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.
The U.S. Economy Performs Better Under Democratic Presidents
"The U.S. economy has performed much better under Democratic presidents than Republican presidents in the modern era.
In almost every measure of the U.S. economy including total job growth, unemployment, economic growth, manufacturing job growth, manufacturing investment, small business creation, and contribution to the national debt, economic performance is stronger under Democrats.
While there are many factors contributing to these trends, the throughline is clear that Democratic administrations consistently help the U.S. economy perform better than Republican administrations.
Republicans have prioritized tax cuts that benefit the wealthy and that fail to boost economic growth or pay for themselves, while Democrats have prioritized investing in the middle class, supporting small businesses, and improving economic resilience after downturns.
Of the 11 recessions in the modern era, 10 have begun under Republican presidents."
