{"id":1054877,"date":"2025-07-10T15:44:38","date_gmt":"2025-07-10T19:44:38","guid":{"rendered":"https:\/\/democrats.org\/?p=1054877"},"modified":"2025-07-10T15:44:38","modified_gmt":"2025-07-10T19:44:38","slug":"summer-of-economic-hell-americans-are-cutting-back-on-spending-as-trump-skyrockets-debt-and-tanks-consumer-confidence","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/summer-of-economic-hell-americans-are-cutting-back-on-spending-as-trump-skyrockets-debt-and-tanks-consumer-confidence\/","title":{"rendered":"\u201cSummer of Economic Hell\u201d: Americans Are Cutting Back on Spending As Trump Skyrockets Debt and Tanks Consumer Confidence\u00a0"},"content":{"rendered":"\n
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In response to Donald Trump slowing consumer spending and wage growth among working families, <\/em>DNC Rapid Response Director Kendall Witmer released the following statement:<\/em><\/strong><\/p>\n\n\n\n

\u201cDonald Trump\u2019s 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\u2019s 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.\u201d<\/p>\n\n\n\n

NEW: Americans are already cutting back on spending due to Donald Trump\u2019s chaotic trade wars with no end in sight.<\/strong><\/p>\n\n\n\n

Bank of America<\/a>: \u201cLower-income households\u2019 spending growth is particularly soft, with their total card spending growth negative<\/strong> YoY in the three months to June; these households also have the weakest after-tax wage growth<\/strong> in Bank of America deposit data. But the spending and wage growth of higher-income households appears to have risen.\u201d<\/p>\n\n\n\n

Justin Wolfers<\/a>: \u201cTrump\u2019s 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.<\/strong><\/p>\n\n\n\n

\u201cThe Admin hasn\u2019t released its analysis, suggesting it didn\u2019t do any, or its numbers are worse.\u201d<\/p>\n\n\n\n

Financial Times<\/a>: \u201cAmerican Travel Demand Declines As US Consumers Cut Costs\u201d<\/strong><\/p>\n\n\n\n

CNN<\/a>: \u201cThis could be the summer of economic hell\u201d<\/p>\n\n\n\n

Axios<\/a>: \u201cThe latest tariffs could make your shoes a lot more expensive\u201d<\/p>\n\n\n\n

Morning Consult<\/a>: 73% of Americans said they noticed higher grocery prices due to Donald Trump\u2019s tariffs.<\/p>\n\n\n\n

REMINDER: Trump\u2019s failing economic agenda has <\/strong>\u201cdeteriorated\u201d<\/strong><\/a> consumer sentiment \u2014 especially among Republicans \u2014 as the job market continues to slow and Americans brace for a recession. <\/strong><\/p>\n\n\n\n

The Conference Board<\/a>: \u201cThe Conference Board Consumer Confidence Index deteriorated by 5.4 points in June<\/strong> \u2026 The Present Situation Index<\/strong>\u2014based on consumers\u2019 assessment of current business and labor market conditions\u2014fell 6.4 points to 129.1.<\/strong> The Expectations Index<\/strong>\u2014based on consumers\u2019 short-term outlook for income, business, and labor market conditions\u2014fell 4.6 points to 69.0, substantially below the threshold of 80 that typically signals a recession ahead. \u2026<\/strong><\/p>\n\n\n\n

\u201cJune\u2019s retreat in confidence was<\/strong> shared by all age groups and almost all income groups. It was also shared across all political affiliations, with the largest decline among Republicans.\u201d <\/strong><\/p>\n\n\n\n

Heather Long<\/a>: \u201cClose to 70% of U.S. consumers think there will be a recession in the next year<\/strong>, according to the @Conferenceboard release today.\u201d<\/p>\n\n\n\n

Reuters<\/a>: \u201cUS consumer confidence weakens on job market worries\u201d <\/strong><\/p>\n\n\n\n

\u201cThe share of consumers viewing jobs as plentiful was the smallest since March 2021,<\/strong> aligning with the continued elevation in the number of people collecting unemployment checks as well as a moderation in job growth.\u201d <\/p>\n\n\n\n

Economists are sounding the alarm that Trump\u2019s disastrous agenda will bring higher inflation, higher unemployment, and slower growth. <\/strong><\/p>\n\n\n\n

Reuters<\/a>: \u201cFederal Reserve Bank of New York President John Williams expects slower growth and higher inflation this year due in large part to trade tariffs \u2026\u201d<\/strong><\/p>\n\n\n\n

Bloomberg<\/a>: \u201cFederal Reserve Governor Michael Barr said he anticipates tariffs will drive up inflation <\/strong>and expressed support for a wait-and-see approach to interest-rate adjustments. \u2026<\/p>\n\n\n\n

\u201cBarr said [Trump\u2019s] levies may cause the economy to slow and unemployment to rise \u2026\u201d<\/strong> <\/p>\n","protected":false},"excerpt":{"rendered":"

In response to Donald Trump slowing consumer spending and wage growth among working families, DNC Rapid Response Director Kendall Witmer released the following statement: \u201cDonald Trump\u2019s 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\u2019s billionaire-first budget cuts health […]<\/p>\n","protected":false},"author":293,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1054877","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"\n\u201cSummer of Economic Hell\u201d: Americans Are Cutting Back on Spending As Trump Skyrockets Debt and Tanks Consumer Confidence\u00a0 - 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\/summer-of-economic-hell-americans-are-cutting-back-on-spending-as-trump-skyrockets-debt-and-tanks-consumer-confidence\/\" \/>\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=\"2025-07-10T19:44:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/democrats.org\/wp-content\/uploads\/2025\/01\/Black-Logo-White-Fill-For-Email.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1101\" \/>\n\t<meta property=\"og:image:height\" content=\"483\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\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=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/democrats.org\/news\/summer-of-economic-hell-americans-are-cutting-back-on-spending-as-trump-skyrockets-debt-and-tanks-consumer-confidence\/\",\"url\":\"https:\/\/democrats.org\/news\/summer-of-economic-hell-americans-are-cutting-back-on-spending-as-trump-skyrockets-debt-and-tanks-consumer-confidence\/\",\"name\":\"\u201cSummer of Economic Hell\u201d: Americans Are Cutting Back on Spending As Trump Skyrockets Debt and Tanks Consumer Confidence\u00a0 - 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