How's the economy working for you and your family?
I'm doing ok, but that's because I'm retired, living alone in my own condo in a city and state that is doing well economically, but experiencing a severe housing crisis because of extreme unaffordability, critically low vacancy rates, and a massive supply deficit. This problem is part of a broader national crisis affecting many other states.
Food prices are up, especially meat, eggs, fish, and dairy. Meat prices don't affect me as much as they would have years ago, since I'm more likely to eat vegetarian meals rather than meat centered ones. I don't spend much on clothing, since I'm not part of the working world anymore. And I'm lucky to live in a state that has many choices for recreation that don't cost a lot of money.
My one big trip this year was Ireland for my son's wedding, but that didn't cost a lot, since I made the airline reservations in January, before Trump's Iran War, and I was able to rent a lovely condo with another family member, which helped keep the cost of lodging down. We didn't rent a car, and opted for using public transportation and, one time, taxi.
How has Trump's economy affect you?
497 days into Donald Trump's term
GDP
grew at 1.6%
per year in the first quarter.
Inflation is at
3.0%
.
The unemployment rate is
4.3%
. The S&P 500 is
up 25.3%
since he took office.
"America’s economy was weaker than first thought at the start of the year, extending a sharp slowdown after a bumper 2025. GDP grew at an annualised rate of 1.6% in the first quarter, revised down from an initial estimate of 2%, after expanding by 0.5% in the fourth quarter and 4.4% in the third. The downgrade reflected weaker consumer spending and inventory investment. Growth may slow further this quarter, as the war with Iran pushes up fuel prices and squeezes household budgets."
(The Center for Economic Policy and Research (CEPR) employs legitimate, well-credentialed economists [such as co-founders Dean Baker and Mark Weisbrot]. Its research is frequently cited by major media outlets and academic researchers.)
Key Takeaways:
*Biden oversaw historically low unemployment, strong job growth, and rising real wages, especially for low-paid and Black workers.
*Trump’s first year shows slower job creation, rising unemployment, and weaker labor market indicators.
*GDP growth remained solid under Biden, while early Trump-era growth has been erratic, including a quarterly contraction.
*Inflation was falling under Biden, but tariffs and policy shifts under Trump contributed to renewed price pressures.
*Factory construction surged under Biden due to infrastructure, CHIPS, and clean energy legislation but slowed sharply under Trump.
*Biden handed Trump the strongest economy in decades; early Trump policies have shown signs of weakening it.
Well, I blame trump for my lay off in mid-2020 at the height of the pandemic. I was screwed trying to find a job during the pandemic and being over 60 years old. I ended up becoming an LLC and working as an independent contractor for a remote law firm.
ReplyDeleteNever made a lot of money when I was working full time, but enough to pay my bills, pay vet bills for my cats and dog, put money away for retirement and most importantly, pay off my house. My part time income since I started in mid-2021 never matched my full time income and has been going down ever since. People are using law firms less and less because of budget constraints. Then in 2025 when DOGE came on board, my one non profit client that is responsible for about 95% of my billing had all their federal grants cancelled. That cut my billing to to about 3/4 what it was before.
In desperation, I applied for Social Security last year before Full Retirement Age. I'm extremely grateful to get that steady income every month. Also, my town is part of the nationwide Villages program that help low income seniors stay in their homes by helping fix things around the house using volunteers. I'm getting a much needed skylight shade installed to cut down on my A/C bills. While they were up measuring, they noticed leaking inside my skylight. They paid for a roofer to come and replace the flashing. And by the end of June, I will have a new porch floor to replace the current rotting one!
I used to be embarrassed to admit I became low income and needed help, but in trump's America, it seems pretty standard now.