Transcript
Sarah Longwell (0:03)
I think we're live.
Bill Crystal (0:04)
We are live. Thank you, Sarah. Welcome to Bull Work Live on Sunday. I'm Bill Crystal, joined by Sarah Longwell. I think we were on together, what, just two weeks ago, is that right? Three weeks ago. You know, two weeks ago. But I thought it was really worth continuing that conversation and updating it because something, I think big has happened in the last two weeks, but you'll tell me is it isn't big. And so how, how's Trump doing? And particularly, what do you take, what do you think the effect of the terrorist announcement which has happened, what, 10, 11 days ago now, what do you think the effect of that has been is, will be on his presidency and his approval?
Sarah Longwell (0:37)
Yeah. Oh, well, look, we've got brand new CBS polling today that shows Trump down to 47% in his approval, but he's got even worse numbers on the economy. And this is now getting very consistent across polling, which is that, that Trump's normally, even when people don't like him. And this is such a reversal. I cannot tell you how different this is from the first term where Trump would have high approval ratings on the economy, but kind of lower overall approval ratings because people found him chaotic and, you know, didn't like his personality or thought he was embarrassing us on the world stage. This time it's almost, it's not quite reversed, but he's getting, he's, his overall approval, while going down, is higher than how people view him on inflation and on handling of the economy. And the reason that this is, I think, the worst case scenario for Trump is that his mythology, right, central to it is the idea that he's a businessman, that he's going to do things that help the United States economically. And so the tariffs and the market freak out that followed tariffs and the myriad headlines that accompanied it, not just about the markets, but, I mean, look, I don't know that people quite understand the nuances of bond yields and whatnot, but they do understand the idea that things are volatile in the economy. The other thing that I think is a lot of small business owners who I think expected Trump. I hear there's people in the focus groups, a lot of them who are either small business owners or they work for a small business. And those people, they understand supply chains, they really understand tariffs. And for those voters, a lot of them are not necessarily Trump fans, so much as they thought he would be better for their small business in the economy. And those are the people right now who are like, well, this kind of uncertainty is, makes it impossible for me to run my business. And I think this is the key. Trump is injecting an enormous amount of uncertainty not just into the market, but into sort of our entire economy. And when you have uncertainty, right, for any business owner, uncertainty is the worst condition for a small business because, you know, you got to order things in advance, you got to be forward looking. Everything is about planning and costs and oftentimes your margins are narrow. And so I, the, the, the pain points that I'm hearing in the focus groups right now. We did one with the Biden to Trump voters last week. And you know, you get your, your people who are really into Trump's idea that he is going to turn around the American economy and bring back manufacturing. And they believe that and they're like, I'm staying the course. Like, we're gonna, we're gonna do this and we have to stiffen our spines. And I'm pro, I think long term it's going to be good. That's about a third of the group. The rest of the group is always in like a, I don't know how to think about this. I'm nervous, I'm worried. And then there's a third that is like, I, this is bad. I do not like this. And I think that that reflects the numbers that you're seeing on both inflation and on tariffs specifically, where what people say is the vast majority do not. There's, you get some Republicans who will say in the long term it's beneficial, but literally every other number, so the vast majority of people do not think it will be beneficial in the long term. So that includes a lot of Democrats and independents. And then on top of that, people think that like the vast majority of people, overwhelming numbers, think we're in for short term volatility and pain. And so, you know, it's a lot to ask of people. And I think that of all the things, and this is a sad commentary, I'm not, I don't like that this is true, but I do think it is true that for all the January 6th and the Trump cozying up to Putin and everything else, like, we're just, we're, we're a people now that the only way they're going to move off Trump is if there are negative personal consequences for them. And the economy is the number one way in which Donald Trump can inflict negative personal consequences on people. And so I think if it keeps up and we continue to see this kind of volatility follow Trump, eventually the, this guy's the art of the deal. The smart businessman will start to slip away.
