Donald Trump’s disastrous economic agenda is driving the American economy into a ditch: Consumers are “financially stressed” and cutting back on spending, manufacturing is shrinking, and more and more retailers are hiking prices. On top of that, Trump’s congressional lackeys are pushing forward a budget that guts health care and food assistance, while exploding the deficit. 

Experts are sounding the alarm that Trump’s “billionaire-first” agenda will raise costs and tank the economy — and the American people are taking notice. 

Here’s a look at the latest ways Trump’s economic agenda is failing the American people: 

CNBC: “U.S. growth forecast cut sharply by OECD as Trump tariffs sour global outlook” 

• “The U.S. growth outlook was downwardly revised to just 1.6% this year and 1.5% in 2026. In March, the OECD was still expecting a 2.2% expansion in 2025.”

• “The fallout from Trump’s tariff policy, elevated economic policy uncertainty, a slowdown of net immigration and a smaller federal workforce were cited as reasons for the latest downgrade.”

• “The OECD adjusted its inflation forecast, saying ‘higher trade costs, especially in countries raising tariffs, will also push up inflation’” 

• “The OECD’s inflation outlook shows a notable difference between the U.S. and some of the world’s other major economies. For instance, while G20 countries are now expected to record 3.6% inflation in 2025 — down from 3.8% in March’s estimate — the projection for the U.S. has risen to 3.2%, up from a previous 2.8%.”

• “U.S. inflation could even be closing in on 4% toward the end of 2025, the OECD said.” 

CBS News: “Six Nobel laureate economists said a massive budget bill passed by House lawmakers last month and backed by President Trump would weaken key safety-net programs while greatly lifting the federal debt.”  

• “[T]he House bill would boost the nation’s debt by $3.1 trillion.” 

• “The six economists who penned the letter criticizing the Republican bill also said that large tax cuts under the legislation, combined with the hits to Medicaid and food stamps, would increase inequality.”

• “‘[T]he House budget constitutes an extremely large upward redistribution of income,’ [the Nobel laureates] said.” 

ABC News: “Price increases could hit canned soup, dishwashers, cars and an array of other products as a result of President Donald Trump’s planned hike of steel and aluminum tariffs, experts told ABC News.” 

• “William Hauk, a professor of economics at the University of South Carolina who studies international trade, said the new tariff level could raise the price of a car by $2,000 to $4,000.” 

• “Major home appliances – such as refrigerators, dishwashers and washing machines – rely in part on steel, making them vulnerable to potential price increases.” 

NBC News: “Some Americans are shifting their summer plans to avoid tariff price hikes”

• “A recent consumer pulse report from the accounting firm KPMG, which surveyed 1,516 U.S. consumers, found that ‘in response to tariffs, 50% are cutting back on purchases, and 49% are actively seeking deals and discounts.’ When asked specifically about summer plans, many said they are still choosing to travel — but have otherwise cracked down on personal expenses.”

• “‘We’re seeing a more selective and cost-conscious summer travel season,’ Duleep Rodrigo, KPMG’s consumer and retail leader, said in a statement in the report. ‘Vacations are still in the budget — but nearly everything else is on the chopping block.’”
  

New York Times: “Consumers Are Financing Their Groceries. What Does It Say About the Economy?” 

• “Nearly a quarter of consumers using buy now, pay later loans finance groceries, up from 14 percent a year ago.” 

• “[M]ore Americans are using these loans to pay for recurring monthly bills, such as electricity, heat, internet and streaming services like Hulu.”

• “[P]ay later plans for day-to-day essentials is a troubling sign that more consumers are financially stressed.”

• “Food prices are 28 percent higher than they were in 2020, according to the Bureau of Labor Statistics.” 

Navigator: “Americans Continue to Disapprove of Trump’s Handling of the Economy” 

• “A majority of Americans (56 percent), including 61 percent of independents, disapprove of President Trump’s handling of the economy. Majorities describe the economy as ‘volatile’ (67 percent) and ‘uncertain’ (67 percent) rather than ‘stable’ (28 percent).”

• “Two thirds of Americans (65 percent) say that costs are going up, including almost half of Republicans (48 percent).” 

• “[N]early half of Americans say they are not going out to restaurants, movies, and other recreational activities (47 percent), are saving less than they would like (46 percent), and are cutting back on purchasing daily goods like groceries (42 percent).” 

###