{"id":1053080,"date":"2025-06-03T13:39:11","date_gmt":"2025-06-03T17:39:11","guid":{"rendered":"https:\/\/democrats.org\/?p=1053080"},"modified":"2025-06-03T13:39:12","modified_gmt":"2025-06-03T17:39:12","slug":"icymi-trumps-disastrous-economy-is-only-going-to-get-worse","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/icymi-trumps-disastrous-economy-is-only-going-to-get-worse\/","title":{"rendered":"ICYMI: Trump\u2019s Disastrous Economy Is Only Going To Get Worse"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" height=\"449\" width=\"1024\" src=\"https:\/\/democrats.org\/wp-content\/uploads\/2025\/01\/Black-Logo-White-Fill-For-Email.png?w=1024\" alt=\"\" class=\"wp-image-1050776\" srcset=\"https:\/\/democrats.org\/wp-content\/uploads\/2025\/01\/Black-Logo-White-Fill-For-Email.png 1101w, https:\/\/democrats.org\/wp-content\/uploads\/2025\/01\/Black-Logo-White-Fill-For-Email.png?resize=300,132 300w, https:\/\/democrats.org\/wp-content\/uploads\/2025\/01\/Black-Logo-White-Fill-For-Email.png?resize=768,337 768w, https:\/\/democrats.org\/wp-content\/uploads\/2025\/01\/Black-Logo-White-Fill-For-Email.png?resize=1024,449 1024w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Donald Trump\u2019s disastrous economic agenda is driving the American economy into a ditch: Consumers are <a href=\"https:\/\/www.nytimes.com\/2025\/06\/02\/business\/buy-now-pay-later-groceries.html\">\u201cfinancially stressed\u201d<\/a> and cutting back on <a href=\"https:\/\/navigatorresearch.org\/americans-continue-to-disapprove-of-trumps-handling-of-the-economy\/?emci=60d9ec03-f43f-f011-a5f1-6045bda9d96b&amp;emdi=21692f74-5f40-f011-a5f1-6045bda9d96b&amp;ceid=1591425\">spending<\/a>, manufacturing is <a href=\"https:\/\/democrats.org\/news\/trump-shrinks-manufacturing-for-third-straight-month\/\">shrinking<\/a>, and more and more retailers are <a href=\"https:\/\/www.cnbc.com\/2025\/05\/31\/trump-tariffs-here-are-the-retailers-raising-prices.html\">hiking<\/a> prices. On top of that, Trump\u2019s congressional lackeys are pushing forward a budget that guts health care and food assistance, while exploding the deficit.&nbsp;<\/p>\n\n\n\n<p>Experts are sounding the alarm that Trump\u2019s \u201cbillionaire-first\u201d agenda will raise costs and tank the economy \u2014 and the American people are <a href=\"https:\/\/navigatorresearch.org\/americans-continue-to-disapprove-of-trumps-handling-of-the-economy\/?emci=60d9ec03-f43f-f011-a5f1-6045bda9d96b&amp;emdi=21692f74-5f40-f011-a5f1-6045bda9d96b&amp;ceid=1591425\">taking notice<\/a>.&nbsp;<\/p>\n\n\n\n<p><em>Here\u2019s a look at the latest ways Trump\u2019s economic agenda is failing the American people:&nbsp;<\/em><\/p>\n\n\n\n<p><a href=\"https:\/\/www.cnbc.com\/2025\/06\/03\/us-growth-forecast-cut-further-by-oecd-as-trump-tariffs-sour-outlook.html\">CNBC<\/a>: \u201c<strong>U.S. growth forecast cut sharply<\/strong> <strong>by OECD as Trump tariffs sour global outlook\u201d&nbsp;<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u201cThe U.S. growth outlook was downwardly revised to just 1.6% this year and 1.5% in 2026. In March, the OECD was still expecting a 2.2% expansion in 2025.\u201d<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u201cThe fallout from Trump\u2019s tariff policy, elevated economic policy uncertainty, a slowdown of net immigration and a smaller federal workforce were cited as reasons for the latest downgrade.\u201d<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u201cThe OECD adjusted its inflation forecast, saying \u2018higher trade costs, especially in countries raising tariffs, will also push up inflation\u2019\u201d\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u201cThe OECD\u2019s inflation outlook shows a notable difference between the U.S. and some of the world\u2019s other major economies. For instance, while G20 countries are now expected to record 3.6% inflation in 2025 \u2014 down from 3.8% in March\u2019s estimate \u2014 the projection for the U.S. has risen to 3.2%, up from a previous 2.8%.\u201d<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u201cU.S. inflation could even be closing in on 4% toward the end of 2025, the OECD said.\u201d\u00a0<\/li>\n<\/ul>\n\n\n\n<p><a href=\"https:\/\/www.cbsnews.com\/news\/big-beautiful-bill-house-tax-trump\/\">CBS News<\/a>: <strong>\u201cSix Nobel laureate economists said a massive budget bill passed by House lawmakers last month and backed by President Trump would weaken key safety-net programs while greatly lifting the federal debt.\u201d&nbsp;&nbsp;<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u201c[T]he House bill would boost the nation\u2019s debt by $3.1 trillion.\u201d\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u201cThe six economists who penned the letter criticizing the Republican bill also said that large tax cuts under the legislation, combined with the hits to Medicaid and food stamps, would increase inequality.\u201d<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u201c\u2018[T]he House budget constitutes an extremely large upward redistribution of income,\u2019 [the Nobel laureates] said.\u201d\u00a0<\/li>\n<\/ul>\n\n\n\n<p><a href=\"https:\/\/abcnews.go.com\/Business\/trumps-hike-steel-aluminum-tariffs-raise-prices\/story?id=122410653\">ABC News<\/a>: <strong>\u201cPrice increases could hit canned soup, dishwashers, cars and an array of other products as a result of President Donald Trump\u2019s planned hike of steel and aluminum tariffs, experts told ABC News.\u201d&nbsp;<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u201cWilliam Hauk, a professor of economics at the University of South Carolina who studies international trade, said the new tariff level could raise the price of a car by $2,000 to $4,000.\u201d\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u201cMajor home appliances \u2013 such as refrigerators, dishwashers and washing machines \u2013 rely in part on steel, making them vulnerable to potential price increases.\u201d\u00a0<\/li>\n<\/ul>\n\n\n\n<p><a href=\"https:\/\/www.nbcnews.com\/business\/consumer\/americans-are-shifting-summer-plans-avoid-tariff-price-hikes-rcna206921\">NBC News<\/a>: <strong>\u201cSome Americans are shifting their summer plans to avoid tariff price hikes\u201d<\/strong><br><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u201cA recent consumer pulse report from the accounting firm KPMG, which surveyed 1,516 U.S. consumers, found that \u2018in response to tariffs, 50% are cutting back on purchases, and 49% are actively seeking deals and discounts.\u2019 When asked specifically about summer plans, many said they are still choosing to travel \u2014 but have otherwise cracked down on personal expenses.\u201d<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u201c\u2018We\u2019re seeing a more selective and cost-conscious summer travel season,\u2019 Duleep Rodrigo, KPMG\u2019s consumer and retail leader, said in a statement in the report. \u2018Vacations are still in the budget \u2014 but nearly everything else is on the chopping block.\u2019\u201d<br><\/li>\n<\/ul>\n\n\n\n<p><a href=\"https:\/\/www.nytimes.com\/2025\/06\/02\/business\/buy-now-pay-later-groceries.html\">New York Times<\/a>: <strong>\u201cConsumers Are Financing Their Groceries. What Does It Say About the Economy?\u201d&nbsp;<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u201cNearly a quarter of consumers using buy now, pay later loans finance groceries, up from 14 percent a year ago.\u201d\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u201c[M]ore Americans are using these loans to pay for recurring monthly bills, such as electricity, heat, internet and streaming services like Hulu.\u201d<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u201c[P]ay later plans for day-to-day essentials is a troubling sign that more consumers are financially stressed.\u201d<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u201cFood prices are 28 percent higher than they were in 2020, according to the Bureau of Labor Statistics.\u201d\u00a0<\/li>\n<\/ul>\n\n\n\n<p><a href=\"https:\/\/navigatorresearch.org\/americans-continue-to-disapprove-of-trumps-handling-of-the-economy\/?emci=60d9ec03-f43f-f011-a5f1-6045bda9d96b&amp;emdi=21692f74-5f40-f011-a5f1-6045bda9d96b&amp;ceid=1591425\">Navigator<\/a>: <strong>\u201cAmericans Continue to Disapprove of Trump\u2019s Handling of the Economy\u201d&nbsp;<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u201cA majority of Americans (56 percent), including 61 percent of independents, disapprove of President Trump\u2019s handling of the economy. Majorities describe the economy as \u2018volatile\u2019 (67 percent) and \u2018uncertain\u2019 (67 percent) rather than \u2018stable\u2019 (28 percent).\u201d<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u201cTwo thirds of Americans (65 percent) say that costs are going up, including almost half of Republicans (48 percent).\u201d\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u201c[N]early half of Americans say they are not going out to restaurants, movies, and other recreational activities (47 percent), are saving less than they would like (46 percent), and are cutting back on purchasing daily goods like groceries (42 percent).\u201d\u00a0<\/li>\n<\/ul>\n\n\n\n<p><strong>###<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Donald Trump\u2019s disastrous economic agenda is driving the American economy into a ditch: Consumers are \u201cfinancially stressed\u201d and cutting back on spending, manufacturing is shrinking, and more and more retailers are hiking prices. On top of that, Trump\u2019s congressional lackeys are pushing forward a budget that guts health care and food assistance, while exploding the [&hellip;]<\/p>\n","protected":false},"author":293,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1053080","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>ICYMI: Trump\u2019s Disastrous Economy Is Only Going To Get Worse - Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/democrats.org\/news\/icymi-trumps-disastrous-economy-is-only-going-to-get-worse\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:site_name\" content=\"Democrats\" \/>\n<meta property=\"article:published_time\" content=\"2025-06-03T17:39:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-06-03T17:39:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/democrats.org\/wp-content\/uploads\/2025\/01\/Black-Logo-White-Fill-For-Email.png?w=1024\" \/>\n<meta name=\"author\" content=\"Shelby Reese\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shelby Reese\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/democrats.org\/news\/icymi-trumps-disastrous-economy-is-only-going-to-get-worse\/\",\"url\":\"https:\/\/democrats.org\/news\/icymi-trumps-disastrous-economy-is-only-going-to-get-worse\/\",\"name\":\"ICYMI: Trump\u2019s Disastrous Economy Is Only Going To Get Worse - 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