Trump’s Economy: Who’s Really In Charge?

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May 10, 2025

Is Trump steering the economy or is Biden's shadow lingering? Public opinion shifts fast—find out why in this deep dive!

Financial market analysis from 10/05/2025. Market conditions may have changed since publication.

Ever wonder who’s really pulling the strings behind the economy? It’s May 2025, and the U.S. is buzzing with debates over whether the current economic landscape belongs to Donald Trump or still carries the fingerprints of Joe Biden. I’ve been following this shift closely, and let me tell you—it’s a fascinating tug-of-war between perception and reality. Let’s unpack how the economy is being shaped, who the public holds accountable, and what it all means for the future.

The Economy Under Trump’s Spotlight

When the Commerce Department dropped its report on April 30, 2025, showing the economy shrank in the first quarter—the first dip since 2022—Trump didn’t miss a beat. He pointed the finger squarely at his predecessor, claiming the downturn was a remnant of Biden’s policies. It’s a bold move, but does it hold water? Public opinion seems to have its own ideas, and the numbers are telling a story that’s hard to ignore.

Public Perception: Trump Takes the Reins

Americans are quick to assign responsibility, and recent surveys show they’re increasingly looking at Trump. A poll conducted in early May revealed that 46% of respondents believe Trump is more responsible for the economy’s current state, up from 43% just a month earlier. Meanwhile, only 27% point to Biden. Independents, often the tiebreakers in public opinion, lean heavily toward Trump, with 43% holding him accountable compared to 24% for Biden.

“The economy is now Trump’s to own, for better or worse.”

– Political analyst

This shift isn’t just a fluke. Another survey from May 6 showed 53% of voters attribute economic conditions to Trump’s policies, a jump from 39% in February. It’s as if the public has decided Trump’s bold moves—like his sweeping tariffs on imports—have already left an indelible mark. Perhaps it’s his knack for commanding attention that makes it hard for people to see Biden’s influence lingering.

The Blame Game: Trump vs. Biden

Trump’s messaging has been consistent: the good stuff is his, the bad stuff isn’t. During a recent TV interview, he quipped that the “Trump economy” shines in the wins, while any stumbles are Biden’s fault. It’s a classic political play, but the public isn’t entirely buying it. For instance, when asked about the stock market, 75% of registered voters hold Trump at least somewhat responsible. Only 24% agree with his claim that it’s “Biden’s stock market.”

  • Stock Market Responsibility: 75% of voters tie it to Trump.
  • Biden’s Influence: Only 24% agree with Trump’s deflection.
  • Independent Voters: 55% see Trump as the key player.

I find it intriguing how quickly people have shifted their focus. Maybe it’s because Trump’s policies, like his record tariffs, are so in-your-face that they overshadow any lingering effects from the previous administration. It’s like trying to ignore a neon sign in a quiet town—it’s just not happening.


Key Groups and Their Views

Not everyone sees the economy the same way, and breaking it down by demographics reveals some surprises. Young adults (ages 18-29), Hispanics, and Independents—groups that swung toward Trump in 2024—aren’t giving him a free pass. A recent poll showed 60% of Americans believe current conditions stem from Trump’s policies, not an inherited mess. Among key groups:

GroupTrump’s Policies (%)Inherited (%)
Independents6139
Young Adults6634
Hispanics6832

These numbers suggest a public that’s ready to hold Trump accountable, especially among those who helped him win. It’s a reminder that even supporters expect results, not just rhetoric.

Why the Rapid Shift?

So, why are people so quick to pin the economy on Trump? I’d argue it’s a mix of his larger-than-life presence and his policy choices. His tariffs, for example, have been a lightning rod. By slapping hefty duties on imports, he’s drawn a clear line between his approach and Biden’s. It’s hard for the average person to see how Biden’s policies could still be driving the bus when Trump’s making such bold moves.

“Trump’s ability to dominate the narrative makes it his economy in the public’s eyes.”

– Economic commentator

Then there’s his media savvy. Whether it’s a Truth Social post or a primetime interview, Trump knows how to keep the spotlight on himself. This constant visibility might be a double-edged sword—great when things are booming, but risky when the economy hits a rough patch.

The Stakes for Trump and Beyond

If the economy continues to falter, the political consequences could be steep. Only 40% of Americans approve of Trump’s economic handling, with even lower numbers among swing groups. If the downturn deepens, those numbers could spell trouble for Trump and his party in future elections. On the flip side, a rebound could solidify his narrative as the economic savior he claims to be.

  1. Economic Performance: A downturn could erode Trump’s approval ratings.
  2. Political Fallout: Midterm elections could hinge on economic perceptions.
  3. Policy Impact: Tariffs and trade policies will shape public opinion.

In my view, the economy is a tightrope for any leader, but Trump’s high-wire act is especially precarious. His ability to shape perceptions while delivering results will be the ultimate test.


What’s Next for the Economy?

Looking ahead, the economy’s trajectory will depend on how Trump’s policies play out. His tariffs could boost domestic industries or spark trade wars. His tax cuts might fuel growth or widen deficits. And let’s not forget the stock market—always a wild card. For now, the public has made it clear: this is Trump’s economy, and he’ll need to own it, bumps and all.

As I reflect on this, I can’t help but wonder—can Trump turn the narrative in his favor, or will the weight of responsibility prove too heavy? Only time will tell, but one thing’s for sure: the economy is his stage, and the audience is watching closely.

Risk comes from not knowing what you're doing.
— Warren Buffett
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