In response to this month’s consumer sentiment report showing Americans’ confidence in the economy remains historically low, DNC Rapid Response Director Kendall Witmer released the following statement:

“Donald Trump promised to lower prices on Day One, but nearly six months into his disastrous second term, the American people are tightening their belts and bracing for a recession. After Trump hit Americans with the largest cuts to health and food assistance in U.S. history, he continues to drag the country into an erratic trade war with no end in sight. Trump is selling out small businesses, farmers, and veterans all to fund tax breaks for his billionaire backers — and the American people are taking notice.”

NEW REPORT: Under Donald Trump, consumers’ confidence in the economy is “well below its historical average” as Americans brace for continued trade chaos and high inflation.

University of Michigan July Consumer Sentiment Report: “Consumer sentiment was little changed from June … it remains a substantial 16% below December 2024 and is well below its historical average. … expected personal finances fell back about 4%. 

“Consumers are unlikely to regain their confidence in the economy unless they feel assured that inflation is unlikely to worsen, for example if trade policy stabilizes for the foreseeable future. … [C]onsumers still perceive substantial risk that inflation will increase in the future.”

REMINDER: Inflation increased in June by the fastest rate since Trump took office, as energy, gas, and grocery prices continue to rise and economists warn of “economic weakness.” 

CBS News: “On a month-over-month basis, the CPI rose 0.3%, which is the largest increase since January and in line with economists’ forecasts.”

ABC News: “Inflation surged in June as Trump’s tariffs took hold”  

Bloomberg: “Neil Dutta, head of US economic research for Renaissance Macro Research, tells Bloomberg Television that he sees signs of economic weakness in this report because while, some goods prices are rising, the softness in some services suggests fragility among the consumer.” 

Trump’s reckless economic agenda is dragging the US towards a financial crisis, as Americans already face higher prices, higher long-term unemployment, and slower growth.

CNBC: “The nation’s largest retailer warned in May that it would have to raise prices for its shoppers as President Donald Trump’s new duties drive up the cost of many imported goods. About two months later, some household items on Walmart’s shelves have higher prices, according to a CNBC analysis.”

Reuters: “Fed’s Williams says tariff economic impact is only just starting”

NPR: “As things stand, there’s a 10% tariff on almost everything the U.S. imports, though there are some exceptions. On goods from China, there’s a 30% tariff rate. Last year, China was the third largest source of imported goods to the U.S.

“[S]ome economists warn that it may be some of the most vulnerable people in the U.S. who will feel the economic pinch of tariffs the president has imposed on most of the world.”