5 charts explain how the economy’s role could shape midterm elections

Voters focus on finances

In 1980, Ronald Reagan asked voters whether they were better off than they had been four years earlier. On Tuesday, millions of Americans will make their own assessment of how they are doing compared with two years ago as they cast ballots in the midterm elections.

The economy topped the list of issues that matter most to voters in a recent NBC News Decision Desk Poll. A majority of respondents also said they were deeply frustrated with President Donald Trump on the economy.

Gas prices rise sharply

AAA reported that regular gasoline averaged $3.12 per gallon when Trump began his second term and $2.98 just before the war. Prices are now well above $4 per gallon. The article describes current regular gas prices as the highest they have been just before an election, adding to the cost pressures buyers are facing.

Home equity offers contrast

Homeowners had more than $35 trillion in real estate equity in the second quarter of 2026, according to the Federal Reserve. The total has more than doubled over the past decade.

That wealth is largely on paper and is not readily available for everyday expenses such as gas or a Halloween costume. The contrast is between rising housing wealth and buyers who feel priced out.

Stocks rise despite setbacks

The S&P 500 has climbed more than 26% during Trump’s second term, reflecting strong overall performance in the stock market. The gains point to growing wealth among Wall Street investors during the administration. The market has also experienced several declines, including after Trump announced “Liberation Day” tariffs in 2025 and during the first weeks of the Iran war.