Trump’s Wars Came Home to America

Donald Trump promised to make America’s adversaries pay for his wars, but American voters have punished his party for making them pay instead.

The Economic Price of War

According to the findings of a poll conducted immediately before the elections, 48% of registered voters identified the cost of living as their most important electoral concern, compared with 26% who prioritized democratic norms and 13% immigration. Meanwhile, 55% believed the Iran war was not worth its cost, against just 25% who considered it worthwhile.

The economic consequences of the war were substantial. Since the United States and Israel launched their military campaign against Iran in February, disruptions to Middle Eastern oil shipments have driven up American energy prices. Reports show that gasoline prices had reached $4.33 per gallon by October, approximately 45% above prewar levels, while diesel prices had increased by 68%.

The consequences extended well beyond gasoline stations. Higher diesel prices increased transportation and distribution costs, while rising aviation fuel expenses contributed to airfares climbing approximately 22% compared with the previous year. These increases placed additional pressure on household budgets already strained by persistent inflation.

Estimates show that, by November 4, higher motor-fuel prices attributable to the war had imposed approximately $967 in additional costs per American household. Roughly half came from direct fuel purchases, while the remainder reflected higher costs transmitted through businesses and the wider economy. A broader estimate by Moody’s Analytics chief economist Mark Zandi placed the average household’s war-related economic burden at approximately $2,000 by October, incorporating higher energy costs, borrowing expenses and an allocated share of military expenditure. The latter represents a public-finance burden rather than an immediate household payment.

These estimates measure overlapping effects and cannot be added together.........

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