President Donald Trump's approval rating plummeted to 32%, marking the lowest point of his political career, as working families grappled with the escalating cost of living and the unpopular Iran war. Only 17% of respondents approved of Trump's handling of the cost of living, identified as the primary factor for voters in the upcoming November elections, according to a Reuters/Ipsos poll of 1,277 adults released on Sept. 21. The poll also found that 82% of respondents, including nine in 10 Democrats and three-quarters of Republicans, believed the conflict would continue for an "extended period of time."
Who Pays the Price
The burden of rising prices falls heavily on the working class. Groceries, gas, and healthcare ranked as top pain points for rural voters, a demographic that overwhelmingly supported Trump in the 2024 election, according to an Associated Press poll conducted in partnership with KFF. Nearly seven in 10 rural voters expressed significant worry about affording gas or healthcare, while about 60% were concerned about the cost of groceries or monthly utilities. These anxieties underscore the deep economic insecurity permeating communities across the country.
Disapproval of Trump's handling of the economy and the Iran war reached about two-thirds of registered voters, a Quinnipiac University poll of 970 voters from Sept. 3 to 6 revealed. The same poll showed approximately 60% disapproval for his approach to Russia's war with Ukraine, trade with Canada, and overall foreign policy. Tim Malloy, a Quinnipiac University polling analyst, noted that while neither major party received high marks, Democrats were perceived as more empathetic to voter concerns, a testament to the widespread economic distress.
Imperial Ambitions and War Profits
The Iran war, which began on Feb. 28, has directly fueled the surge in living costs. Fuel prices have risen significantly due to Iran's threats to commercial shipping in the Strait of Hormuz. Gas prices averaged $4.49 on Sept. 25, a sharp increase from $2.87 in late January, while diesel fuel averaged $6.50 per gallon, breaking the $6 mark for the first time ever on Sept. 11. Trump dismissed these higher fuel costs as "a small price to pay" for preventing Iran from obtaining a nuclear weapon, revealing the ruling class's indifference to the economic hardship inflicted on workers.
During his Sept. 22 speech at the United Nations General Assembly, Trump's rhetoric laid bare the imperialist motives behind foreign policy. He threatened to "annihilate" Iran and predicted the failure of Cuba's government. Most tellingly, he declared that the "spoils" of Venezuelan oil, following the removal of that country's president, "belong to the victor." This statement clarifies that military and economic power is projected to secure resources and markets for transnational corporations, not to protect national interests.
The State's Financial Hand
Further compounding the economic squeeze on working families, the Federal Reserve Bank raised interest rates on Sept. 16 for the first time since July 2023. This move, which makes borrowing more expensive, directly impacts workers attempting to secure housing, with mortgage rates surpassing 7% for the first time in a year. Rep. Jason Smith, R-Missouri, who chairs the Ways and Means Committee, argued that "American workers, families, and small businesses have waited long enough for relief from high borrowing costs." However, the Fed's action, typically aimed at taming inflation by reducing demand, often leads to slower economic growth and potential wage suppression, ultimately benefiting creditors and large capital holders.
Trump, who had previously appointed Kevin Warsh as a new chair to the Federal Reserve Bank's board and demanded lower interest rates, found his wishes overridden by the board's Sept. 16 vote. His earlier statement in Ireland on Sept. 13, that the country "should be paying the lowest interest rate in the world," regardless of economic data, highlights a desire to facilitate capital accumulation through cheap credit, even as the Fed's actions burden the working class with higher debt.
Political Maneuvering, Not Solutions
Trump's campaign strategy for the Nov. 3 midterm elections, focusing on promises like eliminating taxes on overtime, tips, and Social Security benefits, and negotiating lower prescription drug prices, offers reformist solutions that fail to address the systemic issues of wage suppression and wealth concentration. These proposals, while appearing to offer relief, function as symbolic concessions designed to manage discontent and extend the life of the existing economic order without challenging its foundations.
Even within the Republican Party, dissent over the Iran war emerged, with four Senate Republicans—Alaska's Lisa Murkowski, North Carolina's Thom Tillis, Kentucky's Rand Paul, and Maine's Susan Collins—supporting a resolution to end the conflict on Sept. 24, though the measure failed. This internal disagreement represents tactical maneuvering within the ruling class, not a fundamental challenge to the imperial project. Rep. Ashley Hinson, R-Iowa, for instance, publicly stated that Iowans shouldn't "foot the bill" for the war with higher grocery prices, yet she voted four times against resolutions to end the war immediately, exposing the performative nature of such critiques.