U.S. Midterms' Biggest Wild Card: "High Prices"; Calls to Hold Trump Accountable Spread

Iran War and Tariffs Add to Cost-of-Living Burden
53% of Voters Say the Economy Is "Poor"

With the U.S. midterm elections set for Nov. 3 (local time), the burden of high prices and other living costs has emerged as the biggest last-minute issue. Although U.S. President Donald Trump has touted economic growth and a booming stock market, analysts say voters feel the economy is worsening as the Iran war and tariff policies drive up the prices of gasoline and everyday necessities.

U.S. President Donald Trump. White House

According to The New York Times (NYT) on Nov. 1 (local time), the most prominent concern in recent interviews with voters across the United States was the cost of living. The newspaper reported that economic anxiety is spreading across political affiliations and generations as the costs of necessities—including housing, utilities, gasoline, groceries and medical care—surge.

Discontent over the cost of living is also being voiced by Republican supporters. Sophia Galerani, a retiree who voted for Republican candidates in Tucson, Arizona, said, "Everything you need for everyday life has become expensive, from food to gasoline for going to the doctor or church."

The NYT reported that this discontent has gone beyond rising prices and is fueling fears that it is becoming harder to maintain a middle-class lifestyle. In particular, the perception that President Trump's policies have driven up prices is spreading in this election. The Iran war has sent international oil and gasoline prices soaring, while tariffs on imports have been passed on to consumers, adding to the burden on households.

In fact, the U.S. consumer price index (CPI) rose 3.7% from a year earlier, while mortgage rates have topped 7%. President Trump pledged during the presidential campaign to lower prices and bring mortgage rates down to around 2%, but reality is moving in the opposite direction. Rising gasoline prices in particular are increasing the burden on households, affecting not only commuting costs but also agriculture, transportation and heating costs.

Douglas Holtz-Eakin, president of the American Action Forum (AAF) and a former chief economist on the White House Council of Economic Advisers under the George W. Bush administration, said, "Living standards are falling, and people know it." He added, "The nature of these policies has made it possible for voters to hold President Trump directly responsible."

In a recent poll conducted by the NYT and Siena College, 53% of likely voters rated the state of the U.S. economy as "poor." That was the most negative assessment since July 2022. A majority also viewed President Trump's tariffs and handling of the economy, gasoline prices, the cost of living and his response to the Iran war negatively.

The NYT said economic issues have repeatedly emerged as key concerns in past U.S. midterm elections, but this year the cost-of-living pressures caused by the Iran war and tariff policies have further deepened voters' economic anxiety.

This content was produced with the assistance of AI translation services.