US consumer sentiment just hit the lowest level ever recorded, which is bad news for regular Americans, the economy, and Republicans heading into the midterms.

• People's view of their own finances dropped 13% in one month, the worst reading since the survey began over 60 years ago.
• Only 7% of Americans think the economy is better than a year ago, and 77% say the White House is doing a poor job on the economy.
• Gas prices are above $5 a gallon in places like Detroit, with oil staying over $100 a barrel because of the 84-day Iran war.
• Even people earning good money say they cannot afford kids or big purchases as rent, groceries, and insurance keep climbing.
• The economy is splitting in two: stocks keep rising on AI and tech wealth while Walmart shoppers and paycheck-to-paycheck workers fall behind.

Outlook: Sentiment and spending will keep falling until the Iran war ends and gas prices drop, with Republicans likely to lose badly in the midterms.