Former House Speaker Nancy Pelosi accused President Donald Trump of lying about lowering costs and blamed his tariffs and rising inflation for hurting working families, days before next week’s midterm elections.
Costs Are Hitting Families
In a post on X Thursday, Pelosi said Trump promised to lower costs on “Day One,” but “he lied.”
“Inflation is accelerating, tariffs are driving up prices and working families are paying the price while Trump and his billionaire friends cash in,” she added.
The White House and the Treasury Department did not immediately respond to Benzinga’s request for comment.
A report by Democrats on the Joint Economic Committee found his oil and gas holdings were worth $22.5 million to $81.6 million, up from $12.6 million to $46 million at the end of 2025.
Meanwhile, the Iran war has cost the U.S. military more than $47 billion, above Defense Secretary Pete Hegseth‘s July estimate of $37.5 billion, according to Pentagon data obtained by Reuters.
Inflation and Gas Prices Remain High
The Federal Reserve’s preferred inflation gauge, the personal consumption expenditures index for last month rose 3.6% from 3.4% in August, while the central bank held rates this week after a hike in September. Consumer prices rose 3.7% in September from a year earlier, with gasoline up 9.1% for the month.
Gas prices averaged $4.2258 a gallon nationally on Thursday, according to the American Automobile Association. That is down from $4.2701 a week ago but up from $3.0384 a year ago, while diesel is at $6.3347, compared with $3.6826 a year ago.
Trump’s Approval Near Record Low as Midterms Near
Trump’s approval rating was at 32% in the latest Reuters/Ipsos poll, conducted about a week before the Nov. 3 midterms, with two in three Americans disapproving of how he is handling the job and while the economy was the top issue facing the country.
Traders on Polygon (CRYPTO: POL)-based Polymarket odds as of late Thursday show a 94% chance Democrats win the House and a 68% chance they take the Senate.
Price Action: The State Street SPDR S&P 500 ETF Trust (NYSE:SPY) closed 0.38% lower on Thursday at $769.36 and fell 0.87% in overnight trading to $762.63, according to Yahoo Finance.
Benzinga Edge rankings indicate the State Street ETF has a Momentum score in the 70th percentile and a positive price trend across the short, medium, and long term.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Asatur Yesayants on Shutterstock.com
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