Just 12 months after former President Donald Trump claimed the United States was on the cusp of an economic “golden age,” new polling data reveals American households hold the most pessimistic views of personal finances recorded in a quarter-century.
Gallup published its national survey Tuesday, which found 55% of U.S. adults report their personal financial situations are deteriorating. That figure tops all previous readings stretching back to 1999, outpacing prior peaks of economic anxiety: 49% of Americans said their finances were worsening at the start of the 2008 Great Recession, while 50% held the same negative view in early 2020 as COVID-19 shut down the global economy, and again in 2023 when post-pandemic inflation hit its highest point in decades.
In its analysis of the poll results, Gallup noted that cost of living concerns remain the top financial stressor for American families, with worries about everyday expenses dwarfing all other economic issues. “When combined with the long-lasting impact of persistent inflation that emerged during and after the pandemic, public perceptions of personal finance and future economic outlook remain extremely guarded,” the organization added.
The survey collected responses between April 1 and April 15, but economic pressures on consumers have only intensified in the weeks since data collection wrapped up. On April 15, Brent crude oil futures traded at roughly $95 per barrel; in the following weeks, global prices spiked past $111 per barrel. Data from the American Automobile Association (AAA) shows the national average retail price of gasoline has also climbed from $4.02 per gallon to $4.17 per gallon over the past seven days.
This sharp oil price surge was triggered by an unprovoked military conflict between the United States and Iran that began in March, initiated under Trump’s order. In response to the U.S. attack, Iran closed the Strait of Hormuz, a critical global shipping chokepoint that carries roughly a fifth of the world’s daily oil supply, to most commercial traffic.
Beyond energy market disruptions, the closure of the strait has created critical fertilizer shortages ahead of the Northern Hemisphere’s spring planting season. Agriculture experts have issued warnings that a full-blown global food crisis could unfold if the Strait of Hormuz does not reopen to commercial traffic in the very near future. That risk is amplified by climate scientists’ projections of an upcoming “super El Niño,” a large-scale climate pattern that would bring below-average rainfall to key agricultural regions across the globe, further suppressing crop yields.
While American households grapple with soaring energy and grocery costs, a faction of congressional Republican lawmakers led by Sen. Lindsey Graham (R-SC) has publicly pushed a plan to use U.S. taxpayer dollars to cover the $400 million cost of a luxury new ballroom Trump has ordered built at the White House complex.
Hours after Graham unveiled his proposal, Rep. Riley Moore (R-WV) appeared on Fox Business to reiterate support for the project, dismissing cross-partisan criticism. “You would think this town would be tired of Donald Trump being right all the time,” Moore said. “This president has always had the ability to see around corners and make decisions that are best for the country or his business. We need to have that ballroom built. God bless the president for doing it.”
Sarah Longwell, a veteran Republican pollster who left the GOP over opposition to Trump, pointed to aggregated polling compiled by data analyst Nate Silver that shows nearly 69% of Americans disapprove of Trump’s handling of the cost of living crisis. She slammed the taxpayer-funded ballroom proposal as wildly disconnected from the priorities of ordinary American voters, writing sarcastically: “You know what’ll turn these numbers around? A taxpayer-funded ballroom.”
Graham held a press conference alongside fellow Republican Sens. Katie Britt (R-AL) and Eric Schmitt (R-MO) late Monday to announce their plan to expedite legislation to the full Senate that would allocate public funds for the new ballroom, which they frame as a national security necessity. Their push comes two days after an armed individual carrying multiple guns and knives attempted to breach the venue of the annual White House Correspondents Association (WHCA) dinner, exchanging gunfire with Secret Service agents before being taken into custody. Hours after being evacuated from the scene, Trump immediately cited the incident as proof the new ballroom was necessary, claiming future WHCA dinners could be held on secure White House grounds instead of the Washington Hilton, the event’s home for decades. It remains unclear whether the WHCA would ever agree to move its annual dinner to the White House.
Trump has pushed for the construction of the ballroom for months, ordering preliminary demolition work to begin last year while promising the entire project would be paid for through private donations from major government contractors including Amazon, Lockheed Martin, and Google. That original plan drew widespread criticism over the significant conflicts of interest it would create, as the donating companies rely on federal government contracts for billions in annual revenue.
Construction was temporarily halted after a federal district court ruled the project required formal congressional approval to move forward. However, a federal appeals court issued a ruling earlier this month allowing construction to resume while it reviews the lower court’s decision. The U.S. Department of Justice also filed a motion late Monday asking district judge Richard Leon to dissolve his original injunction blocking the project. Political observers noted the motion’s language closely matches the informal, confrontational style Trump regularly uses in his personal social media posts. The filing opens by dismissing the National Trust for Historic Preservation, the nonprofit that brought the lawsuit against the project, as a “FAKE” organization, and adds: “They suffer from Trump Derangement Syndrome, commonly referred to as TDS.”
Graham told reporters Monday the $400 million for the ballroom would be drawn from existing taxpayer revenue collected through national park entry fees and customs duties, while the private donations Trump previously raised would be allocated to extras like custom fine china for the venue. Despite polling showing Trump’s national approval rating stood at just 40% in March, Graham claimed the American public would back the proposal. “If you don’t think $400 million of taxpayer money is a good investment to create a secure facility at the White House, then I disagree. I bet you 90% of Americans would love to have a better facility,” Graham said.
Rep. Pramila Jayapal (D-WA) pushed back sharply on Graham’s claim, arguing the proposal is completely out of step with what most Americans need from their elected leaders. “Nope. Ninety percent of Americans would love to have affordable healthcare, housing, and childcare. Or lower gas prices. Or lower grocery prices. Not a frigging illegally constructed ballroom,” Jayapal responded.
Graham defended the project by noting the ballroom would sit above national security-focused military infrastructure that would allow the president to host events on White House grounds without traveling off-site, eliminating security risks associated with presidential travel. Critics of the plan have questioned the need for a new luxury ballroom, pointing to multiple existing event spaces at the White House that already meet presidential security requirements.