New data reveals the extent of Donald Trump’s damage to the economy and Americans’ budgets: 

• A record share of Americans with Vanguard 401(k)s have raided their personal retirement savings due to financial emergencies, withdrawing a median of $1,900.
• The top reasons for increased hardship withdrawals included avoiding foreclosure and evictions, and paying medical expenses. 
• Only 13% of workers indicated they felt confident in their financial wellness, and just 39% felt prepared for a financial emergency. 
• A majority of Americans are dealing with credit card debt, 1 in 4 are facing student debt, and less than half of Americans have three or more months of emergency savings. 
• Under Trump, the share of workers who worked multiple jobs reached its highest point since 2000, and nearly 4 in 10 workers say inflation has significantly increased their need for additional income, and 72% say rising costs have made secondary work necessary to make ends meet. 

Just this morning, Treasury Secretary Scott Bessent said that the Trump administration will bump its global tariff from 10% to 15% “likely sometime this week” and that “the tariffs rate will be back to their old rate within five months” — despite the Supreme Court ruling Trump’s tariffs illegal. Economists estimate Trump’s 15% tariff will cost the average American household an additional $1,315 per year. J.D. Vance pushed back his forecast for the economy improving for another year, and again urged Americans to have patience as they continue to face skyrocketing prices under Trump. 

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

“Donald Trump has wrecked the economy, and now everyday Americans are being forced to dip further into their hard-earned savings just to make ends meet. Trump has failed to bring down costs as he promised or repair his broken job market, and is instead spending billions of taxpayer dollars on a war with Iran. Meanwhile, a record share of Americans are working multiple jobs and still taking on more debt, wondering how they will afford next month’s rent, pay their medical bills, or put food on the table. Trump has doubled down on his ‘Billionaires First, Americans Last’ agenda, and Americans have had enough.”