Democrats are seeking to check Trump’s power and are preparing for early fights on government spending. Other challenges include chronic budget deficits, tariffs, artificial intelligence and difficult choices about a Social Security system that could run short of money in as little as six years.

But as long as rising prices keep making middle-class lives less affordable, Democrats and Republicans alike face the risk of angering and alienating voters in the next election cycle.

“Until inflation and interest rates are under control, the likelihood of change elections is going to be high on an ongoing basis,” said Marc Goldwein, senior vice president at the Committee for a Responsible Federal Budget.