US Voters Are Unhappy About the Economy Before Midterm Elections

Americans are feeling grumpy about the economy as they prepare to vote in the midterm elections on November 3. Many voters are upset about high prices, which some blame on President Donald Trump's tariffs and the ongoing war with Iran. While Trump himself is not on the ballot, his economic record is on many voters' minds. The big question is: will their frustration change who controls Congress?

The economy has both good and bad sides right now. On the bright side, very few people are out of work. The unemployment rate is just 4.2%, and it has stayed below 4.5% for five straight years — the longest stretch like that ever recorded. More people than ever have jobs, and the overall economy has been growing at a healthy pace.

But there is a downside too, and it is hard to ignore: prices are still high. Inflation has come down from its peak a few years ago, but people still feel it every time they buy gas, pay an electric bill, or eat at a restaurant. This ongoing pinch is making a lot of Americans unhappy, even when other parts of the economy look strong.

Experts say there is a difference between how people feel about the big economy and how they feel about their own lives. Brian Jacobsen, a financial strategist, explained that one survey measures the overall economy, while another asks people how they are doing personally. He said the personal feelings survey has a bigger effect on how people vote. That may help explain why so many voters feel down even when some economic numbers look good.

The stock market has also been doing well for much of the year, setting dozens of record highs. This has helped people with retirement accounts and savings in stocks feel wealthier. However, those gains mostly help higher-income families, since wealthier households own more stock. Still, their spending has helped keep the broader economy growing.

A big part of the stock market's rise is connected to artificial intelligence, or AI. Companies have been pouring huge amounts of money into AI technology, which has boosted both stocks and the real economy. But as the elections got closer, some big companies like Amazon and Intel reported results that worried investors, and some stock indexes dropped sharply.

Some economists are now warning that the AI spending boom might not last. If companies suddenly cut back on AI spending, it could slow the whole economy. At the same time, higher oil prices, tariffs, and tighter immigration rules could push prices even higher. This combination of slow growth and high prices is called 'stagflation,' and it is especially hard to fix.

Inflation got even worse earlier this year after the United States and Israel attacked Iran, starting a war that has now lasted eight months. That war pushed fuel prices higher around the world. Demand for AI technology is also adding to inflation, and workers' wage growth has started to slow down.

Workers' paychecks and prices have both risen about 5.5% since January 2025. That means workers are not falling behind, but they are not getting ahead either. Many people had hoped things would improve, so staying the same feels like a letdown.

The Federal Reserve has responded by raising interest rates to help slow inflation. Fed Chairman Kevin Warsh called this 'monetary medicine.' But higher rates also make home loans more expensive, and with mortgage rates over 7% and home prices very high, buying a home has become out of reach for many Americans — yet another reason so many voters are feeling frustrated.