President Trump launched a final push to preserve the Republican congressional majority at the GOP midterm convention in Dallas, claiming "tremendous economic success" and promising a $5,000 check to citizens if Republicans win. However, new economic data undermines his message. The Consumer Price Index showed prices rose 3.4% annually in August, increasing odds of a Federal Reserve rate hike.

Consumer sentiment dropped sharply per the University of Michigan survey, with Americans worried about sputtering growth and persistent inflation. Fuel prices soared and mortgage costs climbed, driven partly by two years of trade brinkmanship and the prolonged war with Iran. Despite a strong labor market, economic growth, and an AI boom, voters have seen prices outpace wages for five straight months.

Economist Oren Klachkin of Nationwide noted consumer attitudes remain focused on rising costs eroding purchasing power, and he does not expect inflation to fall meaningfully soon, citing tariff uncertainty and the Iran conflict. The White House did not comment.