Midterm pocketbook pain bites Trump
Illustration: Maura Losch/Axios Five weeks before the midterms, Americans' pocketbook pain is getting worse: paychecks haven't kept up with inflation for the better part of this year, and borrowing costs have surged. Why it matters: President Trump's record is effectively on the ballot, and economic sentiment remains deeply depressed, including among Republican voters. This is the backdrop as…
As Americans prepare to vote in the midterms, the economy's impact on their wallets is taking a toll on President Trump's approval ratings. In the past five months, wages for regular workers have not kept up with inflation, and borrowing costs have surged. The national gas price has risen by $1.34 to $4.48 per gallon, and mortgage rates have returned to over 7%.
Consumer sentiment is at its lowest point in recent history, despite strong GDP growth and low unemployment. White House spokesman Kush Desai claims that consumer spending and retail sales have been robust during Trump's term, attrib the economic strength to tax cuts, job creation, and investment. However, the paradox remains that economic growth is not translating into consumer confidence.
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