Back in 1980, Ronald Reagan asked, “Are you better off than you were four years ago?”
asserted
you → ask → 1980
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.
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they → answer → elections
In a recent NBC News Decision Desk Poll, the economy ranked as the issue that matters most to voters and one on which a majority say they are deeply frustrated with President Donald Trump.
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they → rank → Trump
that explain why
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that → explain → ?
At the start of Trump’s second term, paychecks were rising faster than prices.
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paychecks → rise → prices
But consumer prices have soared since the war with Iran started, and for the last six months, inflation has outpaced wage gains.
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inflation → soar → gains
In September, inflation jumped to 3.7%, while wages rose just 3% from a year ago, according to the Bureau of Labor Statistics.
uncertain
wages → jump → Statistics
Regular gas prices averaged $3.12 per gallon when Trump started his second term and $2.98 right before the war, according to AAA.
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Trump → average → AAA
Now they’re well above $4 — the highest regular gas prices have been just before an election.
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prices → ’re → election
Diesel prices have surged to all-time highs in recent weeks.
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prices → surge → weeks
They were averaging $3.63 at the start of Trump’s second term and $3.75 when the war with Iran began.
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war → average → Iran
Now they’re well above $6.
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they → ’re → 6
And higher costs for diesel — which powers trucks, trains and tractors — typically spill into the rest of the economy.
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which → power → economy
Mortgage rates topped 7% in January 2025, but they fell over the first year of Trump’s second term.
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they → top → term
The 30-year fixed rate dipped below 6% just before the Iran war, according to Freddie Mac.
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rate → fix → Mac
Since then, mortgage rates have soared — with the 30-year fixed rate well above 7% now.
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rates → soar → %
The 15-year fixed rate has spiked, too, jumping above 6%.
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rate → fix → %
Home prices
Historically speaking, it’s not uncommon to see U.S. mortgage rates above 7%.
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it → speak → %
But paired with average home prices that have jumped 57% since January 2020, the higher rates mean many Americans looking to buy homes are simply getting priced out of the housing market.
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Americans → pair → market
The average price of a single-family home was $422,700 in September, according to the National Association of Realtors.
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price → accord → Realtors
At the same time that buyers are feeling priced out, homeowners are sitting on more than $35 trillion in real estate equity as of the second quarter of 2026, according to the Federal Reserve.
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homeowners → price → Reserve
That figure has more than doubled over the last decade.
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figure → double → 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.
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you → ’ → tank
The stock market overall has done very well during Trump’s second term, and the S&P 500 index has soared by more than 26%.
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index → do → %
There have been a few dips, notably when Trump announced his “Liberation Day” tariffs in 2025 and then again during the early weeks of the Iran war.
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Trump → announce → war
But artificial intelligence spending and generally strong corporate earnings have propelled the S&P 500 to record highs in recent weeks.
But all that wealth in stock market gains reflects a broader divide in America: Wall Street investors’ wealth has grown over the second Trump administration.
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wealth → propel → administration
Homeowners, too, have seen their property values climb.
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values → see → ?
But for millions of Americans, it’s still hard to keep up month to month, let alone get ahead — something that will be on many voters’ minds Tuesday at the ballot box.
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that → ’ → box
The Aporia
