More Americans say they are getting poorer than at any point over the past 25 years, in a warning sign for President Donald Trump and the Republicans ahead of the midterms.
Trump has promised to usher in a new “golden age” for the U.S. economy. But according to a new Gallup poll, conducted April 1–15 among 1,000 people, an ever-growing number of Americans say their personal finances are deteriorating.
In the survey, 55 percent of respondents said their financial situation is getting worse—up from 53 percent last year and 47 percent the year before.
The figure marks the highest level recorded since Gallup started the survey in 2001, surpassing even periods of economic strain during the pandemic and the global financial crisis.
It also represents the fifth straight year in which the number of Americans who say they’re getting poorer has risen.
The Daily Beast has contacted the White House for comment.
The findings underscore a growing political risk for Trump and Republicans ahead of the midterms, where affordability is expected to dominate the agenda—particularly as 31 percent of voters identify the cost of living as their top financial concern.
Trump has continued to argue that his economic agenda is boosting Americans’ finances, repeatedly pointing to claims of growth and increased investment.
Earlier this year, he predicted 2026 would be “even better” than his first year back in office, adding: “There are factories and plants and thousands of businesses being built all over the country. I just spoke to President Xi [Jinping] of China. Nobody has ever seen anything like what’s happening right now in America.”
However, rising oil and gas costs due to Trump’s deeply unpopular war in Iran have complicated that message.
Gas prices have climbed to an average of $4.11 per gallon, according to AAA, up from under $3 before the conflict with Iran began on Feb. 28.
Public concern is reflecting that shift. The latest Gallup data shows 13 percent of Americans now cite energy costs as their top financial issue—up 10 percentage points from last year and the highest level since 2008.
Other surveys suggest many households are cutting back, with a recent CNBC poll finding nearly 80 percent of Americans have taken steps to cope with higher fuel prices, including reducing spending and relying more on credit.
As a result, former White House Director of Legislative Affairs Marc Short told CNN in March that affordability will become a “growing challenge” for Republicans in midterm elections.
“The reality is that prices are going to continue to go up. This is going to continue to ripple through. And I agree with Ana [Navarro]. It’s to say this is a short-term pain really sets an expectation for a lot of Americans that if it’s not, it’s going to create a bigger and bigger problem come November,” he said.
“And so, I do think that affordability was one of the primary issues that he was elected on,” Short said of President Trump. “I think it’s going to be a growing, growing challenge for Republicans in the midterms this November.”
