President Trump was on the west coast Tuesday and Wednesday touting his economic message. But Americans seem to be losing confidence in his administration’s plan for the economy.
In California and Nevada, President Trump is highlighting how the GOP’s Working Families Tax cuts are helping Americans’ budgets. One stat highlighted by the White House notes the average tax return for filers in both states increased by about 15%. But while wealth booms for high earners, economists say the K-shaped economy is leaving lower income families behind.
"When you have a significant group of Americans who are spending freely and another significant group of Americans who are dialing things back, you add it all up and it comes out to basically flat spending, which is what we're seeing,” said Matt Schulz, the Chief Consumer Finance Analyst at the LendingTree.
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A recent AP/NORC poll found 69% of Americans think the US economy is ‘poor’, and almost the same amount of people, 66%, disapprove of President Trump’s job performance.
But it’s not just the man in the Oval Office Americans are losing confidence in. A recent Reuters/IPSOS poll shows Americans now trust Democrats’ approach to the economy more than Republicans.
One of the biggest strains on family budgets is still gas prices. The latest data from AAA says the average price for a gallon of regular gas is $4.08. That’s up nearly 30 cents from just a month ago.
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The Strait of Hormuz is still largely blocked which is keeping the global energy market on edge. Pres. Trump said Tuesday evening progress is being made with Iran, noting a deal impacting the Strait could be announced in the next day or two.
“They always say, we're not talking. But they called, they want to talk. We've been talking. They want to make a deal. They do not want to be hit,” the president said.
But energy experts stress the world needs to see ships consistently and safely navigating the Strait before the global energy market can really get back to normal.
