This week, Donald Trump announced his intention to fire Fed Governor Lisa Cook in an unprecedented and illegal attempt to let him and his rich backers rig the economy for themselves after already slashing working families’ health care and giving tax handouts to the ultra-wealthy. Trump’s disastrous tariff regime is already wreaking havoc on the economy and leaving Americans in the dust, causing everyday costs from groceries to energy bills to spike as job growth falls and economic activity slows. Now, this latest move continues Trump’s record of abusing his power to benefit himself and the rest of his billionaire friends at the expense of working families.
BY THE NUMBERS: Trump Is Already Tanking The U.S. Economy
- 📉 Consumer confidence in the U.S. economy has dropped in August for the eighth straight month in a row
- 💼 Trump’s anemic economy has delivered the worst three months of job growth since the pandemic.
- ✂️ American companies experienced their highest rate of layoffs since the COVID-19 pandemic this month, with U.S.-based employers announcing more than 800,000 job cuts through the end of July.
- 🏡 U.S. housing affordability has reached levels of unaffordability not seen since the 2008 crisis, with a 57 percent gap between median household income and the income required to purchase a median-priced home.
- 📈 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.
- 🛒 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.
- ⚡️ Energy prices are up 10 percent and growing twice as fast as inflation.