Only 1 in 3 of Americans say they are better off in Trump's economy

Only 35% of Americans say they are doing better financially since Donald Trump became president, according to a Financial Times poll released on Monday. On the other hand, 64% of Americans say they are either worse off or about the same over the past three years.

The poll follows a CNBC poll from Oct. 3 that showed only 23% of Americans think the economy will improve next year. CNBC noted this is the “lowest level of optimism in three years.”

While a September Washington Post poll showed Americans generally think the economy is good, the same poll showed 60% think a recession is “very” or “somewhat” likely in the next year.

All three polls noted concerns about Trump’s ongoing trade war with China, which has particularly devastated farmers in the Midwest.

“Things are going downhill and downhill quickly,” Brian Thalmann, president of the Minnesota Corn Growers Association, said in August. Between August and September 2019, farmers filed for bankruptcy at the highest levels since 2011.

But the agriculture industry is not the only sector of the economy hurting.

From January through September, four states —Michigan, North Carolina, Pennsylvania, and Wisconsin — saw a total of 27,000 manufacturing job losses. In fact, the manufacturing sector entered a recession earlier this year.

Meanwhile, the stock market is doing well and the 2017 Republican tax law disproportionately helped the wealthiest families in the country obtain a large tax cut. Many Wall Street corporations are using their tax breaks to engage in stock buybacks, which help drive stock prices higher and enrich CEOs and wealthy investors.

Under Trump’s leadership, “Americans are seeing increased health care costs, job losses, and [Trump] is only looking out for his wealthy and well-connected friends,” David Bergstein, the DNC’s battleground state communications director, said in August.

In the Financial Times poll, people with incomes over $100,000 per year were much more likely to say they are better off in the Trump era, while those making less than $50,000 were more likely to say they were much worse off.

Published with permission of The American Independent Foundation.