non-college workers — once key targets of Trumpian economic populism — express significantly more distress today than a year ago.

States Feel the Squeeze

Governors, state budget analysts and economic development officials across the country describe intensifying fiscal pressure — some attributing it directly to White House policies.

Among the 50 states:

• At least 34 governors have publicly or privately warned the administration that rising federal tariffs, continued supply chain bottlenecks and spiraling infrastructure costs are straining state budgets.

• Energy-dependent states, including Texas, Oklahoma and Louisiana, cite price volatility linked partly to the administration’s policy mix of export restrictions and refinery incentives.

• High-housing-cost states such as California, Nevada, Arizona and Florida say the affordability crisis has accelerated in 2025 due to extraordinary inward migration and insufficient homebuilding.

• Midwestern manufacturing states — including Ohio, Wisconsin and Michigan — report job market uncertainty as firms struggle to reconcile Trump-era tariffs with AI-driven automation investments.

A senior Republican governor described the situation as “economically punishing,” adding, “Our voters were promised relief. They’re getting the opposite.”

Even some reliably red states that supported Trump by double digits now say that elevated prices for fuel, building materials and basic goods have exhausted state reserve funds built up during the post-pandemic boom.

Shutdown Fallout Deepens Cynicism

The mid-autumn government shutdown shook voter confidence further:

• 62% disapproved of how the president handled the shutdown
• 63% disapproved of congressional Republicans
• 64% disapproved of Democrats

The stalemate — triggered by clashes over healthcare subsidies and spending priorities — left more than 45% of families reporting hardship, including 1 in 10 who experienced “severe hardship.”

Amid the turmoil, both political parties saw declines in favorability, and Senate Minority Leader Chuck Schumer posted his worst ratings ever, with only 22% viewing him favorably.

Who Has the Better Economic Plan?

Voters increasingly sort the two parties by issue:

Republicans lead on:

• Border security
• Illegal immigration
• Crime
• Reducing the federal deficit

Democrats lead on:

• Affordability
• Healthcare costs
• Wages
• Climate policy

On job creation, voters call it a draw — a remarkable shift considering that Trump once enjoyed near-universal dominance on employment and growth.

The Political Risk for Trump

The administration argues that inflation and supply chain disruptions were inherited from the Biden era, and that current stresses will ease as tariffs take effect and domestic investment intensifies.

But economists warn that voter perception often trails by a year or more — and perceptions today are overwhelmingly bleak.

The poll finds:

• 76% of voters say the national economy is in “only fair” or “poor” shape
• 71% of non-college voters say the same
• Fewer than 1 in 5 think inflation is “mostly under control”

The danger for the White House is not simply dissatisfaction — it is the erosion of trust among its most loyal supporters. These voters supported Trump in 2016, defected in 2020, returned in 2024 expecting change, and now report feeling economically squeezed once again.

“People are struggling to afford necessities and blaming those in charge,” Republican pollster Daron Shaw said. “What’s unusual is seeing Republicans lose political ground on a problem they used to dominate.”

Fiscal Policy Headwinds Loom Over 2026

With the first year of Trump’s second term nearing its close, the administration confronts a politically charged paradox: strong job numbers and corporate profits contrasted against household pain and voter resentment.

The challenge is compounded by:

• A widening federal deficit
• Continued trade tensions with Europe and Asia
• A stalled immigration overhaul
• Market unease over fluctuating tariffs
• Concerns that AI-driven productivity gains are not yet reaching workers

The political window to reverse voter sentiment is narrowing. If costs do not stabilize soon, the GOP risks bleeding support in swing states that delivered Trump his narrow 2024 victory.

For now, inflation may be slowing — but the public’s patience is not.

Disclaimer: The opinions and views expressed in this article/column are those of the author(s) and do not necessarily reflect the views or positions of South Asian Herald.