Americans’ Living Costs Are Top of Mind as Midterms Near

Heading into the midterms. One issue keeps hitting Americans where it hurts their wallets. Some Americans say they are feeling squeezed as food, electricity and airfare costs all rise on housing. Many say home ownership feels increasingly out of reach. As prices climb, so are the political stakes this election cycle. When it comes to the word affordability, President Trump is not buying it. Affordability, they call it, was a conjure up by the Democrats. They caused the affordability problem and we've solved it. But more importantly, we've created it. We brought back the American dream. But that dream is not reality. The government's own data tell a different story. The consumer price index has surged year over year, reflecting higher housing, food and energy costs. Really very little effort to address voters concerns on affordability in this Congress. The public is saying, can we get out of this affordability crisis? Even though markets are doing remarkably well for a second year of a president's term. You still have this affordability piece that keeps people really concerned on the edge of their seats. Wars in Iran and Ukraine have sparked one of the largest energy supply disruptions in history. Since last November, Brent has surged more than 60%. Retail prices for diesel, more than $6 a gallon and gasoline surpassing $4 a gallon. President Trump has tried to reassure voters, saying relief is on the way right after the election. Uh, oil prices are going to be tumbling downwards. We'll get them below $2 a gallon. Effects of the Iran war and higher consumer costs have seeped into the housing market. Mortgage rates have surpassed 7% for the first time since 2023. A central banks around the world hike interest rates to combat inflation. In the past five years, consumer prices have risen more than 20%. Every time people go to the grocery store. They feel like they are falling further and further behind Because prices are still too high. One example the price of ground beef US cattle herd is declining, but the demand for ground beef has remained high. The price has climbed to nearly $7 a pound, the most in recent history. The financial hit goes beyond the checkout line. I am paying as a conman the highest prices for my three top inputs. I feed because of the drought, high diesel prices, because the Strait of Hormuz and the highest fertilizer prices I've ever paid to trim costs. President Trump announced a plan allowing ranchers to process and sell their meat directly to customers. This is the largest ever government effort to change all federal rules and regulations necessary to support our ranchers and our farmers. Voters list the economy and inflation as some of their top concerns this election cycle. Based on polls from Gallup and Pew Research, it comes as many surveys say the president's approval rating is reaching historic lows in New York. I'm Lisa Abramowicz, Bloomberg News.