midterm elections financial crisis gas prices Gallup poll inflation 2025 economic anxiety Trump economy

More than half of Americans now say their financial situation is worsening, according to new data from Gallup—a level not seen in a quarter-century. The findings, released Tuesday, highlight growing economic anxiety as inflation and energy costs remain elevated.

Key findings:

  • 55% of respondents in a Gallup poll (conducted April 1–15) reported worsening finances, up from 53% last year and 47% in 2024.
  • This marks the fifth consecutive year that more Americans say their finances are deteriorating rather than improving.
  • The current sentiment surpasses even recession-era peaks, including the pandemic and post-2008 financial crisis.

Inflation and energy costs are central concerns. 31% of Americans cite the cost of living as their top financial issue, while 13%—a 10-point jump from last year—point to energy costs, the highest since 2008.

Gas prices have surged to an average of $4.11 per gallon, according to AAA, up from under $3 before Russia’s invasion of Ukraine on February 28. Many Americans directly link the price hike to President Trump’s policies.

Why it matters: The financial strain comes as Trump and Republicans face midterm election challenges, with economic perceptions playing a critical role in voter sentiment.

Context: While inflation has eased from its 2022 peak, it remains higher than during Trump’s previous term. The combination of persistent price pressures and geopolitical instability continues to squeeze household budgets.

Source: Axios
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