Midterm pocketbook pain bites Trump
Summary
Five weeks before the midterm elections, many Americans are feeling financial strain because wages have not kept up with rising prices and borrowing costs are high. Although the economy is growing fast and unemployment is low, many voters remain unhappy about their personal finances, which could affect President Trump's support.Key Facts
- Over the last five months, average workers' pay has not kept pace with inflation.
- Since President Trump took office, consumer prices have risen by over 5%, with gas prices about $1.34 higher per gallon than last year.
- Mortgage rates have risen above 7%, and credit card and auto loan rates are also high.
- Consumer confidence is near record lows, much lower than during President Trump’s first term.
- The economy is growing rapidly, with the latest GDP growth estimated at 5% this quarter.
- Unemployment remains low at 4.1%, one of the lowest in recent history.
- Economic strength may be causing higher borrowing costs due to Federal Reserve rate hikes.
- Over 25% of U.S. workers worry that technology, like AI, could threaten their jobs.
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