Just weeks before the first primary elections, a new Peter G. Peterson Foundation survey shows that voters draw a strong connection between the rising national debt and their personal cost of living.  90% of voters are concerned that the national debt’s effect on inflation is increasing the cost of living, as voters across party lines are calling on candidates to put forward a plan to address the debt. Against this backdrop, the U.S. Fiscal Confidence Index fell two points in February to 48 (100 is neutral), reflecting deepening concern about the direction of America’s fiscal outlook. 

The new national survey, jointly conducted by Democratic firm Global Strategy Group and Republican firm North Star Opinion Research, finds:

• 90% of voters (including 96% of Democrats, 85% of independents and 87% of Republicans) are concerned that the national debt’s effect on inflation is increasing the cost of living, such as prices for groceries, energy, housing, transportation, and other goods and services.
• 85% of voters (including 91% of Democrats, 82% of independents and 82% of Republicans) are concerned that the national debt’s effect on interest rates is contributing to higher borrowing costs, such as credit card interest, car loan rates, mortgage rates and other personal loans.
• 83% of voters (including 84% of Democrats, 78% of independents and 86% of Republicans) say having a plan to address the debt is a deciding factor in choosing a candidate.
• 72% of voters (including 67% of Democrats, 79% of independents and 72% of Republicans) say they would consider supporting a candidate from a political party they do not usually support, if that candidate had a clear plan to address the debt.
• 70% of voters want to hear more than they have heard over the past month about how candidates will tackle the debt and its impact on the cost of living.
• 95% of voters say candidates this year should clearly explain their plan to prevent an automatic 23% annual cut to Social Security benefits.  If Congress does nothing to address Social Security’s deteriorating finances, these automatic cuts will occur in 2032, during the term of U.S. Senators elected this November.

“Kitchen table cost-of-living issues are taking center stage this election year, and voters see that America’s rising national debt is making their own lives more costly,” said Michael A. Peterson, CEO of the Peterson Foundation. “Whether it’s their car loans or grocery bills, Americans are rightly concerned about inflation, and the growing federal deficit is only making things worse.  Stabilizing the debt should be a core issue for any leader who wants to improve affordability and economic growth. Voters understand that rising debt puts upward pressure on inflation and interest rates, and they are calling on candidates — and even looking across party lines — for solutions during this campaign season.” 

February’s U.S. Fiscal Confidence Index also shows broad agreement that addressing the debt should be a top-three priority for the president and Congress (79% agree/16% disagree), including agreement among 75% of Democrats, 75% of independents and 85% of Republicans. Additionally, a growing majority believes the country is on the wrong track when it comes to addressing the debt (59%), rising from 57% in January and 55% in December.

The Fiscal Confidence Index measures public opinion about the national debt by asking six questions in three key areas:

• CONCERN: Level of concern and views about the direction of the national debt.
• PRIORITY: How high a priority addressing the debt should be for elected leaders.
• EXPECTATIONS: Expectations about whether the debt situation will get better or worse in the next few years.  

The survey results from these three areas are weighted equally and averaged to produce the Fiscal Confidence Index value. The Fiscal Confidence Index, like the Consumer Confidence Index, is indexed on a scale of 0 to 200, with a neutral midpoint of 100. A reading above 100 indicates positive sentiment. A reading below 100 indicates negative sentiment.

Fiscal Confidence Index Key Data Points: 

• The February 2026 Fiscal Confidence Index value is 48. (The January value was 50. The December 2025 value was 51.)
• The current Fiscal Confidence Index score for CONCERN about the debt is 45, indicating deep concern about the debt. The score for debt as a PRIORITY that leaders must address is 26, indicating that Americans want elected leaders to make addressing long-term debt a high priority. The score for EXPECTATIONS about progress on the debt is 74. The Fiscal Confidence Index is the average of these three sub-category scores.

This online poll surveyed 1,004 registered voters nationwide between February 17 and February 18, 2026. It has a margin of error of +/- 3.1%.

Detailed results can be found online at www.pgpf.org/FiscalConfidenceIndex.