What happened AlterNet reports that investor and former journalist Steven Rattner used five economic and political comparisons on MSNBC’s “Morning Joe” to argue that Republicans could suffer major losses in the 2026 election. The charts do not actually predict a “bloodbath”: they show conditions Rattner considers as bad as, or worse than, those preceding the Democratic takeover of Congress in 2006. Rattner compared Donald Trump’s second term with George W. Bush’s second term on inflation-adjusted gasoline prices, real wages, broader economic performance, presidential approval and consumer confidence. According to the figures he presented, gas cost about $4.35 per gallon under Trump versus $3.69 under Bush; Trump’s approval stood at 37 percent versus Bush’s 38 percent near the 2006 election; and consumer confidence was 48, compared with 92 under Bush. Rattner also said wages, job creation, growth and interest rates currently compare unfavorably with the Bush-era measures he selected. The reporting acknowledges the decisive limitation: turnout has not happened, polling can be wrong, and economic similarities do not determine an election. The charts describe public conditions and attitudes; they do not establish how many seats Republicans will lose, or that they will lose control of either chamber. The power belongs to the governing party Republicans hold the relevant institutional power in this comparison. Trump occupies the presidency, while his party’s electoral fate is tied to the material conditions voters experience under its rule. House and Senate candidates may try to localize their races, but the governing party cannot plausibly claim to be a spectator to national economic policy. That does not mean a president personally sets every price, wage or interest rate. It means the administration and its congressional allies choose policies, set priorities and claim credit for economic performance. Political power carries exposure to consequences as well as access to microphones. A ledger of failure, not a forecast Rattner’s comparison is useful as an indictment of Republican vulnerability, but weaker as prediction. The 2006 backlash unfolded amid the Iraq war, Hurricane Katrina, rising deficits and public revulsion toward the Bush administration. Similar approval numbers or household pessimism do not reproduce that political environment. The headline converts warning signs into destiny. That is campaign-season sensationalism masquerading as measurement. Consumer confidence can reveal widespread distress; it cannot allocate House seats. Gas prices can punish incumbents; they cannot tell us who will vote, where district boundaries will concentrate those votes, or which candidates will survive their own campaigns. Pain becomes political when power denies it The sharpest evidence is not the Bush analogy but the reported gap between official stewardship and household experience. Rattner’s figures depict higher prices alongside flat real wages, stagnant job growth and exceptionally weak consumer sentiment. Whatever the eventual ballot result, those conditions describe an electorate being told to assess prosperity while its purchasing power is failing to improve. That is where governing rhetoric often turns into misdirection. Leaders emphasize aggregate indicators, inherited problems or external forces while families encounter the economy through rent, fuel, food, debt and paychecks. Some causes lie beyond presidential control, but responsibility for the policy response still belongs to officials empowered to act. The missing agents AlterNet’s framing also lets Congress recede behind Trump’s name. That obscures the lawmakers who authorize spending, shape taxes, approve or block economic measures and defend the administration’s agenda. If Republicans suffer losses, it will not merely be because voters disliked one president’s numbers. It will also reflect choices made—and alternatives rejected—by a party exercising legislative power. The weaker actors here are consumers and wage earners. They did not set interest rates or national policy, yet coverage often treats their dissatisfaction as a volatile mood requiring explanation. Rattner’s data suggest something less mysterious: people report economic pessimism when their money buys less and their wages do not compensate. Accountability is not prophecy The systemic pattern is familiar. Political coverage prefers the drama of an approaching electoral “bloodbath” to the harder work of tracing who governed, what that government chose and whose living standards absorbed the result. The horse race becomes the story; the exercise of power becomes background scenery. Republicans may face a severe reckoning in 2026, but these charts cannot promise one. What they can show, if the reported figures hold, is a governing party entering an election under conditions of deep economic dissatisfaction. The consequence remains unsettled. The responsibility for confronting those conditions does not. Thanks to Alter Net Source: 5 charts that predict the coming GOP ‘bloodbath’ This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit paulstsmith.substack.com/subscribe