In response to Donald Trump’s failing economy, DNC Rapid Response Director Kendall Witmer released the following statement:

“Donald Trump’s economy is a disaster for Americans — prices are going up and layoffs are skyrocketing. Meanwhile, he’s bragging about the taxes he’s needlessly forced on American consumers and small businesses because of his erratic trade war — and it’s only set to get worse as Trump makes a second attempt at his failed ‘Liberation Day.’ Trump is enriching his billionaire buddies while working families struggle to get by. Turns out his promise to lower costs on Day One was a lie.”

NEW REPORTS: Inflation jumped — with inflation for some products hitting a 38-year high — and layoffs are skyrocketing due to Donald Trump’s failing economic agenda. 

Challenger, Gray, and Christmas: “U.S.-based employers announced 62,075 job cuts in July, up 29% from June’s 47,999. It is up 140% from 25,885 announced in the same month last year, according to a report released Thursday from global outplacement and business and executive coaching firm Challenger, Gray & Christmas. … 

“So far this year, companies have announced 806,383 job cuts, the highest YTD since 2020 when 1,847,696 were announced. It is up 75% from the 460,530 job cuts announced through the first seven months of last year and is up 6% from the 2024 full year total of 761,358. …

Heather Long, Washington Post: “JUST IN: PCE inflation rose 0.3% in June. That takes the annual inflation increase up to 2.6% (highest since February).

“‘Core’ PCE inflation (excluding food and energy) ticked up to 2.8%

“The most interesting data is WHAT people are and aren’t buying. Take a look at the chart. People are really staying away from cars and car parts out of fear of tariffs.”

Ernie Tedeschi, Yale Budget Lab: “Core PCE inflation comes in 0.26% MM (3.1% annualized) in June, 2.8% YY. 

“Durable goods have risen in price by 1.7% so far year to date. Other than the depths of the pandemic, that’s the strongest 6-month rise in PCE durables prices since 1987.”  

OUTLOOK: Things are only set to get worse as Trump maintains his tariff deadline set for tomorrow, as he fails to achieve the 200 “deals” in 120 days that he promised. 

CNBC News: “Come Friday, the world will have to contend with higher tariff rates from the Trump administration, raising the specter of even more economic uncertainty. …

“Back in April, Trump had claimed to have done ‘over 200 deals’ in an interview with Time Magazine, and trade advisor Peter Navarro had said that ‘90 deals in 90 days’ was possible. The country has fallen far short of that…”

Associated Press: “What Trump described as a ‘deal’ is actually less than that: It’s a ‘framework’ meant to set the stage for more substantive talks.”  

Bloomberg: “President Donald Trump’s flurry of trade deal announcements are so far proving light on detail — with key aspects still under negotiation, partners giving mixed signals about what they signed up for, and big numbers shrinking under scrutiny.”

Meanwhile, Trump is busy bragging about taxing Americans an extra $150 billion and falsely claiming he’s lowered prices. 

White House: “WELCOME TO THE GOLDEN AGE ✨

“Thanks to the leadership of @POTUS, the U.S. has generated over $150B in tariff revenues within the past 6 months. 💸”

Donald Trump: “Inflation, I’ve already taken care of. Prices are way down for everything. Groceries, everything.”

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