Washington D.C — According to the latest University of Michigan consumer sentiment report, Americans are growing more pessimistic about the economy as Trump and congressional Republicans’ tariffs raise prices. And working-class families are feeling the squeeze the most. Wholesale prices had their largest one month surge in over three years, signaling even higher costs of everyday goods for American families on the horizon.
Here are some of the key data points about the U.S. economy due to tariffs:
- Core inflation is up by 3.1% compared to last year.
- Wholesale vegetable prices were up a whopping 38.9% in July.
- Prices on infants and toddlers apparel were up 3.3% in July.
Instead of using their power to rollback these tax hikes on Americans and lower costs for their constituents, Republicans in Congress gave Trump a green light to implement these tariffs. They also doubled down and decided to give tax breaks to the richest of the rich by cutting vital programs working-class families rely on such as Medicaid and SNAP. It’s just another example of Republicans in Congress putting billionaires first and the working class last.
“Republicans in Congress enabled one of the largest working-class tax hikes in history in Trump’s tariffs, and somehow thought it would be a good idea to jeopardize Americans’ health care to give handouts to the wealthy? Make it make sense,” said Unrig Our Economy Campaign Director Leor Tal. “Republicans in Congress can deny and deflect all they want, but these numbers show one thing – Americans are feeling the pinch of Republican tariffs, and congressional Republicans are to blame.”
To learn more about the campaign, visit UnrigOurEconomy.com or contact press@unrigoureconomy.com
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About Unrig Our Economy
Unrig Our Economy is a national campaign to fix the rules of our economy to make it work for working people. We know that when the middle class does well, all of us do well — which is why we’re fighting on behalf of working Americans and holding corporations, their wealthy executives, and the politicians who enable them accountable.