In 1980, Ronald Reagan asked, “Are you better off than you were four years ago?” »
On Tuesday, millions of Americans will answer for themselves whether they are better off than they were two years ago when they vote in the midterm elections.
The priority for many Americans: the economy. In a recent NBC News Decision Desk poll, the economy ranked as the issue that matters most to voters and on which a majority say they are deeply frustrated with President Donald Trump.
Here are the five charts that explain why.
The cost of living
At the start of Trump’s second term, wages were rising faster than prices. But consumer prices have soared since the start of the war with Iran, and over the past six months inflation has outpaced rising wages. In September, inflation jumped to 3.7%, while wages rose just 3% from a year ago, according to the Bureau of Labor Statistics.
Gas prices
One of the main drivers of this rise in consumer prices: the rise in energy prices following the war with Iran.
Regular gasoline prices averaged $3.12 per gallon when Trump began his second term and $2.98 just before the war, according to AAA. They are now well above $4 – the highest regular gasoline prices were recorded just before the election.
Diesel prices have reached unprecedented highs in recent weeks. They cost an average of $3.63 at the start of Trump’s second term and $3.75 at the start of the war with Iran. Now they are well above $6. And the higher costs of diesel – which powers trucks, trains and tractors – generally trickle down to the rest of the economy.
Mortgage Rates
Mortgage rates topped 7% in January 2025, but fell during the first year of Trump’s second term. The 30-year fixed rate fell below 6% just before the Iran war, according to Freddie Mac. Since then, mortgage rates have skyrocketed – with the 30-year fixed rate now well above 7%. The 15-year fixed rate also climbed, exceeding 6%.
House prices
Historically speaking, it is not uncommon to see U.S. mortgage rates above 7%. But coupled with average home prices that have jumped 57% since January 2020, the higher rates mean that many Americans looking to buy a home are simply priced out of the housing market. The average price of a single-family home was $422,700 in September, according to the National Association of Realtors.
Even as buyers feel left out, homeowners have more than $35 trillion in home value in the second quarter of 2026, according to the Federal Reserve. This figure has more than doubled over the past decade. Of course, for most people, it’s still money on paper: you can’t easily use it to buy a Halloween costume or fill up your gas tank.
Stock market gains
The stock market as a whole performed very well during Trump’s second term, and the S&P 500 index rose more than 26%.
There have been some declines, notably when Trump announced his tariffs for “Liberation Day” in 2025, and then again during the first weeks of the Iran war.
But spending on artificial intelligence and generally strong corporate profits have propelled the S&P 500 to record highs in recent weeks.
But all this wealth in terms of stock market gains reflects a broader divide in the United States: The wealth of Wall Street investors has increased during the second Trump administration.
Homeowners have also seen the value of their properties rise.
But for millions of Americans, it’s still difficult to keep up month to month, let alone move forward — which will be on many voters’ minds Tuesday at the polls.
Gn headline
