Americans Want Trump to Do More for the Economy, Two Polls Say

As President Donald Trump begins his second term, Americans are expressing their concerns about the economy and expecting him to take more action to address their financial worries. Two recent polls, conducted by Harvard CAPS-Harris and Reuters/Ipsos, have highlighted the public's desire for Trump to prioritize economic issues and take specific steps to improve the economy.

According to the Harvard CAPS-Harris poll, Americans overwhelmingly support several of Trump's economic initiatives. Eighty-one percent of respondents support deporting criminal illegal immigrants, 76% support finding and eliminating fraud and waste in government, and 76% support closing the border with additional security and policies. Additionally, 69% support keeping men out of women's sports, 68% support declaring there are only two genders, and 65% support ending race-based hiring in government. These priorities align with Trump's current agenda, which focuses on immigration, border security, and reducing government waste.

However, Americans are less enthusiastic about Trump's plans to extend and add to his 2017 tax cuts. Fifty-six percent of Americans disapproved of the tax cuts when they were first signed into law, while just 29 percent approved. Although the margin decreased somewhat over the subsequent year, it still remained in negative territory overall.



The Reuters/Ipsos poll released this week shows that Americans are worried about the direction of the economy. Forty-four percent of respondents think the employment and jobs situation is heading in the wrong direction, compared to 33 percent who think it's heading in the right direction. The same poll found that 53 percent think the economy is on the wrong track, and a whopping 64 percent think their cost of living is getting worse while just 20 percent think it's getting better.

At the macro level, new worries emerged about the general direction of the economy. The Atlanta Fed's real-time GDP forecast projected negative 1.5 percent growth for the first quarter, which is much worse than the previous prediction of 2.3 percent positive growth. A month ago, it was registering 3.9 percent growth.

Trump's tariffs have also prompted some economic concerns. Most of Trump's threatened tariffs have not been imposed so far, but more are scheduled to come into play in the coming weeks. Francis Yared and others from deutsche bank wrote in a Thursday investor note that "current policy uncertainty is impacting consumer and business confidence." The current policy sequencing may result in the market pricing a heightened risk of recession."

Consumer sentiment fell off a cliff in February, as measured by the University of Michigan, sliding nearly 10 percent from its January reading and nearly 16 percent from a year ago. Year-ahead inflation expectations in the survey increased to 4.3 percent this month from 3.3 percent in January, the highest reading since November 2023.

Trump has acknowledged the recent rise in inflation, which has put a pin in the Fed's schedule of stimulative interest rate cuts. Trump has also been quick to distance himself from it, stating, "Inflation is back. No, think of it: Inflation's back," on the Fox News channel television network earlier this month.

To address Americans' concerns about the economy, Trump should focus on implementing policies that target inflation without negatively impacting economic growth. He can work with the Federal Reserve to coordinate monetary policy and ensure that stimulative interest rate cuts are not put on hold due to inflation concerns. Additionally, Trump should prioritize policies that encourage job creation and economic growth, such as investing in infrastructure, promoting small business growth, and implementing tax incentives for businesses that create jobs in the United States. By taking these steps, Trump can help to address Americans' concerns about affordability, jobs, and inflation, and improve his economic approval ratings.

In conclusion, Americans are expressing their concerns about the economy and expecting Trump to take more action to address their financial worries. Two recent polls have highlighted the public's desire for Trump to prioritize economic issues and take specific steps to improve the economy. By focusing on addressing inflation, encouraging job creation, and implementing policies that lower the cost of living for Americans, Trump can help to improve his economic approval ratings and address the concerns of the American people.