Donald Trump’s economy continues to worsen by the day. Prices on everything from groceries to gas to healthcare are still sky-high as Americans dip into their savings to afford basic necessities.
Recent inflation data confirmed what everyday Americans are feeling in their wallets. Prices in May skyrocketed to 4.1% year over year, the highest in three years, while Trump’s inflation outpaces wage growth and Americans’ savings are swallowed up by high prices. Americans are increasingly pulling from their savings to keep up with high costs: The Personal Savings Rate, which measures Americans’ disposable income, dipped to 3% last month, one of the lowest readings since the Great Recession as Americans turn to their hard-earned savings and credit to pay for goods.
Meanwhile, Americans’ concerns have taken a back seat to Trump’s vanity projects. Just last week, Trump refused to sign bipartisan housing affordability legislation to lower housing costs.
In response, DNC Rapid Response Director Kendall Witmer released the following statement:
“Donald Trump has abandoned everyday Americans. Working families are being bogged down by high prices as they deplete their savings and are forced to make impossible decisions on whether to afford groceries or lifesaving care. Meanwhile, Trump is preoccupied with throwing expensive, Trump-branded events to celebrate himself while pumping taxpayer dollars into his self-serving vanity projects. Trump’s priorities couldn’t be clearer: He cares more about enriching himself and his powerful friends than helping working families struggling to stay afloat in his economy.”
As Trump’s economy craters, Democrats are taking action to lower costs and fight back against Trump and Republicans’ disastrous economic agenda. This past weekend, Democrats launched a nationwide Stuff Costs Too Much Weekend of Action that trained 150 new organizers, engaged thousands of volunteers, and included more than 200 on-the-ground events in states across the country.
