President Donald Trump’s approval rating is declining across key demographics, with surveys placing his overall approval between 32% and 34%. This drop in support raises concerns about Republican control of the House and Senate, as voters increasingly cite worsening economic conditions and the financial toll of the US-Iran war.

Economic Sentiment Deteriorates

A nationwide poll by the Financial Times and FocalData revealed that most Americans believe their economic conditions have worsened under Trump’s administration. Among registered Democrats, 73% reported that their financial conditions had deteriorated, while 23% of Republicans said the same. Notably, 57% of Independent voters stated their situation had gotten worse.

The poll also found that more voters now view Democrats as better stewards of the economy than Republicans, marking a shift from historical trends where economic perception was a strong point for Trump.

Support Erosion Within Base

Trump’s net approval rating among Republicans dropped eight percentage points compared to the previous month, with 64% of registered voters disapproving of his handling of the country. Support is also waning among self-identified MAGA voters regarding the Iran conflict.

According to Politico, only one-third of MAGA voters said the Iran war was worth it in July, down from approximately 50% in May. A senior White House official stated that the administration is at a "maximum level of frustration" and that the president recognizes the political impossibility of achieving his desired victory.

Policy Criticisms

Voters are questioning several key policies:

• US-Iran War: The conflict has cost billions of dollars and resulted in 18 American deaths. It has also pushed gasoline prices and inflation higher. Trump stated on Friday that he was not bothered by higher gas prices, arguing the sacrifice was worth it.
• Immigration: While border crossings have dropped, criticism has mounted over ICE actions, specifically raids and the increasing deportation of non-criminals.
• Vanity Projects: Voters have criticized spending on projects such as the Kennedy Center, Reflection Pool, and White House Ballroom. Documents showed White House renovations will cost taxpayers $900 million, with the Reflection Pool costing over $16 million despite works being undone within weeks.

What the Numbers Show

The divergence between the high percentage of Democrats (73%) and Republicans (23%) reporting worsened financial conditions highlights a deep partisan split in economic perception. However, the fact that a majority of Independents (57%) also report deterioration suggests that economic dissatisfaction is not limited to opposition voters but is affecting the swing demographic crucial for congressional control.

Prescription drug prices in the United States fell 3.1% year-over-year in July, registering the sharpest annual decline in more than six decades according to Bureau of Labor Statistics data. The significant drop has sparked a political dispute over its primary driver, with the White House claiming credit for President Donald Trump while health economists point to legislation enacted under former President Joe Biden.

Policy Attribution Debate

Independent experts cited by The Washington Post indicated that the price reduction is more likely tied to Medicare drug-price negotiations mandated by the Inflation Reduction Act of 2022 rather than any policy from the Trump administration. Richard Frank, a professor emeritus of health economics at Harvard University, stated that if he had to bet on the cause, "it would be probably stuff around the Inflation Reduction Act." Frank noted that the law lowers prescription drug costs for people with Medicare and added that Trump's efforts "wouldn't be where I'd place my money."

Stacie Dusetzina of Vanderbilt University agreed with this assessment. She noted that the 10 drugs already negotiated under the law are widely used and "would likely be reflected in the prescription drug index," suggesting a direct correlation between the legislative mechanism and the CPI data.

White House Response

Despite expert consensus, the White House actively promoted the headline as evidence of Trump's success. On Friday, President Trump held up the Washington Post headline for cameras, declaring, "I told you that was going to happen."

The administration’s official social media accounts amplified the narrative. The White House posted a caption reading, "POV: you bring the receipts," alongside an image of the article. Press Secretary Karoline Leavitt also shared the image. Earlier on Thursday, White House Communications Director Steven Cheung posted a screenshot of the headline on X, writing, "All thanks to President Trump!" Cheung specifically cited "Most-Favored-Nation prescription drug pricing and TrumpRX" as making a huge difference for the American people, though he did not link to the original article in his post.