Steelman · slot A
The pocketbook verdict
A political economist tracking incumbent risk would argue —Voters were already glum about the economy long before missiles started flying, and the Iran war has now layered an oil shock on top of that mood. When pump prices climb and inflation expectations re-anchor upward, the incumbent party owns the consequences regardless of who fired first. You cannot run on stewardship of the economy while a war you are prosecuting is feeding through global crude markets into household budgets. The midterm fundamentals — gas, groceries, mortgage rates — are the screen through which everything else gets judged, and right now that screen is showing exactly the wrong picture for the party in power.