Donald Trump’s approval ratings have entered their roughest stretch of his second term, with three separate polls showing him hitting new lows after months of a seemingly bulletproof floor.

The pattern itself is not unusual. Presidents in their second term often experience a dip once the early burst of post-inaugural goodwill fades. But Trump’s decline is sharper than expected, sliding from the mid-forties into the high thirties. That puts him back in the territory he occupied for much of his first term, except this time he lacks the external crises that once helped explain his numbers. For better or for worse, he has defined the narrative of this second term so far, and voters are judging him on the results.

It’s no secret what the cause is for this drop: the economy. For months, Trump framed the United States as operating in a “golden age,” yet affordability remains a pain point. Tariffs have become an easy messaging target for Democrats, who argue that the disruptions fall hardest on consumers. Trump’s core Republican base hasn’t budged and Democrats remain consistently opposed, with the movement almost entirely coming from independents, many of whom appear to be remembering the volatility of Trump-era governance.

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Whether this downturn is temporary or the beginning of a deeper slide will become clearer after the holidays. For now, the numbers are unambiguously weak. If Trump wants to regain altitude, he will need more than assurances about economic strength. He will need voters outside his base to believe it. Just ask Biden.

Chapters

00:00 - Intro

02:32 - Trump Approval Ratings

06:05 - The State of the Economy with JD Durkin

42:33 - Wrap-up

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