Trump’s Top Economic Advisor: Consumers Are “Really The Last Of Our Concerns Right Now.”
CNBC, 3/17/26
Donald Trump’s National Economic Council Chair Kevin Hassett: “If [the war] were to be extended, it wouldn’t really disrupt the U.S. economy very much at all. It would hurt consumers, and we’d have to think about, if that continued, what we would have to do about that, but that’s really the last of our concerns right now.”
Every day, Trump and his team expose their total lack of concern for the needs and priorities of working Americans. Trump’s war with Iran is deeply unpopular and costing taxpayers billions. Worse still, he left the U.S. completely unprepared for the price of oil to skyrocket, despite being warned by his top military advisors well in advance. Gas prices have soared to astronomical levels, setting multi-year highs with little sign of relief in sight. Moreover, Trump’s war with Iran is hitting home right as Americans are already dealing with GOP policies that have led to mass layoffs, zero job growth, and raised prices on everything from health insurance premiums – all to give billionaires more tax breaks, and themselves golden ballrooms and taxpayer-funded private jets. Now, Trump has no plan to get us out of this huge mess.
Trump’s War on Iran Is Hiking Oil & Gas Prices For Working Americans
- The average price of gasoline is now $3.80 a gallon – up over 27% since Trump launched airstrikes against Iran.
- Americans are spending $330 million more a day on gasoline than they were before Trump launched airstrikes against Iran.
- Diesel prices are now over $5 a gallon – nearly 40% higher than they were before Trump launched airstrikes against Iran.
- Even after dozens of countries announced the release of 400 million barrels of oil from emergency stocks, oil prices continue to hover around $100 a barrel as anxiety and disruption spreads. Analysts warn that $110 is a price threshold that could cause real economic damage. Oil prices, as they currently stand, are up more than 37% since the start of the conflict.
BEYOND THE PUMP: Trump’s War on Iran Will Spike Costs for Essential Goods & Services
- FOOD: Food costs could spike within months as diesel prices spike and fertilizer prices go through the roof. Farmers are heavily reliant on diesel to run agricultural equipment and transport food across the country, and fertilizer prices – up 33% since the start of the conflict – will only continue to spike for U.S. farmers as China restricts exports.
- UTILITY BILLS: Rising oil and gas prices will cause utility bills to spike, since 44 percent of American electricity is generated from natural gas and oil products.
- TRAVEL COSTS: Airfares have spiked on some international flights, and airlines are warning that further fare increases are imminent as jet fuel costs double, with United Airlines’ CEO warning that fare increases will “probably start quick[ly].”.
- SHIPPING COSTS: The global shipping industry has been upended by Trump’s war with Iran. High oil prices, wartime route changes, and supply chain disruptions are fueling a nearly 12% increase in global container-shipping prices since the start of the conflict.
- RECESSION & INFLATION RISK: Analysts are warning that Trump’s war is increasing the risk of recession and could raise inflation.
- HOUSING COSTS: Mortgage rates are climbing rapidly, with the 30-year fixed rate climbing back to 6.41% since the start of the war, rapidly rising from below 6% – effectively raising the average mortgage payment by roughly $2,150 a year in a matter of weeks.
- CONSUMER GOODS: The cost of plastic goods could spike within months as tons of plastic-based consumer products absorb high petrochemical prices. Aluminum costs are also spiking, hitting four-year highs.
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