Trump Melts Down as Inflation Rises, Approval Ratings Fall, and Global Troubles Mount

Only 13% of Americans now strongly approve of Donald Trump's presidency, according to polling cited on this episode of The MeidasTouch Podcast. That number landed the same morning as a fresh inflation readout that came in worse than expected—the Personal Consumption Expenditures (PCE) price index, the Federal Reserve's preferred inflation metric, hit 3.7% year-over-year against expectations of 3.6%. Core PCE inflation sat at 3.3%, the second highest reading since October 2024.

The Inflation Picture and Consumer Strain

Economist Heather Long, cited by the hosts, identified the most significant story in the PCE data as consumer fatigue. Personal consumption in July rose only 0.2%, and after adjusting for inflation, it was flat. Consumers are straining to pay for basics—especially healthcare and utilities—while cutting back everywhere they can, particularly on anything related to homes or cars. Personal income saw a modest rise, but the hosts noted uncertainty about whether that increase would be sustained.

The hosts framed this as a direct consequence of Trump administration policy. They pointed to rising gas and diesel prices, unaffordable housing, and healthcare costs being "ripped away" from Americans. The inflation number, they argued, shows an economy in "absolute shambles."