Trump’s Economy: Higher Prices, Fewer Jobs, Broken Promises

Washington, D.C. – When President Trump was campaigning, he promised that “starting on day one, [he would] end inflation and make America affordable again.” The reality of his presidency has been much different, as he plunged the United States into a chaotic trade war that has increased costs and decimated jobs, reversed legislation that would keep energy costs low, and betrayed American families by cutting essential programs and health benefits. Now, American families are starting to realize they have been sold a false bill of goods. Instead of cutting costs, Trump is cutting jobs, and Americans are left to deal with a failing Trump economy and no relief in sight on cripplingly high costs.

NBC News - U.S. consumers bearing more than half the cost of tariffs so far, Goldman Sachs says

• “Six months into President Donald Trump’s unprecedented gambit to impose sizable tariffs on imports, U.S. consumers are already shouldering as much as 55% of their costs…the tariffs’ cost burden borne by consumers could rise to 70%.”

CNN - In the market for a new car? Prepare for sticker shock

• “New car buyers can expect to shell out an average of more than $50,000 for the first time.”

WSJ - Grocery Prices Keep Rising. Frustrated Consumers Are Trying to Adapt.

• “The price of coffee increased 20.9%... ground beef was up 12.8%, and bananas rose 6.6%. Dairy, fruits and vegetables and cereals have all become pricier.”

FOX 4 - Beef prices hit record highs as nationwide cattle inventory drops to lowest level in 70 years

• “Higher tariffs have also factored into higher beef prices hitting consumers at the checkout line, with beef from Brazil facing a 76% tariff and other beef-producing countries facing tariffs as well.”

CNBC - Tariffs are pushing prices higher and consumers are feeling the hit, Fed’s Beige Book shows

• “President Donald Trump’s tariffs are pushing inflation generally higher as companies are caught between absorbing the costs or passing them onto customers, according to a Federal Reserve report Wednesday.”

Bloomberg – Even GOP Voters Are Souring on This Economy

• “Only 44% of Republicans think the economy is excellent or good…Hiring remains slow, costs — like groceries and housing — are still high, and credit is tight…The share of Republicans who expect the economy to be better next year is rapidly declining.”

ABC News - Slowdown in US hiring suggests economy still needs rate cuts, Fed's Powell says

• “A sharp slowdown in hiring poses a growing risk to the U.S. economy, Federal Reserve Chair Jerome Powell said Tuesday.”

Yahoo Finance - GoFundMe CEO says economy is so challenged people are raising money to buy food

• “Recently, consumers have felt the squeeze financially in major ways. The latest Consumer Price Index data shows prices are up 2.9% annually, while the USDA reported that overall food prices would increase by 3% this year, slightly ahead of the 20-year historical average of 2.9%. The Trump administration's tariffs have also induced companies to raise prices.”

FORTUNE - Trump keeps saying he’s ‘defeated’ inflation but coffee is 21% more expensive and groceries just had their largest non-pandemic jump in a decade

• “The cost of some everyday goods are still rising more quickly than before the pandemic: Grocery prices moved up 2.7% in August from a year ago, the largest gain, outside the pandemic, since 2015.”

Business Insider - Coffee, burgers, and burritos are getting pricier as restaurants pass rising costs on to diners

• “Inflation is a top concern for restaurant operators, and they're passing higher costs to diners. Prices of staples like coffee and burgers continue to rise…Nearly half of restaurants plan to raise menu prices further if inflation woes persist”

FOX45 News - Consumers anxious about economy, will spend less this holiday season: Report

• “Shoppers plan to spend an average of $1,595 this season, down 10% from last year…This includes a 14% drop in spending on goods and a 6% decline for experiences. Consumers are likely preparing for tighter times as 77% of those surveyed expect to see higher prices on holiday items and 57% believe the economy will weaken in 2026, the least optimistic outlook recorded by Deloitte since 1997.”

MarketWatch - High inflation and lack of jobs leave Americans frustrated with the economy

• “Americans have soured on the prospect of finding new jobs, a new survey shows. And they’re still frustrated by persistent inflation, giving them little confidence that the economy will improve soon.”

Fox Business - American soybean farmers face financial crisis as China trade dispute threatens livelihoods

• “The ongoing trade dispute with China has created serious headwinds for American farmers, with soybean producers having lost access to the world's largest market for the commodity…China halted purchases of American soybeans this spring in retaliation for the Trump administration's tariffs.”

WSJ - Americans Are Falling Behind on Their Car Payments

• “Delinquency rates on subprime auto loans are at records”

FORTUNE - America is ‘going broke slowly’ says J.P. Morgan, as national debt balloons and tariff revenue looks shaky

• “America’s national debt is spiraling higher by the second. At the time of writing it sits at over $37.8 trillion, and there are $1.2 trillion in interest payments to service the borrowing. JPMorgan CEO Jamie Dimon and Fed chairman Jerome Powell have both expressed concerns about it.”

CNBC - Millions of student loan borrowers at risk of default as late payments climb

• “Millions of student loan borrowers face a so-called “default cliff”…repayment options that cap monthly payments based on income are dwindling, due to recent court actions and President Donald Trump’s “big beautiful bill.”

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