As the holidays approach, Thanksgiving becomes Trump's economic test

By Fox News · Fox News

Americans are heading into the holidays uneasy about the economy, even as inflation slowly cools. As the holidays approach, Thanksgiving has become a kind of national check-in on President Donald Trump 's economic stewardship and whether voters believe his affordability promises are finally paying off. That uncertainty is reflected in how consumers are approaching the holidays, cautious about big purchases but still willing to spend selectively when they find value. That mix of caution and compromise is something Joanne Hsu, director and chief economist of the University of Michigan’s Surveys of Consumers, has been tracking closely. NEARLY 1 IN 4 AMERICAN HOUSEHOLDS LIVING PAYCHECK TO PAYCHECK, REPORT REVEALS "Our interviews reveal that consumers believe that now is a very unfavorable time for major purchases for multiple reasons, including high prices and high borrowing costs," Hsu told Fox News Digital. "It is possible, however, that consumers may still be willing to spend on smaller-ticket items. That said, it is likely that consumers will be looking for value and the best way to stretch their dollars given that they generally do not feel confident about the economy at this time," Hsu added. That disconnect between improving data and persistent pessimism poses a political challenge for Trump, who rode promises of affordability back to the White House but is now confronting voter doubts about whether that promise is being met. According to a Fox News national survey , 76% of voters rate the economy negatively, compared with 67% in July and 70% at the close of former President Joe Biden’s tenure. Voters largely blame Trump for the downturn, with about twice as many holding him responsible for the current economy as Biden, and three times as many saying his policies have hurt them personally. At the same time, approval of Trump’s handling of the economy has dropped to a new low, while disapproval of his overall job performance has climbed to record highs, even amon…