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Midterm pocketbook pain bites Trump

axios.com · 5h · first reportShare

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 voters prepare to cast their midterm ballots: 1. In the last five months, pay for rank-and-file workers has trailed inflation. That's a recent reversal: Since the start of 2021, hourly pay for rank-and-file workers has climbed 29%, slightly outpacing the 27% gain in consumer prices. 2. Consumer prices are up over 5% since Trump took office, piling on Biden-era gains. It costs about $20 more to fill a 15-gallon tank of gas than it did a year ago. The national average for regular gas is $4.48 a gallon, up $1.34 from last September, according to AAA. 3. Mortgage rates are back above 7%, while rates o