As Donald Trump’s deadly and costly war with Iran rages on and continues to cause global oil shortages, Wall Street and Big Oil are raking in record profits as working families struggle to afford higher prices.
New reporting revealed that Wall Street bankers are projected to see their bonuses rise by 10–15% this year. Meanwhile, America’s two largest oil corporations, ExxonMobil and Chevron, reported second-quarter windfall earnings worth a combined $26.5 billion.
In response, DNC Rapid Response Director Kendall Witmer released the following statement:
“Donald Trump’s deadly and costly war with Iran has driven prices through the roof, and while Americans foot the bill to the tune of billions, Trump and his rich friends are swimming in cash. Working families are struggling to stay afloat, as they stretch their budgets and dip into their savings to put food on the table and fill up their tanks — and Trump is turning the other way. Trump’s presidency has been a boon for the ultra-rich and corporations and a bust for everyday Americans.”
Trump’s war with Iran is projected to cost American taxpayers as much as $100 billion and cost consumers nearly $150 billion, about $1,100 per household since the war started. Americans have spent $60 billion more on gas since the beginning of the war — resulting in the average family spending $504 more on gas.
It’s no wonder Trump’s approval is at historic lows. Trump’s overall approval is at a dismal 34%, and 70% of Americans disapprove of Trump’s handling of the economy. Nearly 80% of Americans rate the economy poorly, and recent polling shows voters trust Democrats more than Republicans on the economy.
