New economic data released today shows that consumer confidence in January collapsed to the lowest level since May 2014. For 35-54 year olds, consumer confidence fell to the lowest since November 2013. Consumer confidence overall fell short of estimates as Americans expressed frustration with Donald Trump’s tanking economy and hollowed-out job market. 

Millions of Americans blame Trump for causing high prices on oil, gas, food, and groceries, and the tanking job market. It’s no surprise that consumers are pessimistic about the economy, and household debt is at an all-time high: Because of Trump’s tariffs, families have already paid an extra $1,625. 

In response, DNC Rapid Response Director Kendall Witmer released the following statement: 

“Donald Trump has tanked the economy for working families, making the cost-of-living an inescapable hell for millions of Americans. Everyday Americans are drowning under the weight of rising costs, flat wages, high unemployment, and record layoffs — it’s no wonder they’re concerned about making ends meet. Trump and his dedicated foot soldier, JD Vance, haven’t done anything to help. He’s continuing his disastrous trade war and making historic cuts to health care and food assistance while giving massive tax breaks to his wealthy donors. Everyday Americans are struggling to get by in Trump’s economy, while billionaires and corporations get ahead — and they know who’s to blame.” 

Americans are sick of Trump’s economy. Consumers and importers are bearing 96% of the costs of Trump’s tariffs, energy prices have skyrocketed, housing prices are soaring, health care spending is up a staggering 25.6%, and the costs of prescription drugs continue to rise for everyday Americans. On top of that, U.S. employers announced more than 1.2 million job cuts in 2025 as it keeps getting harder for Americans to find a job.

It’s no wonder 53% of U.S. adults said the economy has become somewhat or much worse off since Trump became president again, and two-thirds of voters now believe a middle-class lifestyle is out of reach for most people.