In a recent appearance on Fox Business, Newt Gingrich, the former Speaker of the House, expressed optimism about President Donald Trump's economic approval ratings, suggesting they might soon return to or even exceed the levels seen during his first term.
Gingrich's comments come as Americans prepare for the Labor Day weekend, with gas prices at their lowest in at least five years, a development he believes could sway public sentiment in favor of the President.
According to the Daily Caller, Gingrich highlighted the impact of reduced gas prices on the American public's perception of the economy. "I just watched today as Karoline Leavitt laid out the fact that this particular weekend, people go out to drive. Theyre going to have the lowest gasoline price in five years," Gingrich remarked.
He further speculated that by early next year, Trump's economic approval could rebound to its previous heights, attributing this potential resurgence to fundamental economic factors.
The contrast in gas prices is stark when compared to the record highs experienced under President Joe Biden, where the national average soared to nearly $5 per gallon in June 2022. In a promising shift, GasBuddy forecasts that Labor Day weekend prices in 2025 will average $3.15 per gallon, marking the lowest since 2020 and dipping below the $3.16 recorded in 2021.
Gingrich also addressed the confusion surrounding Trump's tariff policies, which he believes were misrepresented by the media and political opponents. "I think the turmoil about the tariffs where people didnt understand what he was doing, where a lot of the negotiations were in public, seemed confusing," he explained.
He criticized the Democrats and what he termed the "propaganda media of the left" for their efforts to undermine the President's economic initiatives.
A key component of Trump's economic strategy, as noted by Gingrich, is a provision allowing companies to fully depreciate factories in just one year, as opposed to the previous 39-year timeline. "It took 39 years to depreciate a factory. Under the new bill, for the next six years, it takes one year. So the incentive to go out and build, for example, the new computing centers is going to be just enormous," Gingrich stated.
This provision is part of Trump's One Big Beautiful Bill Act, signed into law on July 4, 2025. The legislation reinstates a 100% bonus depreciation for qualified property placed in service after January 19, 2025, enabling businesses to fully expense significant assets like factories and computing centers within a single year.
Additionally, a new clause under Section 168(n) extends this benefit to nonresidential production facilities constructed between 2025 and 2028, provided they are operational by 2031.
As the nation navigates these economic shifts, the potential for a resurgence in Trump's economic approval ratings remains a topic of interest. With gas prices declining and incentives for business investment on the rise, the coming months may indeed see a renewed confidence in the President's economic policies.
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