Monthly Macro Monitor: No Change

2026-01-12 04:37:00 ET

As we near the end of the first year of President Trump’s second presidential term, the debate about his economic policies hasn’t changed much. That’s because it isn’t an economic debate mostly, but a political one, and that applies to the public as well as economists (yes, they are as vulnerable to political bias as anyone else). Democrats hate Trump’s policies and think the economy is awful. Independents approve slightly more than Democrats. Republicans think things are wonderful and will only get better. You can see the divide in the University of Michigan consumer sentiment poll, which conveniently breaks down their survey by political identification (self):

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