Voters now overwhelmingly say President Donald Trump is responsible for the current state of the economy, according to late June survey data.
Overall, 55 percent of respondents to a Wall Street Journal / YouGov survey said the president is responsible for the economy. That’s more than double those who pinned current conditions on former President Joe Biden.
That analysis held true among Trump voters, too, many of whom said the Biden economy, including its record inflation during the pandemic, was a key reason for turning out.
Among the MAGA faithful, 46 percent of respondents to the survey, conducted June 17 – 20, said it was Trump’s economy.
As for the underlying indicators about the Trump economy, recent data paints a mixed picture. The economy added about 147,000 jobs in June, beating forecasts and surpassing May’s 144,000-person increase. Unemployment also declined a tenth of a percent.
Consumer sentiment, meanwhile, rose compared with May readings, according to the University of Michigan consumer survey, despite a period of domestic unrest that included mass protests against immigration raids in Los Angeles and the fatal shooting of a Minnesota lawmaker.
But private sector hiring fell by half, and the overall labor market shrunk by 130,000 people.
Considerable uncertainty remains about the long-term fate of the Trump economy with the administration’s 90-day freeze on tariffs with international trading partners set to end on July 9.
The tariffs could cost midsize American firms at least $82 billion in value from projected price hikes, layoffs, hiring freezes, and reduced margins, according to a JPMorganChase Institute study.
Moreover, as the president himself has acknowledged, the scope of the administration’s deportation campaign could pose a major threat to industries heavily reliant on migrant labor such as agriculture and hospitality.
In immigrant communities across the country, residents have described decreased consumer traffic and employees skipping work.
The White House’s signature “Big, Beautiful Bill” spending package could also impact the country’s economy in longer-term ways.
The bill, which passed the House of Representatives on Thursday and is heading to the president’s desk, extends 2017 tax reductions and makes major cuts to Medicaid and nutrition assistance programs for low-income people.
The legislation will add $3.3 trillion to the deficit over the next decade, and 11.8 million more people will go without health coverage, according to the Congressional Budget Office.
