Results of the 2024 presidential election reaffirmed what consumer surveys had indicated: The American people don’t like inflation. A large chunk of President Donald Trump’s campaign was centered on the cost of living, from energy to housing to interest rates. Even with the most expansive tariff policy since the Great Depression, the Trump 2.0 agenda made gains on the inflation front. But now the war in Iran, approaching its 13th week, is at risk of reversing these advances.
With more than five months until the midterms, it will once again be the economy, stupid.
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