Strong Support for Trump’s Economic Agenda, With Inflation a Top Concern: Epoch Readers’ Poll

A survey of more than 24,300 readers provides insight into public perception; and while optimism is high, many acknowledge short-term challenges.

The economy was a key issue for voters in the 2024 presidential election, with President Donald Trump securing a strong mandate on his promises to revive domestic manufacturing, expand energy production, and combat inflation.

Now, a little more than a month into his second term, the economy remains at the center of public debate. Inflation, though much lower than its 2022 peak, continues to squeeze household budgets. High interest rates weigh on consumers and businesses alike while the Trump administration pursues ambitious trade and tax policies aimed at rebalancing global trade and reducing the United States’ near-trillion-dollar trade deficit.

A recent Epoch Times survey of more than 24,300 readers provides insight into public perception of Trump’s economic policies. The results indicate strong support for his long-term vision, with an overwhelming majority expressing more confidence in the economy now than under President Joe Biden.

However, while optimism is high, many respondents acknowledge short-term challenges as Trump’s policies take effect, with concerns about inflation, home affordability, and the impact of tariffs still top of mind.

Trump’s Economic Policies

Trump’s second-term economic strategy builds on his first-term agenda, emphasizing tax cuts, deregulation, trade protectionism, and domestic industry growth under the “America First” banner.

His administration has prioritized extending and expanding the 2017 Tax Cuts and Jobs Act, arguing that keeping taxes low—particularly for businesses that manufacture in the United States—will spur investment and job creation.

Energy policy remains another cornerstone of Trump’s agenda—with a renewed push for domestic fossil fuel production to drive energy independence, lower costs, and counter inflationary pressures. His signature “Drill, baby, drill!” slogan signals an aggressive push to expand U.S. energy output and establish global energy dominance to enhance national security.

Additionally, Trump has positioned deregulation and fiscal responsibility as key drivers of growth, pledging to reduce the federal workforce and eliminate excessive bureaucratic red tape.

“To unshackle our economy, I have directed that for every one new regulation, 10 old regulations must be eliminated, just like I did in my very successful first term,” Trump said in his March 5 speech before Congress. Some experts describe his approach as “hyper-deregulation,” which is likely to stimulate economic growth.

Critics argue that extending tax cuts could strain the federal budget, while some economists caution that Trump’s aggressive tariffs could contribute to inflation. Trump, however, remains steadfast in his belief that any potential short-term economic pain will be offset by long-term gains, framing tariffs as a necessary tool to rebuild U.S. industry and usher in a “Golden Age of America.”

A construction worker helps build a support column using steel rebar during the building of a condo tower in Miami on Feb. 10, 2025. Joe Raedle/Getty Images

Strong Confidence in Trump’s Economic Agenda

The Epoch Times survey results indicate overwhelming support for Trump’s economic vision, particularly in the long term. A significant 78 percent of respondents firmly believe that his policies will strengthen the economy in the long run, while 11 percent say they will help to some degree. Only 8 percent expressed little to no confidence, with 3 percent remaining neutral.

While confidence in Trump’s long-term economic strategy is clear, short-term optimism is more cautious. Twenty-eight percent strongly believe that Trump’s policies will yield immediate benefits, while 31 percent see moderate benefits. A significant 24 percent remain neutral, and 17 percent express some or significant doubts about short-term improvements.

Confidence in Trump’s economic policies varies by age and political affiliation, with older respondents and Republicans showing the most optimism. For instance, in the short term, 28 percent of those ages 65 and older and 27 percent of those ages 35 to 64 believe that his policies will “very much” strengthen the economy, compared with 21 percent of those younger than 35.

The differences in long-term confidence are similar, with 78 percent of those 35 and older expecting significant economic benefits, while 62 percent of younger respondents share that view. Political identity plays an even greater role—85 percent of Republicans have strong confidence in the long-term impact, compared with 67 percent of independents and just 10 percent of Democrats, 75 percent of whom believe that Trump’s policies will not help at all.

These results suggest that while Trump’s policies enjoy broad support, many Americans recognize that economic shifts—especially those tied to tariffs, tax restructuring, and energy policy—will take time to materialize.

When asked whether they feel more confident about the direction of the U.S. economy now than three months ago, an overwhelming 72 percent expressed strong support for this view, with 14 percent somewhat agreeing and 5 percent remaining neutral. Only 9 percent expressed little or no confidence, suggesting widespread approval of Trump’s early economic moves.

Similarly, when it comes to growth prospects for 2025, optimism is high. Fifty percent of respondents are very confident in economic growth under Trump’s policies in the current year, while 30 percent express moderate confidence. Another 10 percent remain neutral, while only a combined 10 percent hold a pessimistic outlook.

Optimism about U.S. economic growth in 2025 is highest among older respondents and Republicans. Half of those ages 65 and older and 49 percent of those ages 35 to 64 are highly confident about growth, compared with 40 percent of younger respondents. Political identity shows a stark divide—55 percent of Republicans expect strong growth, compared with 40 percent of independents and 12 percent of Democrats, 54 percent of whom have no confidence at all.

Similarly, confidence in the current direction of the U.S. economy compared with three months ago is highest among Republicans (79 percent) and older respondents—73 percent of those ages 35 to 64 and 72 percent of those ages 65 and older. Among younger respondents, 55 percent feel highly confident, while Democrats remain the most skeptical, with 75 percent expressing no confidence in the economy’s trajectory under Trump compared with Biden.

The Nasdaq MarketSite in Times Square in New York City on March 2, 2024.Samira Bouaou/The Epoch Times

Concerns About Inflation, Home Affordability

Since peaking at 9.1 percent in June 2022—the highest level in more than 40 years—inflation has cooled to 3 percent as of January 2025. However, concerns over rising costs persist, with many households feeling little relief.

In his first week back in office, Trump signed an executive order directing all federal agencies to implement “emergency price relief” to reverse what his administration calls a Biden-era cost-of-living crisis. Trump’s directive targets excessive regulations, which he argues have hampered U.S. production and driven up costs.

Despite these efforts, consumer confidence has softened, according to recent surveys from the University of Michigan and The Conference Board. These reports also show that inflation expectations have risen, indicating concerns that price pressures may persist or worsen.

This anxiety is reflected in the Epoch Times survey, in which 59 percent of respondents express concern about inflation, including 29 percent who are very worried. Meanwhile, 23 percent remain neutral, and 18 percent say they are either somewhat or not at all concerned, signaling that while inflation has eased, uncertainty about its trajectory remains high.

Trump has cautioned that it will take some time until his policies deliver the promised relief. He told Fox News’s Brian Kilmeade in a recent interview that it typically takes from six months to a year for a new administration’s policies to take hold and the prior administration’s to dissipate.

Similarly, Treasury Secretary Scott Bessent said on March 7 that Americans should expect a little turbulence as the economy is weaned off its reliance on government spending.

“Could we be seeing that this economy that we inherited is starting to roll a bit? Sure,“ Bessent told CNBC. ”And look, there’s going to be a natural adjustment as we move away from public spending to private spending.

“We’ve become addicted to this government spending, and there’s going to be a detox period.”

Concern over ongoing inflation was highest among younger respondents and Democrats—68 percent of Democrats express the highest level of concern, while only 34 percent of independents and 25 percent of Republicans share that view.

Worries over inflation seem closely tied to Trump’s trade policies, particularly his tariff strategy, which aims to protect U.S. manufacturing and reduce the United States’ $918 billion trade deficit.

According to the survey, 13 percent of respondents strongly believe that tariffs will drive up consumer prices within the next six months, while another 29 percent think so to some extent. Twenty-four percent believe that tariffs will have little or no effect on prices, and 34 percent remain neutral.

Older respondents and Republicans are the least worried about tariff-related price hikes, with just 7 percent of Republicans and 12 percent of those ages 65 and older showing the highest level of concern. In contrast, 82 percent of Democrats believe that tariffs will significantly drive up prices, highlighting a sharp partisan divide. Independents fall in between, with 20 percent highly concerned, while younger respondents (younger than 35) show the most worry among age groups, with 34 percent expecting major price increases.

Treasury Secretary Scott Bessent speaks at The Economic Club of New York on March 6, 2025. Spencer Platt/Getty Images

Trump has positioned tariffs as a defining element of his vision for revitalizing the U.S. economy, even floating an ambitious “all tariff policy” that could potentially replace income tax with tariff revenue. Besides using tariffs to protect domestic industry and lower the United States’ massive trade gap, Trump is also using tariffs as a strategic tool to counterbalance China’s economic influence and what has been called a form of unconventional warfare against the United States.

Trump has suggested that there might be short-term burdens to bear from the tariffs, but he maintains that the long-term impact will be positive.

“Will there be some pain? Yes, maybe (and maybe not!),” Trump wrote in a recent post on Truth Social. “But we will Make America Great Again, and it will all be worth the price that must be paid.”

An earlier Epoch Times poll shows that readers expressed strong conviction that Trump’s tariffs will be an effective tool to strengthen the U.S. economy and help domestic manufacturing thrive. At the same time, a significant share of respondents expressed concern about the potential for tariff-related price increases, aligning with the responses in the latest poll.

Beyond inflation, housing affordability remains a pressing issue for many Americans.

Although rising home prices pose an obvious challenge to affordability, the issue is exacerbated by higher “phantom costs,” which include monthly utility bills, maintenance and repairs, property taxes, insurance, and homeowners association fees.

The Trump administration has pledged to restore housing affordability, which was a key issue for many voters in the 2024 presidential election. Trump’s cost-of-living directive aims to remove unnecessary regulations to make homebuilding more affordable, boost housing availability, and increase homeownership accessibility for U.S. families.

The Epoch Times survey shows 45 percent of respondents expressing concern about the cost of housing in their area, including 23 percent who are very concerned. Another 23 percent remain neutral, while 32 percent express little to no concern.

At the same time, 56 percent of respondents believe that homeownership is still an achievable part of the American Dream, compared with 20 percent who do not, while 24 percent remain neutral. This suggests a degree of resilience in optimism around home ownership despite affordability challenges.

In an aerial view, the IAD71 Amazon Web Services data center sits near a housing development in Stone Ridge, Va., on July 17, 2024. Nathan Howard/Getty Images

Concern over housing affordability is highest among younger respondents, with 47 percent of those younger than 35 highly worried, compared with 29 percent of those ages 35 to 64 and 21 percent of those 65 and older. Democrats express the most concern, with 50 percent selecting the highest level, while Republicans and independents are less concerned, at 21 percent and 28 percent, respectively.

Meanwhile, belief in homeownership as an achievable part of the American Dream varies sharply by political affiliation. While 28 percent of Republicans remain highly confident, only 7 percent of Democrats share that view. Younger respondents are also the most skeptical, with only 23 percent strongly believing that homeownership is still achievable, compared with 27 percent of those ages 65 and older.

Government Cuts, Consumer Spending, Recession Fears

An important pillar of Trump’s economic agenda is to lower deficits by reducing the size of the federal government. A key part of this initiative is the Department of Government Efficiency (DOGE), tasked by Trump to slash $2 trillion in federal spending before its scheduled dissolution on Independence Day 2026.

DOGE, which is led by tech entrepreneur Elon Musk, has moved aggressively to pursue reforms across federal agencies, reporting $105 billion in savings through canceled grants, asset sales, terminated contracts and leases, and workforce reductions.

Trump recently urged Musk to push even harder to root out waste and fraud, with Musk saying in a recent interview with Fox News that resolving the country’s deficit problem is a must. “It’s not optional,“ Musk said. ”America will go bankrupt if this is not done.”

Despite these deep government cuts, survey results show that most readers of The Epoch Times do not expect them to impact daily life. A strong majority—62 percent—believe that agency cuts will have little or no effect on them, while only 25 percent expect to feel an impact, and 13 percent remain neutral.

More than three-quarters (77 percent) of respondents are not concerned about job losses from DOGE-related cuts, suggesting that they believe these reductions will target waste rather than eliminate essential positions. Fourteen percent are at least somewhat concerned, reflecting some degree of anxiety that aggressive government downsizing could disrupt employment.

Concerns over government cuts varied by political affiliation and age. A majority of Republicans (43 percent) and independents (37 percent) believe that federal agency cuts will not affect their daily lives, while 55 percent of Democrats express strong concern. Older respondents (40 percent of those ages 65 and older) are the least worried, while younger ones expect more disruption.

Regarding job losses from DOGE cuts, 78 percent of Democrats are highly concerned, compared with just 3 percent of Republicans. Younger respondents (21 percent) are the most worried, while older groups are less alarmed.

White House senior adviser to the president Elon Musk is accompanied by Katie Miller as he leaves a meeting with Senate Republicans in the U.S. Capitol on March 5, 2025. Chip Somodevilla/Getty Images

The DOGE-related responses suggest that many respondents are aligned with Trump’s view that government agencies are bloated and believe that downsizing will improve efficiency rather than disrupt essential services.

At the same time, the survey reflects some uncertainty about the broader economic outlook, particularly regarding the potential for a recession in 2025. Although 53 percent of respondents are either not at all or not very concerned about the prospect of an economic contraction, 25 percent are unsure, and a combined 22 percent express at least some level of worry. This suggests a degree of caution as Trump’s economic policies take effect.

Democrats are by far the most concerned about a potential recession in 2025, with 66 percent expressing strong worry, compared with just 4 percent of Republicans and 14 percent of independents. Age-wise, younger respondents (22 percent) show the highest level of concern, while older groups are less worried, with just 8 percent of those ages 65 and older highly concerned.

Confidence in the Federal Reserve’s ability to manage inflation without triggering a recession remains mixed. While 41 percent express some degree of confidence that the Fed can rein in inflation without sparking a downturn, 29 percent remain neutral, and another 30 percent doubt the central bank’s ability to correctly balance price stability with economic growth.

This appears to tie into a broader uncertainty about the path forward, as many Americans remain hopeful that inflationary pressures will ease—but wary of the potential for some economic turbulence in the months ahead.

Democrats are the most skeptical about the Fed’s ability to handle inflation without triggering a recession, with 45 percent expressing no confidence, while only 14 percent are either highly or somewhat confident. Republicans are more optimistic, with 46 percent expressing some or strong confidence in the Fed’s ability, compared with 31 percent of independents.

Consumer spending accounts for roughly two-thirds of U.S. economic output, making it a critical driver of growth. Discretionary spending—the money that people spend on nonessential goods or services such as home improvements or travel—can act as a barometer of economic growth.

The survey results show that, while discretionary spending remains in flux, more respondents are inclined to loosen their purse strings than not, suggesting broader economic confidence. Forty percent of Epoch Times readers say they are highly or somewhat likely to increase discretionary spending, 31 percent are neutral, and a combined 29 percent are somewhat or very unlikely to spend on nonessentials.

Younger respondents are the least inclined to boost discretionary spending, with only 13 percent highly likely to do so, while those 65 and older show slightly more willingness.

Political divisions are clear—62 percent of Democrats say they are somewhat or not at all likely to increase spending, compared with just 25 percent of Republicans, who are more inclined to maintain or raise discretionary purchases.

People shop for groceries at a store in Mount Laurel, N.J., on Feb. 5, 2025. Samira Bouaou/The Epoch Times

Inflation Tops Economic Concerns

The Epoch Times survey also asked readers to rank their top economic concerns, finding that 62 percent of respondents cite inflation as their top concern.

Interest rates (18 percent) are another key concern, particularly for homebuyers and small businesses, while business growth (14 percent) and job opportunities (5 percent) rank lower.

Among those who selected “other” and provided write-in responses, many view government debt, spending, and immigration as major worries. Concerns over Social Security, cost of living, and government inefficiency also feature prominently, reflecting worry about personal financial security and public resources being wasted by feckless bureaucrats.

Overall, the survey shows that Trump’s economic policies enjoy strong support, although some pressing concerns remain, chief among them being the ability to afford life’s essentials.

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