The new year is beginning with a clear warning sign for President Donald Trump: voters are increasingly uneasy about the economy and where it’s headed under his leadership.
A new survey from the Peter G. Peterson Foundation, a nonpartisan think tank focused on the nation’s economic health, finds that “fiscal confidence” has slipped compared with a year ago. Its monthly Index stands at 51—well below the neutral baseline of 100 and down from 57 in January 2025.
Why It Matters
A series of polls has pointed to softening confidence in Trump’s handling of the U.S. economy, even as the president has expressed certainty about his approach. Many households continue to feel pressure from higher prices, while the labor market shows signs of strain, including slower hiring and rising job losses.
Because the economy—and bread-and-butter issues like inflation and employment—remain top concerns for many voters, some experts and Republican figures have cautioned that growing pessimism could weigh on the party’s prospects in this year’s midterm elections.
What To Know
The foundation surveyed 1,004 registered voters from December 15 to 17. The results show not only declining confidence about the country’s broader fiscal position, but also heightened anxiety over the national debt.
More than three-quarters of respondents (77 percent) said their concerns about the nation’s roughly $38 trillion debt have increased in recent years. A majority (55 percent) said the U.S. is moving in the wrong direction on addressing the problem. At the same time, 79 percent said tackling the national debt should be among the top three priorities for the president and Congress, and 82 percent said more time should be devoted to those efforts.
Even so, the January index score of 51 is higher than the start of the previous two years—41 in 2024 and 40 in 2023—though the issue appears to have become more prominent in 2025.
The Peter G. Peterson Foundation also notes that Trump’s One Big Beautiful Bill Act has been widely viewed as tax legislation that would increase deficits, and there are few signs that the nation’s fiscal trajectory is poised for a major shift in the near term.
What People Are Saying
Michael A. Peterson, the foundation’s CEO, wrote in the report: “As the new year begins, voters are understandably concerned about America’s fiscal direction. The rapidly rising debt puts upward pressure on inflation and interest rates, driving up the cost of living and harming economic growth. Looking ahead to this election year, it will be critically important for candidates to engage voters on solutions that will help stabilize the debt and build a stronger, more prosperous 2026 and beyond.”
What Happens Next
Reflecting what many see as longstanding political hesitation to confront the debt, 58 percent of those surveyed said they expect the country’s fiscal health to worsen over the next few years, while 38 percent said they expect it to improve.
