Trump’s Economy: Why Millennials Love It and Boomers Don’t
Written by
T. Woods
Edited by
Amber Barkley
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President Donald Trump has always been a contentious president, both in his first administration and perhaps even more so in his second. The split between his supporters and detractors has created a fundamental social and political schism in everyday American life, one that cuts across political parties, income, race, gender — and age.
Indeed, there is a generational split in terms of the age bracket supporting Trump’s economic policies versus those who do not, but the nature of that divide may surprise you.
The Age Breakdown
While older Americans tend to skew more conservative and younger Americans have historically had a more liberal bent, Newsweek reported on a recent NPR/PBS News/Marist poll indicating that a majority of baby boomers actually disapprove of Trump’s economy, while younger millennials support it.
Boomers’ Position
Ironically, Newsweek posited that the very conservatism that tends to define older generations like baby boomers is the very reason they can’t approve of Trump’s handling of the economy — these older, conservative voters are turned off by the unpredictable President Trump’s unpredictable economy, which is something of a rollercoaster of inflation rates and tariff-based trade wars.
Specifically, boomers are entering the retirement phase of their lives at the same time as prices across America are rising, making life on a fixed retirement income increasingly difficult and creating a drain on their savings.
Millennials’ Position
Meanwhile, millennials don’t have quite the same time pressure on their finances, so they may have less long-term concern for rising inflation rates and the economic troubles they can lead to.
Trends that baby boomers see as harkening financial distress could, to millennials, seem like minor blips on the economic radar. Additionally, millennials are still saving for their futures and their retirements and don’t yet have to worry about inflation and an unpredictable economy eating into their fixed income.
All of this is why 50% of baby boomers currently disagree with Trump’s handling of the economy, while 46% of millennials are happy with what he’s done thus far. It’s worth noting that 10% of each demographic say they see no real change.
As for whether or not this surprising trend will continue, only time — and tariffs, inflation and the stock market — will tell.
Editor’s note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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