Trump's midterm trouncing underscores inflation's political poison
SPY•The article says Republicans suffered a crushing midterm defeat as voters focused on inflation and affordability, despite 3.4% annualized third-quarter economic growth and 4.2% unemployment. Diesel prices topped $6.50 per gallon in September, while gasoline exceeded $5 in June.
1. Inflation and the vote
The article attributes Republicans’ midterm defeat to inflation and the cost of living. It says tariffs and the war with Iran contributed to price pressures, with energy costs surging after the war began on February 28.
2. Economic contrasts
The economy grew at a 3.4% annualized pace in the third quarter, unemployment stood at 4.2%, and the stock market had reached an all-time high less than a month earlier. Yet diesel prices rose above $6.50 per gallon in September and gasoline topped $5 in June.
3. Inflation’s political weight
The article notes that inflation has been above target for almost six years and argues that price increases affect households broadly, with poorer people facing disproportionate pressure. It cites studies reaching different conclusions about whether unemployment or inflation weighs more heavily on well-being.
