In response to this week’s Consumer Price Index report, DNC Chair Ken Martin released the following statement:

“Donald Trump said he would lower prices on Day One, and almost six months later, it is clear he has failed the American people. Working families have endured skyrocketing prices for basic household goods, rising utility bills, and now, accelerated inflation driven by Trump’s chaotic trade policies that have no end in sight. His disastrous billionaire-first budget bill will explode the deficit and drag America toward a financial crisis. In just six months, Trump has failed to deliver on his promise to lower prices, leaving the American public out to dry as he cuts taxes for the ultra-wealthy.”  

NEW REPORT: Inflation increased in June by the fastest rate since Donald Trump took office, as energy, gas, and grocery prices continue to rise and economists warn of “economic weakness.” 

Bureau of Labor Statistics: “The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3 percent on a seasonally adjusted basis in June, after rising 0.1 percent in May, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 2.7 percent before seasonal adjustment.”

CBS News: “On a month-over-month basis, the CPI rose 0.3%, which is the largest increase since January and in line with economists’ forecasts.”

ABC News: “Inflation surged in June as Trump’s tariffs took hold”  

Bloomberg: “Neil Dutta, head of US economic research for Renaissance Macro Research, tells Bloomberg Television that he sees signs of economic weakness in this report because while, some goods prices are rising, the softness in some services suggests fragility among the consumer.” 

Life continues to get more expensive under Trump’s disastrous agenda, as prices for the following goods jumped in the last month: 

• Electricity increased 1% 
• Gasoline jumped 1% 
• Hot dogs spiked 9% 
• Medical care services increased nearly 0.6%, the most since September 2024
• Fresh fruit rose 1.3%, the highest increase since Trump entered office
• Beef jumped 2% 
• Coffee rose 2.2%
• Orange prices spiked 3.5%
• Men’s shirts and sweaters increased 4.3% 
• Women’s dresses jumped 3.9%
• Household appliances rose 1.9%
• Sports equipment increased 1.8%
• Toys jumped 1.8%, the most since April 2021

Americans are already cutting back on spending, bracing for “economic hell.” 

Bank of America: “Lower-income households’ spending growth is particularly soft, with their total card spending growth negative YoY in the three months to June; these households also have the weakest after-tax wage growth in Bank of America deposit data. But the spending and wage growth of higher-income households appears to have risen.”

Financial Times: “American Travel Demand Declines As US Consumers Cut Costs”

KPMG Chief Economist Diane Swonk: “The spending slowdown is real. Consumers are stressed…”

CNN: “This could be the summer of economic hell”

Economists are sounding the alarm that Trump’s disastrous agenda will bring higher inflation, higher unemployment, and slower growth. 

NPR: “Economist Paul Krugman on globalization and tariffs” 

“In the longer run, meaning a year or two from now, it just means increases in prices that will run well ahead of increases in wages. So, we’ll be talking about people having less purchasing power. It’s a pretty serious cost.” 

Bloomberg: “Federal Reserve Governor Michael Barr said he anticipates tariffs will drive up inflation and expressed support for a wait-and-see approach to interest-rate adjustments. …

“Barr said [Trump’s] levies may cause the economy to slow and unemployment to rise …”

Rather than help lower costs, Trump pursued an erratic trade agenda that is skyrocketing prices… 

Goldman Sachs: “Economists at Goldman Sachs Research assume that companies will pass on 70% of the direct cost of tariffs to consumers through higher prices.” 

CNBC: “He bought a side table from Mexico. Tariffs added a surprise $1,170 fee at delivery”  

Morning Consult: 73% of Americans said they noticed higher grocery prices due to Donald Trump’s tariffs.

New York Times: “The president’s whipsawing tariffs and cuts to agriculture grants and global food aid have left the state with swollen silos, shrinking markets and volatile prices for crops.” 

Yale Budget Lab: “The price level from all 2025 [Trump] tariffs rises by 2.1% in the short-run, the equivalent of an average per household income loss of $2,800 in 2025$.”

… and signed his billionaire-first agenda that will worsen inflation, explode the deficit, and could lead to a financial crisis.

Reuters: “US fiscal folly could create big, beautiful debt spiral”

“The U.S. tax and spending bill passed on July 3 is expected to add more than $3 trillion to the country’s deficit over the next decade. If the current debt trajectory continues unabated, it could set off a slow motion debt spiral that could endanger the Federal Reserve’s independence.”

Washington Post: “GOP bill could worsen inflation and lead to financial crisis, economists warn”

POLLING: The American people are overwhelmingly rejecting Trump’s failed economic agenda. 

• Voters agree, this is Trump’s economy, not Biden’s 
• Trump’s approval rating on the economy is underwater at -11.4% 
• More Americans trust Democrats over Republicans to handle the cost of living 
• 58% of Americans disapprove of Trump’s handling of the economy 
• 72% of Americans say they are “concerned” about their personal finances, while 65% say they are “stressed” 
• Just 39% of Americans say the economy is “good”
• 76% of people say their income is not keeping up with inflation 
• 75% of Americans agree Trump is trying to help the wealthy with his trade policies 
• The majority of Republicans (54%) and Democrats (80%) agree that tariffs will increase inflation 

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