The debt swells, the cost of living is crushing, and American politics gears up for a survival war

The U.S. midterm elections on November 3 could shift control of Congress to the Democrats amid rising living costs and eroding support for Trump. The article analyzes structural economic problems: a national debt exceeding $40 trillion, projected deficits, and the rise of the socialist wing within the Democratic Party.

The U.S. midterm elections, to be held on November 3, 2026, could transfer control of Congress to the Democrats, against the backdrop of eroding support for President Donald Trump and the cost of living that concerns voters. According to the polling average, Democrats are expected to gain between 18 and 22 seats in the House of Representatives, turning the Republican majority of four seats into a Democratic majority of 25-30 seats. In the Senate, the betting site Polymarket gives a 63% chance of a Democratic victory. The article notes that the cost of living is the central issue in the elections, and that 65% of Americans attribute high prices to Trump's policies. However, it argues that a Democratic victory will not solve the fundamental problems: the national debt standing at over $40 trillion, deficits of about $25 trillion over the next decade, and the housing crisis. The article examines the rise of the socialist-populist wing in the American left, associated with Bernie Sanders, and his proposal for an annual 5% tax on the wealth of America's 938 billionaires. It quotes the CEO of United Airlines, who called for a federal wealth tax and an inheritance tax at a rate close to 100% above a certain wealth level.