New economic data released today reveals that under Donald Trump and JD Vance, prices in July surged by 3.7%, higher than expectations, and close to a three-year high.
Under Trump and Vance, the average household has spent nearly $3,500 more on goods and services, including $310 more for groceries in Trump and Vance’s first year than in 2024. Americans have already spent $71.5 billion more on gas since Trump’s war with Iran began — an average of $604 in additional costs per family.
Meanwhile, as Americans are struggling to keep up with stubbornly high prices, Vance is sending out fundraising texts, acknowledging, “Groceries cost what they cost” under the Trump-Vance administration.
In response, DNC Rapid Response Director Kendall Witmer released the following statement:
“Donald Trump and JD Vance’s economy is in freefall as their deadly and costly war with Iran and reckless tariffs continue to drive prices through the roof. Working families are breaking the bank to afford gas, groceries, and medicine, as Trump and Vance turn a blind eye and prioritize their own self-interests. While Trump and Vance double down on their price-hiking policies, Democrats are fighting to lower costs and make life more affordable.”
While prices remain high, the July jobs report released this month showed Trump’s economy shed 23,000 jobs in July, and jobs numbers for May and June were revised sharply down by a combined 103,000. Over the last three months, the economy has created approximately 200,000 fewer jobs than expected.
Additionally, new data yesterday showed that consumer confidence fell to its lowest level in seven months, as consumers feel increasingly pessimistic about Trump’s economy. The Expectations Index, which measures future economic optimism, fell significantly in August as consumers felt more pessimistic about Trump’s job market.
It’s no wonder Trump’s approval rating is stuck at the lowest point of his entire presidency, with a meager 33% of Americans approving of his job performance, and a majority of voters saying they are financially worse off since Trump returned to office, including nearly one in four Republicans.
