During the Biden administration, popular perception of economic conditions was very negative, even though actual conditions weren't bad according to the standard statistics. Now the Trump administration faces the same problem (my title is a quote from a Trump post on Truth Social). The Michigan Consumer Surveys report an "Index of Consumer Sentiment" every month, and in the last 20 years or so they have also recorded party identification. The figure shows the ICS average for supporters of the President's party and the opposition party (omitting the transitional months when party control changes, e. g. Nov 2024-Jan 2025).
The ups and downs follow a similar pattern, but opposition party perceptions have a downward trend. The low point for supporters of the president's party was February 2009, when the country was in a severe recession. For supporters of the opposition party, perceptions have been below the February 2009 levels for most of the past three years. So to some extent, the negative perceptions just reflect the growth of negative partisanship--supporters of the other party seeing things as very bad rather than pretty bad. But even today, a lot of people (30%-40%) are not partisans.* What do they think? The next figure compares independents' ICS to the average of Democratic and Republican values.
The diagonal line means equal values for independents and the average of Democrats and Republicans. Most points are below the line, meaning that independents are more negative than partisans, presumably because they tend to have more negative views of politics and politicians. The red dots are the months in the second Trump term: they tend to be farther below the line, meaning that the gap between independent and partisan perceptions has been consistently larger than average. The next figure shows changes in the gap over time:
It seemed to bounce around without much pattern until sometime around the middle of 2022--since then, independents have steadily become more negative relative to partisans. Why? When economic conditions are ambiguous, independents may be influenced by general impressions about whether the president is paying attention to the economy. In the last couple of years of his administration, it seemed like Biden was more focused on foreign affairs, and during his second administration the economy hasn't been prominent among Trump's concerns. There were two earlier months when independent perceptions were unusually negative--April and May 2012. I don't remember exactly what was in the news then, but I do recall that during the Obama administration there were sometimes complaints that he wasn't focusing on the economy. Going farther back, in 1992 economic perceptions were more negative than economic statistics suggested they should be. My hypothesis suggests that tendency should have been particularly strong among independents: George HW Bush was generally seen as being more interested in foreign affairs than in economics.
*It drops to about 10%-15% if you ask whether people "lean" towards one party, but the Michigan surveys don't do that.
