Commentary: Midterm Election Incoherences, Misadventures, and Paradoxes

In June 2022, the price of gasoline topped $5 a gallon and stayed around $4 a gallon through October, on the eve of the midterms. It is currently about $4.30. The inflation rate in 2022 hit a 40-year high of 9.1 percent—and would average 5.1 percent over Joe Biden’s four-year tenure. The 2026 inflation rate is estimated to be about 3.5 percent and, over the first two years of the second Trump administration, will likely average around 3 percent. GDP for the third quarter of 2026 is higher than it was in the same quarter of 2022. The poverty rate is now lower and the annual family income higher than in November 2022.

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