US Trump Administration’s Economy Leaves Nearly Half of Americans Financially Worse Off

A Federal Reserve Bank of New York survey found that 48% of Americans say their finances are worse than a year ago, with optimism about future improvement at its lowest since October 2022. Respondents cite rising gas prices—now averaging about $4 per gallon—as a major strain, a consequence of the administration’s conflict with Iran that has closed the Strait of Hormuz, cutting a quarter of global oil flow. Higher fuel costs have pushed up grocery and goods prices, while wages have barely kept pace with inflation, leading to increased credit‑card delinquencies and a drop in confidence about job security.

Political fallout is evident: President Trump’s approval rating has fallen to 38%, and support among young conservative women—who helped win the 2024 election—has eroded. Influencers and lawmakers note that promises to lower gas prices and improve affordability have not materialised, fueling criticism of the administration’s economic and foreign‑policy decisions.