With the national debt now as large as the U.S. economy and inflation at its highest rate in three years, Americans’ fiscal confidence fell for the fifth-straight month.  The Peter G. Peterson Foundation’s Fiscal Confidence Index is 36 in May (100 is neutral), the lowest level in two years, indicating voters’ deep concern about the state of our nation’s finances. 

The latest national survey, jointly conducted by Democratic firm Global Strategy Group and Republican firm North Star Opinion Research, also surveyed voters on the connection between the national debt and affordability, finding that:   

• 93% of voters (including 95% of Democrats, 92% of independents and 92% of Republicans) are concerned that the national debt’s effect on inflation is increasing the cost of living, including prices for groceries, energy, housing, transportation, and other goods and services, up from 92% last month.
• 90% of voters (including 92% of Democrats, 89% of independents and 89% of Republicans) are concerned that the national debt is contributing to higher borrowing costs, such as credit card interest, car loan rates, and mortgage rates, up from 88% last month.
• 95% say they are more likely to support a candidate with a plan to address the debt, including 96% of Democrats, 91% of independents, and 97% of Republicans.
• 87% say a candidate having a plan to address the national debt is a factor in deciding their support in the 2026 election, up from 83% last month.
• In addition, 75% of voters (including 71% of Democrats, 82% of independents and 75% 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.

“The national debt has surpassed the size of our entire economy — and voters understand that our continued borrowing affects their personal economic situation,” said Michael A. Peterson, CEO of the Peterson Foundation. “Higher debt drives up inflation and interest rates, making everything less affordable.  Today’s survey makes it clear that, across party lines, voters overwhelmingly want solutions from candidates this election season.”  

May’s U.S. Fiscal Confidence Index shows widespread agreement that addressing the debt should be a top-three priority for the president and Congress (84% agree/11% disagree), including agreement among 81% of Democrats, 79% of independents and 89% of Republicans. In addition, a three-year high of 60% of voters agree that the president and Congress should spend a lot more time addressing the debt (up from 56% in April).

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 May Fiscal Confidence Index value is 36. (The April value was 42. The March value was 43.)
• The current Fiscal Confidence Index score for CONCERN about the debt is 33, indicating deep concern about the debt. The score for debt as a PRIORITY that leaders must address is 17, 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 59. The Fiscal Confidence Index is the average of these three sub-category scores.

The Peter G. Peterson Foundation commissioned this poll by Democratic firm Global Strategy Group and Republican firm North Star Opinion Research. The online poll surveyed 1,000 registered voters nationwide between May 18 and May 20, 2026. It has a margin of error of +/- 3.1%.

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