Trump’s economic approval craters — and even Fox News allies are getting impatient. But this key figure could save him

Laura Grande

Sun, August 16, 2026 at 3:15 PM GMT+3 10 min read

Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below.

Even some of President Donald Trump's strongest supporters are getting impatient with the economy.

On Fox News in June, Fox & Friends host Ainsley Earhardt, a longtime Trump ally, acknowledged that Trump supporters "want our economy to get back on track and our gas prices to drop (1)."

Must Read

Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — 6 ways to build wealth like a landlord without actually being one
JPMorgan still sees gold hitting $5,000/oz by Q4 — and savvy investors are protecting their wealth with a tax-advantaged Gold IRA. Learn more with a free guide from Priority Gold
The tax breaks in Trump's 'big beautiful bill' expire after 2028 — and experts say most people won't act in time. What to do before the window closes

That's a notable warning for a White House that has made the economy a central part of its pitch to voters. And the latest polling suggests the frustration hasn't gone away.

Trump's approval on the economy has fallen to 32%, down from 40% at the start of his second term, according to a new AP-NORC poll (2).

A Fox News poll from July was nearly as grim: Just 33% approved of Trump's handling of the economy, while 67% disapproved. His overall approval stood at 39%, remaining unchanged for the third consecutive months (3).

In other words, disapproval over Trump's economic decisions is starting to look less like a temporary dip and more like a stubborn problem for the White House.

For many households, the squeeze is showing up where it matters most: household budgets. That means having to make small, daily decisions to save money — skipping takeout, delaying big purchases or cutting back on essentials that once felt routine.

In fact, Fox News found 75% of voters say inflation has caused financial hardship, including 34% who call it serious (4).

Inflation may be cooling, but prices are still elevated. Consumer prices rose 3.4% in July from a year earlier, according to the U.S. Bureau of Labor Statistics (5).

Gas prices aren't helping, either. The national average for regular gas hit about $4 a gallon in late July, adding another headache for already-strained households (6).

That disconnect between the White House's economic message and what Americans are actually paying is becoming harder to ignore.

The number that could save Republicans

There's one number that could give Republicans some breathing room: 71% of GOP voters told Fox News they expect the economy to improve over the next year (3).

That's a stark contrast to Democrats and independents, 75% and 64% of whom, respectively, expect the economy to get worse.

That partisan divide could matter heading into the midterm elections. Trump may be struggling with swing voters, but his Republican base still believes better economic days are ahead.

The problem? Voters care less about whether inflation is technically cooling than whether their grocery bills, gas and housing costs actually feel manageable.

This is a problem for Republicans heading into the midterms. The same Fox News poll from July gave Democrats a 9-point edge over Republicans on which party would better handle the economy, while Democrats also held the advantage on inflation and income inequality.

There is some good news. Although consumer prices were elevated in July (3.4%), they were slightly down from June (3.5%). But slower inflation doesn't mean prices suddenly go back to where they were: It means they are just going up by slightly less.

That's the political catch. If prices stabilize and paychecks stretch a little further, Republicans could have a better story to tell. If everyday costs keep biting, voters may not care much about what the economic data says.

The deeper cracks

The White House continues to tout an economic turnaround, but recent polling shows voters aren't convinced.

Overall, the Fox News poll found three-quarters of voters rated the economy negatively in July, a figure that has barely budged in the past six months (3).

The problem extends beyond Trump himself. Reuters reported this month that for the first time in roughly a decade, more Americans say Democrats are better equipped than Republicans to handle the economy. Democrats held a 37% to 36% edge among registered voters in the latest Reuters/Ipsos poll (7).

That could spell trouble in the midterms. Fox News found 53% of voters would back a Democrat for Congress today, compared with 46% for a Republican (3). In the closely contested counties that helped decide the 2024 election, the gap was even wider: 59% to 41%.

For voters, it comes down to a simple question: Does the economy actually feel better? Right now, the polling suggests many Americans aren't feeling it.

And that's where the White House faces its biggest challenge. It can point to cooling inflation and other economic gains, but voters are judging the economy by what they pay at the grocery store, the gas pump and each month's rent.

The White House has a narrow window to turn that optimism into something voters can feel before the November midterms. The fact that 71% of Republicans expect the economy to improve is a bright spot for Trump and could help keep his base onside.

But Republicans can't count on their base alone. If the broader electorate keeps feeling squeezed by everyday costs, that optimism may not be enough to save them at the ballot box.

For Republicans, the challenge is no longer simply proving that the economy is improving on paper. It's making sure voters believe that improvement is reaching their wallets — before they head to the polls.

Recession risks are high — prepare now

The economic warning signs don't stop with voters. Economists have also raised concerns that higher oil prices and persistent inflation could push the U.S. closer to a recession.

Moody's Analytics put the odds of a recession over the next 12 months at 48.6%, while Goldman Sachs estimated 30% and EY-Parthenon 40% in March (8).

If energy prices stay elevated, inflation could prove harder to tame — putting the Federal Reserve in a tough spot and making it harder for households to get the relief they're looking for.

However, even as Wall Street has largely brushed off the conflict so far, some analysts aren't convinced the risks are over.

"We think oil should be higher and the equity market should be a lot, lot weaker," said Amrita Sen, founder and director of market intelligence at Energy Aspects. She warned investors could be "sleepwalking into potentially a pretty big recession (9)."

It's a good reminder not to put all your financial eggs in one basket. A diversified portfolio that includes assets with different risk profiles may help reduce the impact of a downturn.

A precious metal safe haven

When recession fears start building, gold tends to shine. The precious metal has long been considered a go-to safe haven because its value isn't directly tied to the stock market or the strength of any one economy.

If you're worried about losing money during a downturn, gold can cushion your landing. It tends to preserve its value better than fiat currency — such as the U.S. dollar — and can work as a hedge when used as one part of a well-diversified portfolio.

One way to invest in gold and other precious metals that can also provide significant tax advantages is to open a gold IRA with Goldco.

With a minimum purchase of $10,000, Goldco offers free shipping and access to a library of retirement resources. Plus, the company will match up to 10% of qualified purchases in free silver.

If you're not sure how the precious yellow metal could fit into your portfolio, you can download your free gold and silver information guide today to learn more.

Add real estate to the mix

Another way investors try to shield their portfolios from economic turbulence is through real estate. Property prices generally don't fluctuate as sharply as stocks, which can help smooth out volatility during rocky market periods.

At the same time, rental properties can provide a stream of passive income even when broader markets are under pressure — making real estate appealing for investors looking for both stability and cash flow.

Of course, not everyone wants the responsibility that comes with owning and managing rental properties directly.

For those who want exposure to real estate without the hassles of becoming a landlord, there are alternative ways to tap into the market.

With a minimum investment of $25,000, accredited investors can access institutional-grade multifamily real estate investments in high-growth markets through Bonaventure.

Bonaventure manages the properties itself — removing many of the headaches traditionally associated with real estate investing. It even offers educational resources to help investors evaluate opportunities and better understand the multifamily market before diving in.

The company focuses on income-producing apartment communities, which can offer investors a stream of passive income while potentially benefiting from long-term appreciation. Bonaventure also offers tax-advantaged investment structures like 1031 exchanges and UPREITs.

Diversifying your real estate portfolio

Those looking to further diversify their portfolios might consider private real estate platforms focused on income-producing properties in different verticals. After all, residential real estate — multifamily or not — is only one possible investment.

Accredited investors can now tap into this opportunity through platforms such as Lightstone DIRECT, which gives accredited investors access to single-asset multifamily and industrial deals.

Lightstone DIRECT's direct-to-investor model ensures a high degree of alignment between individual investors and a vertically-integrated, institutional owner-operator — a sophisticated and streamlined option for individual investors looking to diversify into private-market real estate.

With Lightstone DIRECT, accredited individuals can access the same multifamily and industrial assets Lightstone pursues with its own capital, with minimum investments starting at $100,000.

When your portfolio gets more complicated

As your portfolio grows, financial decisions can become increasingly nuanced. Managing withdrawals, minimizing tax exposure and ensuring long-term sustainability often requires greater coordination and strategic planning.

In these cases, working with a financial advisor can help reduce costly mistakes.

If you have a portfolio of $250,000 or more, platforms like WiserAdvisor can connect you with vetted professionals who specialize in this kind of planning.

Simply answer a few questions about your savings, retirement timeline and overall investment portfolio.

From there, WiserAdvisor reviews its network to match you — for free — with up to three vetted, reputable advisors aligned with your specific needs.

You can then schedule no-obligation consultations with your matches to determine who is the best fit for your long-term goals.

WiserAdvisor is a matching service and does not provide financial advice directly. All matched advisors are third parties, and specific financial results are not guaranteed.