In response to Donald Trump slowing consumer spending and wage growth among working families, DNC Rapid Response Director Kendall Witmer released the following statement:

“Donald Trump’s reckless and chaotic trade wars are is already steering the economy toward crisis, and economists are warning that prices will rise even higher. While Trump’s billionaire-first budget cuts health care and food assistance to fund tax giveaways for the ultra-wealthy, working families are drowning in sky-high costs and soaring debt, cutting back on basic necessities. Trump will always put billionaires first and the American people last.”

NEW: Americans are already cutting back on spending due to Donald Trump’s chaotic trade wars with no end in sight.

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.”

Justin Wolfers: “Trump’s tariffs will cost the average household $2,400 per year, estimates the Yale Budget Lab. And they take a bigger chunk out of working class paychecks.

“The Admin hasn’t released its analysis, suggesting it didn’t do any, or its numbers are worse.”

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

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

Axios: “The latest tariffs could make your shoes a lot more expensive”

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

REMINDER: Trump’s failing economic agenda has “deteriorated” consumer sentiment — especially among Republicans — as the job market continues to slow and Americans brace for a recession. 

The Conference Board: “The Conference Board Consumer Confidence Index deteriorated by 5.4 points in June … The Present Situation Index—based on consumers’ assessment of current business and labor market conditions—fell 6.4 points to 129.1. The Expectations Index—based on consumers’ short-term outlook for income, business, and labor market conditions—fell 4.6 points to 69.0, substantially below the threshold of 80 that typically signals a recession ahead. …

“June’s retreat in confidence was shared by all age groups and almost all income groups. It was also shared across all political affiliations, with the largest decline among Republicans.” 

Heather Long: “Close to 70% of U.S. consumers think there will be a recession in the next year, according to the @Conferenceboard release today.”

Reuters: “US consumer confidence weakens on job market worries” 

“The share of consumers viewing jobs as plentiful was the smallest since March 2021, aligning with the continued elevation in the number of people collecting unemployment checks as well as a moderation in job growth.” 

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

Reuters: “Federal Reserve Bank of New York President John Williams expects slower growth and higher inflation this year due in large part to trade tariffs …”

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 …”