This week, new economic reports made it abundantly clear that Donald Trump is responsible for an anemic economy that is wreaking havoc on working families across America. Consumer sentiment is down, and it’s no surprise why: inflation is rising and everyday costs are spiking due to Trump’s disastrous tariff scheme, while layoffs have hit at their highest levels since the COVID-19 pandemic. Wholesale prices rose far more than expected in July, sending stocks falling as Trump’s failed policies drive inflation higher and crush working families with soaring costs. Trump’s latest tariffs are projected to cost American households $2,400 this year while driving inflation higher under his chaotic agenda, with grocery prices and electricity bills surging. There’s no question that American families are paying the price for Trump’s reckless incompetence. Read more about how Trump’s tariffs are wreaking havoc on the U.S. economy:
BY THE NUMBERS
- 1 in 3 Americans now say their financial situation has deteriorated in the past year (Yahoo Finance)
- American consumer sentiment unexpectedly fell for the first time in months (Bloomberg)
- The core consumer price index, which excludes volatile food and energy costs, rose in June and July at the fastest annual pace in five months (The New York Times)
- The producer price index experienced its largest rise in three years, growing around 1 percent in July – 4.5 times faster than economists anticipated (The Daily Beast)
- The U.S. budget deficit in July climbed 20 percent this fiscal year thanks to Trump and Republicans’ Big, Ugly bill, nearing $37 trillion (The Washington Post)
- Fast-casual and fast-food restaurant sales dropped last quarter by as much as 7 percent for many businesses, including Sweetgreen, Chipotle, KFC, Wendy’s, Popeyes, Wingstop, and more (Axios)
- Vegetable prices spiked nearly 40 percent in July, largely due to Trump’s tariff scheme (Axios)
- Many food costs are rising faster than inflation overall, with eggs, coffee, beef and veal, candy and chewing gum, sugar and sweets, bacon, and bananas all up between 4 and 16 percent year-over-year (CNBC)
- American companies hit their highest rate of layoffs since COVID-19 this month, with U.S.-based employers announcing more than 800,000 job cuts in 2025 through the end of July (Fast Company)
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