This is not good for MAGA.
President Donald Trump is facing a growing test of confidence as voters express new fears about the U.S. economy — and the latest CNBC poll reveals just how serious those concerns have become.
According to the October survey, 42% of Americans approve of Trump’s handling of the economy, while 55% disapprove — his lowest economic rating across both of his terms in office. That –13 net score signals what some call a “crisis of confidence” among voters worried about inflation, prices, and job security.
Inflation and Costs Hit Hard
Many Americans say rising prices are draining their savings and stretching paychecks thin. Only 34% approve of Trump’s handling of inflation and cost of living, while 62% disapprove, the worst numbers since early 2025.
Inflation rose to 2.9% in August, the highest in months, while unemployment climbed to 4.3%, the highest level in four years. For families on fixed incomes and retirees watching grocery and gas prices soar again, it’s hitting home.
Republican pollster Micah Roberts told CNBC the problem is personal, not political:
“The cost of living in Americans’ own lives is what’s weighing them down — not the politics in Washington.”
Government Shutdown Adds Fuel to the Fire
The federal government shutdown has now stretched into its third week, deepening voter frustration. It began after Congress failed to pass a funding bill due to Democrat demands to extend Obamacare subsidies.
Republicans argue those subsidies should be debated separately from federal spending, while Democrats insist on tying them together — leaving thousands of federal workers unpaid and key services frozen.
Treasury Secretary Scott Bessent warned, “This is starting to affect the real economy and people’s lives.”
Analysts estimate the shutdown could cost the U.S. $15 billion per week and slow growth by up to 0.2% each week it continues.
Media Blames Trump — But Voters Aren’t So Sure
Despite media narratives, Trump’s numbers tell a more complicated story. CNBC found 53% of Americans blame Republicans for the shutdown, but other polls show Trump’s overall approval holding steady.
A Newsweek tracker even shows Trump’s net approval improving from –11 to –8 points since the shutdown began, and a YouGov/Economist poll found a small bump as well.
That suggests Trump’s base remains loyal, viewing the crisis as another example of Washington insiders and liberal media trying to derail his agenda.
Economic Anxiety and Political Spin
Political analyst Peter Loge told Newsweek that many Americans feel “the economy is rigged,” and that hard work doesn’t pay off like it used to. But among conservative voters, the frustration often runs deeper — at the politicians and bureaucrats who’ve spent decades ignoring working Americans.
For Trump supporters, tariffs, border control, and manufacturing incentives are still seen as the right path to rebuild the middle class — even if short-term polling dips show temporary uncertainty.
The Bottom Line
While the mainstream press paints a picture of economic gloom, the fundamentals of Trump’s America First economy remain strong. His push to protect American workers, reindustrialize the heartland, and rein in reckless spending continues to resonate across red states.
But as the shutdown drags on, the White House faces pressure to stabilize confidence before the 2026 midterms. If Trump can turn the economic tide — and expose how Democrat obstruction is hurting everyday families — he could turn this “warning sign” into a political comeback story.