Voters Attribute Economic Conditions to President Trump, Amid Mixed Economic Indicators

A recent survey has shown that the majority of voters now attribute the current economic conditions to President Donald Trump, with 55 percent of those surveyed by the Wall Street Journal/YouGov reporting this belief. This figure is more than double the percentage who connect those conditions to former President Joe Biden. Even among Trump supporters, many cited the financial challenges of the Biden era, particularly high inflation during the pandemic, as influencing their voting decisions.

The survey indicated that 46 percent of Trump supporters believe the economy is still under Trump’s influence. Although recent job growth has been encouraging, with approximately 147,000 jobs added in June, there are conflicting signs in the economy, such as a significant drop in private sector hiring. Consumer sentiment has improved compared to previous months, despite ongoing national unrest.

Looking ahead, uncertainty looms over the future of the economy, particularly with the upcoming expiration of a 90-day freeze on tariffs with international partners on July 9. Research suggests that these tariffs could lead to substantial financial losses for mid-sized American companies, totaling at least $82 billion, due to increased prices and potential staff reductions. Additionally, President Trump's deportation efforts could heavily impact labor-dependent sectors such as agriculture and hospitality, leading to reduced consumer activity.

In the political arena, the recently passed "Big, Beautiful Bill" could have significant economic ramifications. This legislation, aimed at extending tax cuts from 2017 and making major reductions in Medicaid and assistance for low-income individuals, is projected to increase the deficit by $3.3 trillion over the next decade and add millions to the ranks of those without health insurance.