Trump is trying to avoid being remembered like Herbert Hoover, but the Iran war's economic damage looks hard to undo, which is bad for most Americans.

• Trump compared himself to Hoover, who he blames for the Great Depression, and insists his tax cuts protect him from the same fate.
• The Iran war drained household budgets, with gas costs over 100 days outweighing the entire tax cut and most wage gains.
• Gas prices will fall now that a deal is signed, but not back to where they were, and shipping and Gulf damage will take months to recover.
• The Fed held rates steady and may even raise them later this year, keeping mortgage rates high near 6.5% and home loans unaffordable.
• New home construction plunged 15% in May, the worst since 2020, while starter homes near a million dollars in many cities freeze buyers in place.

Outlook: High inflation and unaffordable housing are expected to grind on, with little political room for Trump to recover unless major action comes.