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By Gabe Whisnant
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President Donald Trump declared that inflation is “solved” as Americans headed to the polls for the midterm elections on Tuesday, striking an optimistic tone on the economy despite widespread dissatisfaction over the cost of living.
“Inflation is solved. Everything is great. Everybody respects us again, we have a great country,” Trump said, in part, during a Tuesday morning interview on Fox & Friends.
Trump’s approval rating on the economy has fallen to an all-time low in CNBC All-America Economic Survey polling. The October survey found 34 percent of registered voters approved of his handling of the economy, down from 38 percent in July, while 65 percent disapproved.
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The findings mirror broader concerns about affordability heading into the 2026 midterms, the first nationwide verdict on Trump's second presidential term.
An NBC News Decision Desk Poll published in October found that just 27 percent of U.S. adults approved of Trump’s handling of the cost of living. The economy ranked as Americans’ most important issue, while 44 percent said their financial situation had worsened over the previous year. Majorities also said economic conditions had forced them to change what groceries they buy and cut back on spending to afford necessities.
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Annual inflation rose to 3.7 percent in September, according to the U.S. Bureau of Labor Statistics, from 3 percent at the start of Trump’s second term in January 2025.
Trump did not dwell on those concerns Tuesday. Instead, he touted his administration’s record and predicted that Republicans would outperform expectations with control of Congress at stake.
“I think the results are going to be better than you think,” Trump said.
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Election forecasters, however, have projected a strong showing for Democrats, with the national political environment becoming increasingly difficult for Republicans.
Final forecasts have pointed to the possibility of a “blue wave,” with Democrats well-positioned to make substantial gains in Congress and potentially take control of both the House and Senate.
The party occupying the White House has historically lost seats in midterm elections, presenting another challenge for Republicans as they seek to retain control of Congress.
Brent Buchanan, a Republican pollster, said economically struggling and younger voters could be particularly important to the midterm outcome because his firm's data shows those groups have shifted significantly away from Trump since 2024.
“Our data shows that the voters who will decide this election because they've shifted the most away from Trump since 2024 are the economically downtrodden, the apolitical, and the Millennials and Gen Z who the economy of the last couple decades has left behind,” Buchanan told Newsweek.
Buchanan said Republican candidates who have responded empathetically to voters' concerns and maintained a disciplined message are best positioned to survive those shifts.
Newsweek has reached out to the White House via email on Tuesday morning for comment.
This is a breaking news article. Updates to follow.
Contact Newsweek editors on this story: Gabe Whisnant and Dave Siminoff.
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