Americans Sour on Economy, Worrying GOP

Highest inflation in years fuels record-low consumer sentiment, posing political risk for Trump administration.

Apr. 10, 2026 at 9:10pm

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A minimalist abstract illustration using bold geometric shapes and primary colors to represent the economic uncertainty and low consumer sentiment in the United States.As consumer confidence in the economy plummets, the political fallout poses a major challenge for the Trump administration.Washington Today

Americans are expressing unprecedented pessimism about the U.S. economy, with soaring inflation exacerbating the political challenges for President Donald Trump and his Republican Party ahead of crucial midterm elections. The latest government data shows prices surging, driven by spiking energy costs from the ongoing war with Iran, and consumer sentiment plunging to record lows across demographic groups.

Why it matters

Inflation and the economy are perennial top concerns for U.S. voters, and the current downturn in sentiment poses serious political risks for Republicans as they fight to maintain their slim congressional majorities in the November midterms. The White House is increasingly worried that the administration has not done enough to address affordability issues for Americans.

The details

Inflation hit a four-year high in March, the first full month of the U.S. and Israel's war against Iran, which has choked off a fifth of global oil supply. Surging gasoline prices drove the record increase, pushing the University of Michigan's closely watched Consumer Sentiment Index to an all-time low. The biggest declines were among self-identified Republicans, whose sentiment score is now near its lowest since Trump returned to office in 2025 on promises to lower high prices.

  • Inflation data for March, the first full month of the war with Iran, showed prices surging.
  • The University of Michigan's Consumer Sentiment Index hit a record low in early April.

The players

Donald Trump

The President of the United States, who is facing growing political risks from the economic downturn.

Susie Wiles

The White House Chief of Staff, who has privately urged advisers to focus more on bringing down high prices.

Kush Desai

A White House spokesman, who defended the administration's efforts to mitigate the economic impact of the war with Iran.

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What they’re saying

“President Trump has always been clear about short-term disruptions as a result of Operation Epic Fury, disruptions that the administration has been diligently working to mitigate. Prices of eggs, beef, prescription drugs, dairy and other household essentials are falling or remain stable thanks to President Trump's policies.”

— Kush Desai, White House Spokesman

What’s next

The White House is expected to ramp up its messaging around the economy and inflation in the coming weeks as the midterm elections approach.

The takeaway

The record-low consumer sentiment across demographic groups, including a sharp decline among Republicans, underscores the significant political risks the GOP faces heading into the midterm elections if the administration cannot quickly address the affordability concerns weighing on American households.