Economic data from Bank of America shows that the income gap continues to grow: low-income household wage growth is the slowest on record, while high-income household wage growth is the fastest in years. More data shows that the bottom 80% of households are barely keeping their spending up with inflation, while the top 20% are growing their spending.

Donald Trump’s billionaire-first agenda is only going to make the problem worse. Trump’s “signature achievement” is the largest wealth transfer from the middle- and working-class to the ultrarich, and his failed economic policies are hitting working families the hardest.

In response, DNC Rapid Response Director Kendall Witmer released the following statement:

“Americans already know it: The rich are getting richer and everyone else is treading water. Maybe that’s why Donald Trump and Republicans are desperately trying to rebrand their billionaire-first budget bill, because it’s nothing more than a massive tax handout to the ultrarich at the expense of working families. Trump’s entire presidency has been about enriching himself, his family, and the rich elites around him, and by the end of his term, the wealth gap in this country will be even more astounding. That’s outrageous, and voters aren’t going to stand for it.”

Trump’s billionaire-first budget bill is the biggest wealth transfer in history from working and middle-class families to the richest Americans. When combined with Trump’s reckless tariffs, only the top 10% of families will see an increase in income under Trump’s billionaire-first budget, while 17 million Americans will have their health care ripped away; more than one in four nursing homes and over 300 rural hospitals are at risk of closure; and more than 22 million families will lose food assistance. 

Meanwhile, Trump’s economy is in the toilet, and working families are the ones getting screwed. Despite saying he would lower costs on “Day One,” prices continue to soar, and it’s impossible to find a job. Trump’s unhinged trade war has also caused farmers and businesses to suffer and resulted in over 30,000 job losses in the manufacturing sector.

Despite how Trump’s White House tries to spin it, Trump’s presidency is all about rewarding billionaires while throwing working families under the bus.