Axios
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Trump's economic doom loop
President Trump's economic approval is plummeting, mirroring President Biden's "vibecession" predicament. His signature "One Big, Beautiful Bill Act," now rebranded, remains deeply unpopular. The act, extending tax cuts while slashing social programs, disproportionately benefits the wealthy, according to the Congressional Budget Office. Trump's approval on inflation and cost of living is severely negative, approaching Biden's lowest points. Economic indicators show a worsening situation: rising inflation, increasing layoffs, and a weakening housing market. Manufacturing, expected to thrive under Trump's tariffs, is shrinking. The White House counters with arguments emphasizing consumer spending and stock market gains, but this contradicts public perception. A nonpartisan analysis reveals a modest average tax cut, but this is misleading as it doesn't reflect current tax rates. Despite the negative public perception, the stock market has performed well since Trump took office. Ultimately, Trump's limited options leave him reliant on messaging and advertising to combat negative economic sentiment.