Even Republicans are souring on Trump's economy

President Trump promised an economic golden age when he returned to office last year.

• Instead, voters are in their crankiest mood in years about their financial outlook — and the pessimism is spreading even to Republicans.

Why it matters: The growing GOP gloom could hardly come at a worse time for Trump and the party — less than six months out from a midterm election that's likely to turn on the economy.

The big picture: Trump's approval rating has been dropping for months, but the University of Michigan's May consumer sentiment survey released Friday revealed something more striking: Republicans are beginning to lose confidence in the economy, too.

• Republican and independent voters' attitudes about the economy hit a low point of Trump's second term, per the survey. Overall sentiment hit an all-time low, period.
• Expectations that inflation will remain high shot up among everyone surveyed — but especially Republicans. The long-run inflation expectations for Republicans "are currently more than double their February 2025 reading on a monthly basis," the Michigan survey found.

By the numbers: An AP/NORC poll out this week found that around 6 in 10 Republicans approve of Trump's handling of the economy. That's down from about 8 in 10 in February.

• Gallup's gauge of consumer economic confidence released Friday found that Republicans' economic outlook has dipped the past four months to the lowest level of Trump's second term.
• A CBS News/YouGov poll this month told much the same story: Just 36% of Republicans said Trump's policies were making them financially better off. 2% of Democrats and 14% of independents reported feeling that way.

What they're saying: General satisfaction is still reasonably high among Republicans, but the softening GOP view on the economy is "a crack we're seeing," said Megan Brenan, a senior editor with Gallup.

Between the lines: The reasons for the gloom aren't hard to spot.

• 📈 Inflation: 37% of Republican respondents disapprove of Trump's handling of rising prices, an 11-point jump since March, per CBS News/YouGov.
• ⛽️ Gas prices: Brenan pointed out there's been a noticeable increase in the percentage of Republicans citing higher gas prices as their top concern — 10% in May, up from 4% in April.
• 🇮🇷 The Iran war: Two-thirds of Republicans in the AP/NORC poll gave Trump a positive rating on his handling of the war — a solid figure, but short of full-fledged support from his party. Trump's overall approval rating among Republicans was 72%.

Reality check: Republicans are unlikely to suddenly start voting for Democrats because their gas prices are higher, and a string of bad polls doesn't necessarily mean they're going to lose Congress.

For the record: "While the President has been clear there would be short-term disruptions to ensure Iran can never possess a nuclear weapon, the Administration is focused on implementing the proven Trump agenda of tax cuts, deregulation, and energy abundance to keep America on a solid economic trajectory," White House spokesperson Kush Desai said in a statement.

The bottom line: Even small cracks in Republican confidence add to the litany of warning signs for the GOP this year.