Donald Trump’s failed economic agenda has hollowed out the job market, pushing workers’ pessimism about finding a job to a near-all-time high, and the percentage of consumers saying jobs are “hard to get” rose to a five-and-a-half-year high.
The Bureau of Labor Statistics jobs report for June showed job growth lagged significantly below economists’ expectations, as inflation continues to outpace Americans’ wages. Job growth for April and May this year was also revised down by a whopping 74,000 jobs.
U.S. employers announced over 97,000 job cuts in May, the highest in May since the pandemic in 2020, and factory job cuts hit their highest level since 2009 outside the pandemic.
It’s no wonder nearly three-quarters of voters rate the economy poorly, as most say it is getting worse, and more Americans now say they are falling behind financially.
In response, DNC Rapid Response Director Kendall Witmer released the following statement:
“Donald Trump’s failed economic agenda has driven working families into a corner as Americans worry about how to find a job and keep up with sky-high prices. The reality for working families is undeniable: Trump has wrecked the economy, leaving millions wondering how they will make ends meet with no relief in sight. But Trump doesn’t give a shit — he’s only focused on building his vanity projects and using the power of the presidency to get even richer.”
Since Trump took office, his disastrous economic agenda and deadly and costly war with Iran have forced the average family to spend $3,100 extra on goods and services. To make matters worse, recent inflation data shows that prices in May skyrocketed to 4.1% year over year, the highest in three years. And Americans’ disposable income dipped to 3% last month, one of the lowest readings since the Great Recession, as Americans turn to their hard-earned savings and credit to pay for everyday essentials.
