Donald Trump’s first year back in office has driven the economy to new lows, making it harder than ever for working families, farmers, and small businesses to get by while billionaires get ahead. Trump’s reckless tariffs have fueled inflation and hollowed out the job market, and now Americans are facing one of the most expensive holiday seasons on record and sky-high costs for groceries, utility bills, health care, housing, and transportation. Instead of fixing the mess he’s made, Trump is focused on building his gilded ballroom and lining his family’s pockets.

In response, DNC Rapid Response Director Kendall Witmer released the following statement:

“Donald Trump’s first year back in office has been nothing short of a disaster for the economy. He got elected on the promise to lower prices on ‘Day One,’ but one year later, working families are barely able to make ends meet amid soaring inflation and mass layoffs. While everyday Americans worry about paying their bills, Trump is handing out massive tax cuts to billionaires, and his family’s wealth is exploding. Under Trump, the wealthy are cashing in while working families are left paying the price.”

Here’s a recap of the impact Trump’s first year has had on the economy: 

Trump’s disastrous trade war has cost American families nearly $1,200 in tariff costs since Trump took office, and consumers are footing more than half of the bill for his tariffs. PCE inflation is rising at a faster pace than when Trump took office, despite promising to lower prices on “Day One.” Experts predict even higher prices next year. Inflation-adjusted wages have only increased 0.3% in the three quarters since Trump took office, after increasing nearly 2% in the three quarters before Trump took office. And a staggering 1.2 MILLION jobs have been cut in 2025, and the unemployment rate is 4.6% — the highest since September 2021. 

Trump’s so-called “One Big Beautiful Bill” gave billionaires massive tax cuts while making the largest cuts to health care and food assistance in history — including $1 trillion in cuts to Medicaid, putting over 300 rural hospitals at risk of shutting down. Trump bragged about the tax cuts in his Big, Ugly Bill. Here’s the reality: The temporary “no tax on tips” and “no tax on overtime” provisions are limited and help only a tiny sliver of workers — who will get hurt worst by the devastating health care and food assistance cuts in the bill. And the bill does not really eliminate taxes on Social Security, which two-thirds of seniors already don’t pay taxes on.

When Trump says the price of gas is down, he’s leaving out that gas prices are only down by less than 20 cents per gallon compared to a year ago. Yet Trump rolled back Biden-era fuel economy standards that would have saved drivers around $1,000 on gas. And adding fuel to the fire, residential electricity prices are up by over 13% since January, which wipes out any savings on gas.

It’s no wonder Trump’s approval rating on the economy just hit a new low of 36%. Two-thirds of Americans are concerned about Trump’s tariffs, and more than 6 in 10 Americans say prices are rising faster than their incomes. Even Republicans are fed up with his handling of the economy.