President Trump is emphasizing affordability and the strength of the economy as an AP‑NORC poll finds only 31% of voters approve of his economic stewardship — a record low across his terms. The Federal Reserve projects faster growth, lower inflation and steady unemployment by 2026 and cut rates by 0.25 percentage points, its third reduction this year. Trump called the cut too small and highlighted proposed tax refunds the Treasury estimates could total $100–$150 billion, or about $1,000–$2,000 per household.
Trump Pushes Affordability Pledge as Polls Show Economic Strain; Fed Sees Brighter Outlook for 2026
Trump touts economy but polls show affordability struggles
President Donald Trump has continued to highlight the strength of the U.S. economy since returning to the White House, even as fresh polling suggests many Americans remain concerned about affordability under his administration.
An AP‑NORC survey released this week found that just 31 percent of voters approve of Trump’s handling of the economy — the lowest rating on this measure in either of his presidential terms.
Fed Projects Stronger Growth, But Cuts Rates Modestly
This week the Federal Reserve issued updated projections that point to faster growth, lower inflation and steady unemployment by 2026. One day after President Trump’s rally in Pennsylvania, the Fed cut interest rates by a quarter percentage point — its third cut this year — a move the White House said did not go far enough.
“I have no higher priority than making America affordable again,” Trump told supporters in Pennsylvania, where he also praised the stock market and dismissed media coverage of affordability concerns as a “hoax.” He added that recent price increases were caused by Democrats and that his policies are bringing prices down.
Trump criticized the Fed’s rate decision as too small, saying the cut “could have been doubled,” while Federal Reserve officials signaled they may slow the pace of further cuts. Policymakers said their projections reflect an expectation that the U.S. will move past recent volatility tied to tariffs and immigration into a period of stronger productivity, sustained consumer spending and easing inflation as tariff effects fade.
Benchmarks and Political Implications
The Fed’s updated baseline will also shape expectations for whoever President Trump nominates to replace Fed Chair Jerome Powell when Powell’s term ends in May. Market observers say the projections create a more optimistic backdrop for the economy heading into 2026.
Tax Refunds Promised by Treasury Official
On tax policy, Treasury Secretary Scott Bessent was quoted in The New York Post saying the administration expects Americans to receive “very large refunds” next year as a result of tax reductions included in what the Post called Trump’s "Big Beautiful Bill." Bessent estimated total refunds of $100 billion to $150 billion, which he said could translate to roughly $1,000 to $2,000 per household.
Reporting contributions to this story came from Reuters and NewsNation reporters Tom Dempsey, Kellie Meyer and Patrick Djordjevic.
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