More than four in 10 Americans (42%) see a total economic collapse coming for the U.S. in the next decade, according to poll results released by YouGov this week.
Democrats were more likely to have this doomy outlook for the U.S. economy, at 53% compared to just 28% of Republicans. Overall, 43% of the poll respondents said they believe the U.S. economy is currently in a recession. This survey was conducted from February 24 through March 1 among 1,111 U.S. adult citizens, YouGov said.
While President Donald Trump ran on promises to lower inflation and improve the economy during the 2024 election cycle, those goals have proved tricky so far. Per the latest Bureau of Labor Statistics report on the Consumer Price Index, inflation increased in both January and February of this year. It also said that the all items index increased 2.4% before seasonal adjustment over the 12-month period ending in February.
Trump’s tariff plan did bring in revenue for the government, but research indicates that American consumers actually paid for much of the costs rather than foreign countries. Additionally, the U.S. Supreme Court struck down some of the president’s tariffs.
One bright spot economic spot for consumers at the start of the year was falling gas prices. However, those prices shot up after Trump announced that the U.S. had joined Israel to conduct airstrikes on Iran. As of Saturday, AAA showed that the national average price for a gallon of gas was up to $3.925. That’s up from under $3 a month ago and $3.19 a year ago.
In a Friday Truth Social post, Trump said that his administration is “getting very close to meeting our objectives as we consider winding down our great Military efforts in the Middle East,” after three weeks of war, but is still unclear how long the conflict might last. Axios reported Saturday that the Trump administration “has begun initial discussions on the next phase and what peace talks with Iran might look like,” citing a “U.S. official and a source with knowledge.”
It is clear that economic stress, including persistent inflation following the COVID-19 pandemic that kicked off the decade, the development of artificial intelligence disrupting the job market, war in the Middle East (both the war in Iran and the war in Gaza) and the ongoing Russian invasion of Ukraine is weighing on many Americans. YouGov’s poll results showed that just 32% of Americans have a lot of trust in Trump’s ability to handle the economy.
Results of a Reuters/Ipsos poll that closed this Thursday also found that 65% of Americans believe U.S. President Donald Trump will order troops into a large-scale ground war in Iran while only 7% support that idea. Experts cited by Audacy noted this week that continued fighting in Iran could make food prices go up along with oil prices, potentially making inflation even worse.
“Tit-for-tat strikes on energy plants across the Middle East have sent energy prices sharply higher, weighing on stock markets and raising concerns of a resurgence in inflation that has haunted the U.S. economy since the COVID pandemic,” Reuters reported.
