Democrats were able to run up the score in key races across the country on Tuesday by harnessing some of the same populist fervour that helped get Trump reelected a year ago – but also by focusing on the kitchen table issues the Republican had vowed to fix.
Now, as the incumbent, fears about the economy have made Trump the face of much of the public’s discontent.
“We learned a lot.” Trump acknowledged on Wednesday. He later posted online that, “Affordability is our goal.”
Vice President JD Vance struck a similar tone, posting on X: “We’re going to keep on working to make a decent life affordable in this country, and that’s the metric by which we’ll ultimately be judged in 2026 and beyond.”
That followed voters in the Virginia and New Jersey governor races, the New York City mayoral contest and the California ballot proposition all citing economic concerns as a top issue.Democrats swept those elections, and it was difficult to point to any major race, anywhere, where Republicans had a key victory.The reversal of fortune from a year ago was stark. Back then, voters returned Trump to the White House on the promise that he could quickly bring down inflation, jump-start factory hiring and shower the country in newfound wealth from steep tariffs he imposed on US allies the world over.
Instead, voters now are expressing concerns that high prices for groceries, electricity bills and housing are draining their bank accounts.
Trump has been defiant in insisting that he’s strengthened the economy, so – his early reactions aside – it’s not clear he’ll internalise the need to take on the same inflationary challenges that became a drag for his Democratic predecessor, Joe Biden.
‘People have 401(k)s’
There are few signs that the public is putting much confidence in Trump’s claims about an American “golden age,” nor his assertion that inflation has been tamped down into submission. Recently pressed on Americans still worried about high grocery prices, Trump pointed to the stock market.
“Look, 401(k)s. People have 401(k)s,” the president said in an interview with CBS News’ “60 Minutes” that was broadcast on Sunday. Trump said grocery prices are falling, but the most recent inflation report shows they’re up 2.7 per cent from a year ago.
Overall consumer prices have risen 3 per cent over the past 12 months, which is higher than the rate going into Trump’s 2024 election win. The Federal Reserve targets inflation at 2 per cent.
‘I don’t think it was good for Republicans’
While the stock market is surging and life looks good for tech executives with artificial intelligence investments, hiring slowed sharply this summer in the wake of Trump rolling out his tariffs.
The AP Voter Poll showed that anxiety about the economy helped the Democrats on Tuesday.
Roughly half of Virginia voters said “the economy” was the top issue, and about 6 in 10 of these voters picked Democrat Abigail Spanberger for governor, powering her to a decisive win.
In New Jersey, Democrat Mikie Sherrill won about two-thirds of voters who called “the economy” the top issue facing the state. Republican Jack Ciattarelli secured about 6 in 10 New Jersey voters who said the top issue was “taxes.”
More than half of New York City voters said the cost of living was the top issue facing the city, and Democrat Zohran Mamdani won about two-thirds of this group.
Slightly fewer than half of California voters said “the economy” was the top issue facing the state, and roughly two-thirds of those voters backed Prop 50. The measure’s approval allows Democrats to redraw congressional maps more favorable to their party in the nation’s largest state and keep up with Republicans who have moved to add potential new red House seats in Texas and elsewhere.
Trump did not actively campaign for his party ahead of Election Day 2025. With votes still being counted, he was already ducking blame, posting that he “WASN’T ON THE BALLOT.”
The morning after the election, while hosting Senate Republicans at the White House, Trump was more reflective. “Last night, it was not expected to be a victory,” he said.
The elections were largely in areas that have recently favoured Democrats, so there are limits to interpreting what the results could mean for next year’s broader midterm races. But the size of Democratic margins indicated the degree of frustration with economic conditions under Trump.
“I don’t think it was good for Republicans,” Trump said. “I’m not sure it was good for anybody, but we had an interesting evening, and we learned a lot.”
Later, while travelling to Florida, to lay out what he deems to be his economic successes for an audience of business leaders and athletes, the president posted another message in which he seemed to reacting to the election’s results.
While insisting “Our Economy is BOOMING” he added, “Affordability is our goal.”
That was a departure from last weekend, when Trump threw a lavish Jazz Age-themed “Great Gatsby” party at his Florida club, Mar-a-Lago after jetting back from a trip to Asia dripping with luxury.
The Trump administration has maintained that the working class will soon benefit – along with the billionaires.
“We’re going to see Main Street surge here, along with Wall Street, which we’ve already seen,” Treasury Secretary Scott Bessent said this week on Fox News Channel’s “Jesse Watters Primetime.”
In the run-up to Tuesday’s elections, Trump had focused his messaging on mass deportations of immigrants in the country illegally and a push to reduce crime by deploying National Guard troops to cities with Democratic leadership. But the AP Voter Poll found that few of those casting their ballots considered crime or immigration a top priority.
“Our side needs to focus on affordability,” said Vivek Ramaswamy, a former Republican presidential candidate and Trump ally now running for Ohio governor in 2026. “Make the American dream affordable. Bring down costs, electric costs, grocery costs, health care costs and housing costs. And lay out how we’re going to do it.”
