Americans are more dissatisfied with Trump’s handling of the economy than ever, poll shows

A PBS/NPR/Marist poll (Dec. 8–11; 1,440 adults, ±3.2%) finds 57% of Americans disapprove of President Trump’s handling of the economy and just 36% approve—the lowest economic rating of his time in office—contributing to a 38% overall presidential approval; seven in 10 say the cost of living in their area is unaffordable and 45% cite rising prices as their top economic concern. More than half are worried about affording health care as enhanced ACA subsidies are set to expire, registered voters prefer Democrats over Republicans on the economy 40%–35% (independents give Democrats an 11-point edge), and overall consumer pessimism has increased. The results underscore mounting affordability pressures and eroding political capital for the GOP that could suppress consumer confidence and create headwinds for Republicans in the 2026 midterms, even as public concern about tariffs has eased somewhat.

Analysis

A Dec. 8–11 PBS News/NPR/Marist poll of 1,440 adults (±3.2%) finds 57% of Americans disapprove of President Trump’s handling of the economy and only 36% approve — the lowest economic approval recorded in this poll across his terms — contributing to a 38% overall presidential approval. Seven in 10 respondents say the cost of living in their area is unaffordable and 45% list rising prices of goods as their top economic concern; three in 10 say the cost of living is affordable, a 25-point decline since June.

Registered voters prefer Democrats over Republicans on the economy, 40% to 35%, with independents giving Democrats an 11-point edge (margin of error 6.2), and Republican approval sliding five points month-over-month; these shifts increase political risk for the GOP heading into the 2026 midterms. Public anxiety about tariffs has eased 14 points since June after the administration scaled back announcements, but affordability and record consumer credit concerns remain front-and-center.

For markets, heightened consumer pessimism and affordability pressures imply downside risk to discretionary consumption and retailers exposed to nonessential spending, while an imminent expiration of enhanced ACA subsidies — with average premiums likely to double and “millions” potentially dropping coverage — creates direct downside exposure and enrollment uncertainty for health insurers and providers. Investors should treat the poll as a sentiment indicator that can presage weaker consumer demand and election-driven policy volatility; the survey’s margins of error and its focus on perception (not hard macro data) warrant cautious, signal-driven positioning.

Key Decisions for Investors

• Reduce or trim exposure to consumer discretionary and premium retail names vulnerable to cutbacks in household nonessential spending, and consider modest reallocations to defensive consumer staples and dollar/value retailers given broad affordability pressure
• Monitor healthcare insurer and provider exposure to ACA enrollment and premium changes closely; consider hedges or selective underweights in carriers with outsized individual-market risk if subsidy expirations and enrollment declines materialize
• Position portfolios for heightened political/event risk ahead of the 2026 midterms by limiting concentrated cyclical bets, using options to hedge downside in economically sensitive sectors, and watching polling and policy signals for tariff or fiscal shifts
• Track high-frequency consumer indicators (retail sales, consumer sentiment, credit card delinquency and enrollment data) and be prepared to reduce cyclicals if sentiment and spending deteriorate further given the poll’s pronounced affordability findings