The ‘midterm penalty’ strikes again

North Carolina voters delivered a political setback to Republicans and handed Democrats an opportunity to lead. But the results tell a story that goes beyond a shift in party control. Voters were sending a message about what they expect from government — and what they don’t.The election was a demand for change, driven in large part by economic frustration. While midterm elections have followed a remarkably consistent pattern over the past 50 years, the scale of the setback for Republicans is significant. The GOP missed the plot of the story unfolding in front of them. This election was ultimately about consumer prices, interest rates, and an economy in which many Americans feel stuck and frustrated.Voters may appreciate declining crime, the opportunity to invest in Trump accounts for their children, and the tax relief provided by the One Big Beautiful Bill Act.

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