George Samuelson
Trump will spend most of next year campaigning hard and selling his economic agenda. But will voters feel relief in their wallets before they cast their ballots?
Once considered the telltale sign of wealth and affluence, a six-figure income is no longer the milestone to keep pace with the high cost of inflation as more Americans struggle with just affording the necessities.
While the Trump administration boasts about the health of the economy, and the stock market roars to new highs, even high-income earners are reportedly feeling the financial pinch, according to the findings of the latest Harris poll. A whopping 64% of six-figure earners admit their income isn't a landmark for accomplishment but actually the basic minimum for staying above water. In other words, a six-figure income is tantamount to survival, not success.
"Our data shows that even high earners are financially anxious-they're living the illusion of affluence while privately juggling credit cards, debt, and survival strategies," Libby Rodney, the Harris Poll's chief strategy officer and futurist, said in a statement to Fortune magazine.
Shockingly, those Americans making $200,000 or more have been forced to commit the same financial shenanigans that are often associated with less wealthy segment of consumers. For example, 64% said they've used rewards points to pay for fundamentals, 50% have used "buy now, pay later" plans for purchases under $100, and 46% rely on credit cards to make ends meet.
The Harris Poll report also showed how those top earners are going out of their way to dodge everyday expenses: nearly 50% cancelled a social event so they wouldn't have to spend extra money they didn't have, 48% have pretended that their favorite delivery app wasn't working to escape a payment, and 45% delayed medical treatment - like a trip to the dentist - because of the sheer cost.
And as is the case with the majority of Americans, the upper crust of income earners also says that food and other household necessities as well as housing and medical costs are the main expenses draining their wallets.
As yet more proof as to how overspent six-figure earners feel, they are also looking for additional methods to earn extra cash or save money, according to the Harris Poll.
To stay economically afloat, they are currently engaged in or considering side jobs (61%), hawking personal items (53%), missing meals (41%), renting out all or part of their home (41%), and last but not least resorting to debt consolidation or bankruptcy (38%).
"The illusion of wealth is exhausting: Many top earners say people assume they can afford it all, yet behind the image of success are quiet sacrifices: skipped purchases, delayed plans, and a fragile sense of security," the report said.
Currently, fifty-seven percent of Americans disapprove of how Trump is handling the economy, once viewed as one of the businessman-turned-president's strong points. Thirty-six percent say the president is doing a good job on the economy, the lowest this poll has reported in both of his terms in office.
Americans are looking for candidates that they think will make their lives more affordable. Just consider that the democratic socialist Zohran Mamdani won the race to be mayor of New York City with promises to make housing, groceries and transportation more affordable. Virginia governor-elect Abigail Spanberger won on the promise to reduce rising electricity prices.
Make no mistake, how much cash-strapped Americans pay at the cash register is going to determine who they vote for in upcoming elections. For his part, Donald Trump recognized that affordability was a main issue for Republicans and increased his messaging on the subject while also reaching deals with drugmakers to lower prescription costs for consumers.
Trump faces a major challenge with the approaching midterm elections in November 2026 just around the corner where control of the U.S. Congress is on the line. Americans will vote for all 435 House of Representative seats and 35 Senate seats. Democrats see an opportunity to flip the House and seize control of Congress. The economy, as usual, is the battlefield.
Tax cuts from Trump's One Beautiful Bill Act aren't expected to hit American wallets until next year. And even Trump remains uncertain. He told the Wall Street Journal that he isn't sure when people will start to feel the impact, or will his policies pay off politically. On paper, the economy looks solid, but clearly voters don't feel it. Everyday prices remain high. So what's the U.S. president's plan ? Pull every economic lever possible, including a proposed $2,000 "tariff dividend" for millions of households.
Last month, Trump rolled back tariffs on more than 200 food products over growing backlash over grocery prices. He hasn't said what, if anything, comes next. Even if the Supreme Court rules against the government's use of emergency powers to impose tariffs, the tariffs themselves aren't likely to disappear entirely. Trump will spend most of next year campaigning hard and selling his economic agenda. But will voters feel relief in their wallets before they cast their ballots?