Economist Peter Schiff took to social media on Sunday to point out that President Donald Trump's approval rating has hit a new low, and he's not shy about what that means for the average American.

Trump's Diminishing Popularity

Schiff cited what was likely the latest July AP-NORC poll, which showed 33% approval and 66% disapproval of the way Trump is handling his job as president. The approval rating dipped 4 percentage points from the previous poll conducted in June.

The latest survey, conducted July 23-27, found broad opposition among Democrats and independents and disapproval from roughly 37% of Republicans. Notably, approval of Trump's handling of the Iran conflict fell to 28%.

Schiff's tweet was blunt: "Trump's 33% approval rating is his lowest ever and, except for Nixon's in the days just before he resigned in disgrace, the lowest of any second-term president since 1940. This is not consistent with a booming economy, but with one in which Americans are struggling to get by."

'Not Consistent With a Booming Economy'

Schiff said that these are Trump's lowest numbers yet and the worst recorded for any second-term president since 1940, with only Richard Nixon posting a lower mark in the period leading up to his resignation over the Watergate scandal. This was also noted in a New York Times report.

"This is not consistent with a booming economy, but with one in which Americans are struggling to get by," the economist added.

The jibe was directed at Trump and his supporters, who have repeatedly downplayed economic concerns, presenting an overly optimistic picture.

U.S. gasoline prices crossed $4 a gallon again in July as renewed fighting between the U.S. and Iran disrupted oil flows through the Strait of Hormuz. Patrick De Haan warned prices could stay above $4 per gallon beyond the first week of August.

Will Trump be Impeached?

Meanwhile, the odds that Trump gets impeached before his term ends stood at 64% on Polygon (CRYPTO: POL)-based Polymarket, little changed since April.

On Kalshi, a contract on whether Trump will be impeached before Jan. 1, 2028, trades at 66% as of this writing.

Trump was impeached twice during his first term. The first came in December 2019, when the House charged him with abuse of power and obstruction of Congress over alleged efforts to pressure Ukraine into investigating Joe Biden's son.

The second came in January 2021, one week after the Capitol riot, making him the only president impeached twice. The Senate acquitted him both times.