In response to this week’s Consumer Confidence report showing Americans’ confidence in the economy deteriorated in June, with the sharpest decline felt by Republicans, many of whom have lost faith in Trump’s ability to follow through on his campaign promise to usher in a supposed economic golden age, DNC Chair Ken Martin released the following statement:

“Despite Donald Trump’s promise to lower prices on Day One, Americans have suffered through months of price increases. Now, working families are taking loans to pay for groceries, cutting back on spending, and changing their summer plans to scrape by — and Trump has no plans to correct course, instead focusing on everything but lowering costs. Now, the job market is slowing, consumer sentiment has ‘deteriorated’, and economists are warning things are only going to get more expensive. Trump’s budget bill threatens to make things even worse. With his disastrous billionaire-first agenda, Trump is willing to drag the American people into a financial crisis.” 

NEW REPORT: Donald Trump’s failing economic agenda has “deteriorated” consumer sentiment — especially among Republicans — as the job market continues to slow and Americans brace for a recession. 

The Conference Board: “The Conference Board Consumer Confidence Index deteriorated by 5.4 points in June … The Present Situation Index—based on consumers’ assessment of current business and labor market conditions—fell 6.4 points to 129.1. The Expectations Index—based on consumers’ short-term outlook for income, business, and labor market conditions—fell 4.6 points to 69.0, substantially below the threshold of 80 that typically signals a recession ahead. …

“June’s retreat in confidence was shared by all age groups and almost all income groups. It was also shared across all political affiliations, with the largest decline among Republicans.” 

Heather Long: “Close to 70% of U.S. consumers think there will be a recession in the next year, according to the @Conferenceboard release today.”

Reuters: “US consumer confidence weakens on job market worries” 

“The share of consumers viewing jobs as plentiful was the smallest since March 2021, aligning with the continued elevation in the number of people collecting unemployment checks as well as a moderation in job growth.” 

Economists are sounding the alarm that Trump’s disastrous agenda will bring higher inflation, higher unemployment, and slower growth. 

Reuters: “Federal Reserve Bank of New York President John Williams expects slower growth and higher inflation this year due in large part to trade tariffs …

“Williams said that as a result he expects growth to slow considerably this year to around 1%, with the unemployment rate rising from its current 4.2% level to 4.5% by year’s end. The official also expects that inflation will rise to 3% as President Donald Trump’s tariffs drive up prices …”

Bloomberg: “Federal Reserve Governor Michael Barr said he anticipates tariffs will drive up inflation and expressed support for a wait-and-see approach to interest-rate adjustments. …

“Barr said [Trump’s] levies may cause the economy to slow and unemployment to rise …” 

Federal Reserve Bank of Richmond: “Record Concern about Tariffs Expected to Increase Costs and Prices, Reduce Hiring and Investment” 

“Forty percent of [CFOs] indicated tariffs and trade policy were a pressing concern for their firm this quarter, a record share of respondents citing the same concern going back to the second quarter of 2020 — a time period that covered the pandemic, severe supply chain disruption, and the highest inflation rate the U.S. has seen since the early 1980s.”  

Americans are already cutting back on spending and struggling to afford basic necessities like groceries — all while bracing for an “uncomfortable” summer of even higher prices.  

Time Magazine: “Canned foods, cars, houses, and a range of other goods could soon get more expensive as businesses face a newly doubled tariff rate of 50% for steel and aluminum imports.” 

New York Times: “Nearly a quarter of consumers using buy now, pay later loans finance groceries, up from 14 percent a year ago. …  

“[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.” 

Wall Street Journal: “The U.S. Economy Is Headed Toward an Uncomfortable Summer” 

“Businesses are warning that constantly shifting trade policies are interfering with their ability to plan for the future, leading to hiring and investment freezes.” 

Wall Street Journal: “On average, Americans should count on their electricity bills in June, July and August rising 4% from last year …  

“That would bring the nationwide summertime average to $186 a month, up from $180 last year and $148 four years ago, the [Energy Information Administration] said.” 

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

The Washington Post: “Americans watching the turmoil with tariffs have begun pulling back on spending, as President Donald Trump’s trade war continues to stir up economic uncertainty. Consumer spending growth slowed significantly in the first three months of the year, to 1.2 percent from 4 percent a quarter earlier, according to newly revised gross domestic product data released Thursday.” 

Rather than help lower costs, Trump is busy pushing his billionaire-first agenda that will worsen inflation, explode the deficit, and lead to a financial crisis.

Washington Post: “GOP bill could worsen inflation and lead to financial crisis, economists warn”

ABC: “The ‘One Big Beautiful Bill Act’ … could add $2.4 trillion to the deficit over the next decade, according to a new analysis out Wednesday from the nonpartisan Congressional Budget Office.” 

CBS News: “Budget bill would add trillions to U.S. debt and increase inequality, Nobel laureate economists say”  

Yale Budget Lab: “In the long run, real GDP growth slows because of the debt load from the One Big Beautiful Bill Act (OBBBA) that raises interest rates and results in crowding out.”  

Financial Times: “Senior Federal Reserve official puts ‘50-50’ odds on tariffs sparking sustained US inflation” 

“St Louis Fed president Alberto Musalem told the Financial Times that while Trump’s levies could boost inflation for ‘a quarter or two,’ there was ‘an equally likely scenario where the impact of tariffs on prices could last longer.’” 

POLLING: The American people are overwhelmingly rejecting Trump’s failed economic agenda. 

• 58% of Americans disapprove of Trump’s handling of the economy 
• 72% of Americans say they are “concerned” about their personal finances, while 65% say they are “stressed” 
• Just 39% of Americans say the economy is “good”
• 76% of people say their income is not keeping up with inflation 
• 75% of Americans agree Trump is trying to help the wealthy with his trade policies 

Americans overwhelmingly believe Trump’s disastrous budget will help the wealthy (60%), and most think the bill will hurt lower-income Americans (54%)