President Donald Trump has been back in the White House for over a year for his second term. A new poll finds his approval rating rose this month, while his disapproval rating hit a new record for this term.
Here’s how the economy and affordability could be weighing on voters when asked how they rate the president.
Trump’s Approval Rating
Voters give Trump an approval rating of 43% in a new January poll, up from 41% in December. The disapproval rating rose to 51% in the latest Emerson College poll, from 50% in December, marking a new peak for the president’s second term.
The poll asked voters about issues ranging from ICE to tensions in Venezuela and Greenland. Although respondents opposed using military force abroad and expressed negative views of ICE, another major factor may be dragging down Trump’s approval rating.
As many as 56% of the respondents said America is on the wrong track, up from 48% a year ago. Forty-four percent said the country is headed in the right direction, down from 52% a year ago.
Asked about their financial situation, 39% of the voters said they were worse off than a year ago. The other answers were: finances are about the same as a year ago (31%), and better off (30%).
Half of the voters (50%) said they are living paycheck-to-paycheck, while the other half said they are living comfortably.
Results on the country’s direction varied sharply by financial strain. Among voters living paycheck to paycheck, 64% said the country is on the wrong track, while 36% said it’s headed in the right direction. People living comfortably were more likely to say the country is headed in the right direction, by a narrow 51% to 49% margin.
Impact on 2026, 2028 Elections
Trump’s elevated disapproval rating could have an impact on the Republican Party’s prospects in the 2026 midterm elections. The poll shows Democrats leading the generic congressional ballot, 48% to 42%.
Independent voters favored the Democratic candidate by a 50% to 28% margin. The survey also found a gender divide: women preferred the Democratic candidate 53% to 38%, while men leaned toward the Republican candidate 47% to 42%.
The poll also asked voters to rank their favorable or unfavorable view of several key officials, including Federal Reserve Chairman Jerome Powell and members of Trump’s cabinet.
Here were the favorable and unfavorable ratings:
- Jerome Powell: 45%/27%
- Marco Rubio: 43%/41%
- Robert F. Kennedy Jr.: 43%/46%
- JD Vance: 42%/46%
- Kristi Noem: 38%/45%
- Pete Hegseth: 37%/43%
- Scott Bessent: 36%/35%
The poll found Powell with the highest net favorability of the figures in question at +18 points. Rubio and Bessent had positive net favorability ratings while other cabinet members had negative net favorability ratings.
Potential 2028 Republican candidate Vance had a negative 4 net favorability rating, which may not fare well for his potential to succeed Trump.
Stock Market Returns
Trump’s low approval ratings come in spite of major stock market indexes hitting new all-time highs in late 2025.
The SPDR S&P 500 ETF Trust (NYSE:SPY), which tracks the S&P 500, was up 15.7% during the first year of Trump’s second term.
Speaking at the World Economic Forum in Davos on Wednesday, Trump said stock markets will trade higher. The president suggested the stock market could double “in a relatively short period of time.”
The SPY is up 0.9% year-to-date in 2026 with shares at $688.98 on Thursday. The ETF is up 13.6% over the last 52 weeks.
Stock-market strength in 2025 failed to win over voters in terms of approval ratings. The stock market doubling may win over some voters, but polls are showing items like affordability and international relations are more impactful.
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