NEW REPORT: Trump’s Unaffordable Agenda Continues To Raise Prices on Working Families 

In response to the latest Personal Consumption Expenditures price index report, DNC Communications Director Rosemary Boeglin released the following statement:

“Americans are paying more in Trump’s America. Despite promising to lower costs on Day One, working families are still being forced to cut back spending to survive increasingly higher costs, and working families are bracing for recession. The only Americans whose bank accounts are getting bigger are the billionaires.”  

NEW REPORT: Six months into his presidency, Donald Trump is failing to get inflation under control as his disastrous economic agenda continues to raise prices — all while the economy shrinks. 

U.S. Bureau of Economic Analysis: “Personal income decreased $109.6 billion (0.4 percent at a monthly rate) in May, according to estimates released today by the U.S. Bureau of Economic Analysis. Disposable personal income (DPI)—personal income less personal current taxes—decreased $125.0 billion (0.6 percent) and personal consumption expenditures (PCE) decreased $29.3 billion (0.1 percent). …

“PCE price index for May increased 0.1 percent. Excluding food and energy, the PCE price index increased 0.2 percent.” 

CNBC: “Core inflation rate rose to 2.7% in May, more than expected, Fed’s preferred gauge shows”

Associated Press: “US economy shrank 0.5% in the first quarter, worse than earlier estimates had revealed” 

Americans are already struggling to keep up with rising costs, and economists are warning that Trump’s failed agenda will make things more expensive. 

Reuters: “[I]nflation is expected to accelerate in the coming months on the back of the Trump administration’s import tariffs …”

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

CBS News: “The median home sale price in the U.S. just touched a record high … 

“The median sale price hit a record $396,500 for the four weeks ending June 15, or a 1% increase from a year earlier, according to a Friday report from Redfin. … 

“Americans are increasingly finding themselves squeezed out of the housing market, as mortgage rates remain high and the inventory of affordable homes remains low. As a result, the dream of home ownership, which is a meaningful way to build wealth, is becoming more distant for large swaths of the population.” 

Associated Press: “Americans sour on US economy and anxiety over tariffs remains the chief culprit”

NY Post: “Trump voters get smacked by inflation in shopping aisles — and some blame tariffs”

CBS: “Most Americans can’t afford a $1,000 emergency expense, report finds”

Business Insider: “Big purchases? In this economy? Americans are scared stiff of financial risks”

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” 

Instead of lowering costs, Trump is pushing his billionaire-first budget that will line the pockets of the ultra-wealthy, worsen inflation, and explode the deficit. 

Washington Center for Equitable Growth:Congressional Republicans’ budget bill is the most regressive in at least 40 years”

“If enacted, our calculations show that the current [Trump budget] bill would reduce income among the poorest 20 percent of Americans by an average of 3.8 percent while increasing it by 3.7 percent for the richest 20 percent—a difference of 7.5 percentage points.”

USA Today: “Low-income families would lose, wealthier ones would gain under GOP tax proposals” 

“Low-income families stand to lose hundreds if not thousands of dollars in income while wealthy ones will gain even more, according to a new analysis of Congressional Republican tax and budget proposals. … 

“In comparison, families with higher incomes would benefit from the extension of the 2017 tax cuts.”

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.’” 

###