But I don’t want to focus on the Democrats right now. I want to focus on the Republican Party because one of the big things that’s going to shape the midterms — which, make no mistake, are going to be nationalized — is how the American public feels about the GOP. That includes the party’s overall image, the fact that they currently hold the House, Senate, and the White House, and the role of Donald Trump as president. Historically, that’s usually the kiss of death in a midterm. The public looks at single-party control and, whether consciously or not, pulls back a bit. It’s a check on power, and more often than not, it happens.

I still believe, sitting here in late August of 2025, that Democrats are in a good position to take the House back in 2026. The redistricting mess adds some chaos, but even assuming that plays out neutrally or slightly in their favor, the historical precedent is clear — they should be competitive. That said, if we were heading toward something other than a typical midterm correction, you’d start to see signs. Not signs that Democrats are collapsing — that’s already evident in other areas — but signs that voters are unusually comfortable with Republican governance.

And you know what? Those signs are there.

If I had to judge the early terrain by three hard metrics, I’d go with national fundraising, party registration, and the president’s approval rating. Let’s start with the money. The Republican National Committee currently has $65 million in cash on hand. That’s not an overwhelming total, but it’s strong — especially with a year to go. More importantly, it’s four times what the Democratic National Committee has. The DNC is sitting on just $15 million. That gap alone is bad enough, but it gets worse when you factor in spending decisions like Proposition 50 in California. That fight — to temporarily override the independent redistricting commission — is going to vacuum up cash from the same organizations and donors who would otherwise be investing in House flips. So the Democrats are undercapitalized, and they’re committing resources to side projects.

Then there’s registration data. According to a recent New York Times report, Democrats have lost 2.4 million registered voters in swing states that track party affiliation. In the same set of states, Republicans have gained nearly that same amount. That’s a five million voter swing. It’s not just that Democrats are losing — Republicans are growing. That kind of shift doesn’t usually happen in the middle of a polarizing presidency. People don’t suddenly start checking the box for the incumbent party unless something is resonating. And considering the kind of term Donald Trump is having — rapid policy implementation, constant headline churn, immigration crackdowns, inflation waves, even distractions like the Epstein debacle — you’d expect backlash. Instead, you get a net positive in party affiliation.

That brings us to approval ratings. Trump’s RealClearPolitics average stands at 46.3 percent. He’s still underwater, with 50.8 percent disapproving. But let’s add context. That number is higher than Joe Biden, Bill Clinton, Barack Obama, or even Ronald Reagan had at this same point in their second terms. That’s unusual. And while being underwater is never ideal, that 4.5-point spread is about what you’d expect for Trump when you factor in how he’s consistently undercounted in national polling. And the range of poll results is all over the map — Rasmussen has him up one, Harvard Harris has him down two, YouGov has him down 12, and Gallup just released a poll with him down 16. But even Gallup’s number is an improvement from previous weeks, which suggests that Trump’s “tough on crime” stance — especially in DC — is landing.

So when I step back and look at the full picture, what I see is a Republican Party that isn’t being punished. That might sound basic, but it’s a big deal. Historically, you’d expect that by now — with the administration moving aggressively, Democrats hammering every misstep, and inflation rising — the electorate would be turning. But instead, Republicans have a funding advantage, a registration advantage, and a president who’s polling better than most of his second-term predecessors.

That doesn’t mean they’re going to hold the House. The historical pattern still favors Democrats picking up seats. But it does mean that the GOP is better positioned than it has any right to be under these circumstances. And if your theory of the midterms is based on Trump’s agenda — the one big, beautiful bill, cutting Medicaid, handing out tax breaks, and all the rest — then you have to reckon with the fact that, at least for now, it isn’t hurting them. Maybe that changes. But if this were going to backfire, I would have liked to have seen a little something from it by now.

Chapters

00:00:00 - Intro

00:04:20 - Early Midterms Thoughts

00:16:21 - Update

00:16:42 - Abigail Spanberger

00:23:47 - Trump’s Chinese Students Plan

00:27:55 - Lisa Cook

00:33:54 - Interview with Amanda Nelson

01:26:10 - Wrap-up

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