- A new Financial Times poll finds a majority of US voters say they are worse off financially under President Trump.
- Democrats now hold a lead over Republicans on economic trustworthiness just months before the 2026 midterm elections.
- The poll reflects growing voter anxiety over inflation, tariffs, and market volatility in the current economic climate.
- Republican strategists acknowledge the economic message is a challenge, while Democrats see an opening to reclaim the issue.
- The shift in sentiment could have significant implications for control of Congress in the upcoming midterms.
Voter Sentiment Turns Against the President on the Economy
According to a new Financial Times poll, a majority of American voters now say they are financially worse off under the current administration. This marks a significant reversal from earlier in President Trump’s term, when consumer confidence and economic optimism were comparatively higher. The survey, conducted ahead of the 2026 midterm elections, indicates that pocketbook issues are dominating the political landscape, with inflation and the cost of living cited as primary concerns by respondents across party lines.
The poll’s findings are a stark warning for Republicans, who have traditionally been seen as the party better equipped to manage the economy. The data shows that Democrats have now overtaken Republicans on the question of which party is more trusted to handle economic policy. This is a critical development, as economic sentiment is historically one of the strongest predictors of midterm election outcomes. The shift suggests that the administration’s focus on tariffs and trade policy has not resonated with voters who are feeling the pinch of higher prices at the grocery store and the gas pump.
Midterm Implications and the Battle for Congress
With control of both the House and Senate hanging in the balance, the poll’s timing could not be more consequential. Democratic strategists are seizing on the data, arguing that the “vibecession” of the last few years has finally crystallized into a concrete political liability for the GOP. They are planning to hammer Republican candidates on issues like prescription drug prices, corporate price gouging, and the impact of tariffs on consumer goods. The FT poll suggests these messages are breaking through, with independent voters showing the largest swing toward the Democratic position on economic stewardship.
Republican operatives, however, caution that the poll is a snapshot, not a forecast. They point to the resilience of the labor market and argue that the administration’s policies on energy independence and deregulation will eventually pay dividends. Yet, the internal anxiety is palpable, as the party’s leadership in Washington has struggled to articulate a unified economic message that counters the negative sentiment. The coming months will be a test of whether the White House can pivot its focus from trade wars to cost-of-living relief before voters head to the polls.
Market and Political Fallout
The political uncertainty is already being reflected in financial markets. Investors are closely watching the polls, recognizing that a Democratic sweep could lead to changes in fiscal policy, including potential rollbacks of the 2017 tax cuts and increased regulatory oversight. The FT poll adds another layer of complexity for market participants who are already navigating a volatile environment shaped by Federal Reserve policy and global trade tensions. The dollar has shown some weakness in recent sessions, and Treasury yields have fluctuated as traders price in the possibility of a divided government or a shift in the balance of power.
Analysts note that the stock market’s reaction to midterm elections is often nuanced. Historically, markets have tended to perform well regardless of which party controls Congress, but the current high-stakes environment, coupled with elevated valuations, leaves little room for error. The key takeaway from the FT poll is that the economic narrative has decisively turned negative for the incumbent party, and that is a risk factor that cannot be ignored. As the campaign season intensifies, every new data point on inflation and consumer confidence will be scrutinized not just for its economic significance, but for its potential to shift the political calculus in Washington.
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