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Economy
As Americans Struggle With Soaring Prices, Trump Says $4 Gas Is ‘Not Very High'
After brushing off Americans' concerns about high gas prices, the president posted a message on social media discussing the latest plans for his luxury ballroom.
Apr 16, 2026
President Donald Trump on Thursday brushed off Americans' concerns about paying $4 per gallon of gas, telling a group of reporters that this price is "not very high."
While speaking with journalists on the White House lawn, Trump was asked by a reported from ABC News how long Americans should expect to be dealing with high gas prices, which have soared since the president launched an unconstitutional war of choice with Iran more than six weeks ago.
"They're not very high," Trump said. "If you look at what they were supposed to be to get rid of a nuclear weapon, with the danger that entails, so the gas prices have come down very much over the last three or four days."
Q: How much longer will American continue to see these high gas prices?
TRUMP: Well, they're not very high
Q: $4 a gallon still
TRUMP: That's what ABC says, but the stock market is up. Everything is doing really well. pic.twitter.com/yIxHXKqXII
— Aaron Rupar (@atrupar) April 16, 2026
In fact, Trump-appointed Director of National Intelligence Tulsi Gabbard said under oath during congressional testimony that Iran's uranium enrichment program was "obliterated" by US airstrikes last year, and that there had been no effort by the Iranians no effor to rebuild their enrichment capability since.
Additionally, gas prices have not come down "very much" over the last four days. According to AAA, gas prices in the US currently average $4.09 per gallon, a slight decrease from the $4.16 they averaged the week prior.
After the reporter informed Trump that gas was still over $4 a gallon, he replied, "Well, that's what ABC says, but the fact is, if you look at the stock market, it's up. Everything's doing really well."
Shortly after Trump shrugged off concerns about high gas prices, he posted a message on Truth Social discussing the security features he wants to see in the luxury ballroom he's been planning to build on White House grounds.
Among other things, Trump said he wanted the ballroom to have "Bomb Shelters, a State of the Art Hospital and Medical Facilities, Protective Partitioning, Top Secret Military Installations, Structures, and Equipment, Protective Missile Resistant Steel, Columns, Roofs, and Beams, Drone Proof Ceilings and Roofs, Military Grade Venting, and Bullet, Ballistic, and Blast Proof Glass."
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'Decades in the Making': Antitrust Advocates Celebrate as Jury Rules Against Live Nation-Ticketmaster
Minnesota Attorney General Keith Ellison called the verdict "a win for everyone who thinks concert tickets are too damn expensive."
Apr 15, 2026
Antitrust advocates celebrated on Wednesday after a jury found that Live Nation and is subsidiary Ticketmaster were illegal monopolies who for decades systematically overcharged customers for concert tickets.
As reported by The Associated Press, the verdict against Live Nation and Ticketmaster could cost the two entities "hundreds of millions of dollars, just for the $1.72 per ticket that the jury found Ticketmaster had overcharged consumers in 22 states," and they could be forced to sell off some of the venues they own.
The case against Live Nation, which was brought by 33 states and the District of Columbia, was initially led by the US Department of Justice. However, under President Donald Trump, the DOJ last month reached a last-minute settlement with the company that would not require it to be broken up.
The state attorneys general, however, vowed to see the case through and were rewarded with a big verdict in their favor.
New York Attorney General Letitia James celebrated the verdict, describing it as "a landmark victory to protect New Yorkers from harmful monopolies."
Minnesota Attorney General Keith Ellison called the verdict "a win for everyone who thinks concert tickets are too damn expensive," and declared himself "proud to have brought this lawsuit."
District of Columbia Attorney General Brian Schwalb noted Live Nation "has raked in billions in profits from an illegal monopoly that coerces venues, restricts artists, and exploits fans," and called the verdict "a massive win in the fight for fairness for local venues, artists, and fans."
Lina Khan, former chair of the Federal Trade Commission under President Joe Biden, hailed the verdict, but said it was just "a key first step towards ending Live Nation’s monopolistic control and securing real relief for those it harmed."
Lee Hepner, senior legal counsel at the American Economic Liberties Project, said the verdict was "decades in the making," and he cited iconic Seattle band Pearl Jam's fight against Ticketmaster in the 1990s to illustrate just how long it's taken to hold the company accountable.
"Pour one out for Pearl Jam, who testified before Congress in 1993 about Ticketmaster's abuse of the live concert industry," he commented.
The Roosevelt Institute took a shot at the Trump DOJ for bailing on the case, and noted the verdict against Live Nation "only happened because state AGs kept pushing after a federal settlement that let the companies off the hook."
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'Taxing Billionaires Is Not Radical': Mamdani Joins Top Economists to Denounce 'Rigged' US Tax System
While most Americans are paying more in taxes this year, the wealthiest 1% are saving an average of $9,000 thanks to Trump's tax legislation.
Apr 15, 2026
New York City Mayor Zohran Mamdani is using Tax Day to remind Americans that the nation's tax code is "rigged" to protect the superrich while making the case for a more equitable system.
In a Guardian op-ed co-written with Nobel laureate in economics Joseph Stiglitz and Paris School of Economics professor Gabriel Zucman, New York's democratic socialist mayor lamented that the world is living with greater wealth inequality than ever before, with just 0.0001% of the global population holding the equivalent of 16% of global wealth—more than the bottom half of humanity.
Mamdani and the economists attributed the global surge in inequality in large part to America's "regressive" tax system, which has grown dramatically more favorable to the wealthy over the past half-century.
As wealth concentrates, so does power — the power to influence elections, shape policy, tilt markets and define the terms of public debate.Taxing billionaires is not radical.What is radical is allowing a system where extreme wealth exists alongside widespread hardship.
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— Mayor Zohran Kwame Mamdani (@mayor.nyc.gov) April 15, 2026 at 11:05 AM
Compared to 1960, when the 400 richest Americans paid roughly half their incomes in taxes, they now pay about 24%—helped by a combination of lower marginal tax rates and loopholes that allow billionaires and corporations to shield their wealth and effectively pay a smaller share of their incomes than everyone else.
This inequality was further exacerbated by the massive GOP tax law signed by President Donald Trump last year, which a report by Americans for Tax Fairness found gave the wealthiest 1% of households an average tax break of $9,000.
While the Trump administration promised earlier this year that the average American family would receive a $1,000 tax refund from the legislation, Corey Husak, director of tax policy at the Center for American Progress, found that the average refund was just $346 higher than the previous year—and that even that figure was heavily inflated by the benefits accrued by the richest earners.
Meanwhile, those gains were more than wiped out by the added cost of Trump's tariffs and the dramatic cuts to the social safety net passed by Republicans, which have led to spiking health insurance costs and thrown millions off Supplemental Nutrition Assistance Program (SNAP) benefits.
"We can disagree about how progressive tax systems should be—the extent to which the rich should pay more tax, relative to their income, than the rest of us," Mamdani, Stiglitz, and Zucman wrote. "But there is no justification for a regressive system in which the superrich contribute less than the rest of us. This is how inequality is deepened and sustained."
The authors praised efforts in other countries to combat rising inequality. One initiative they highlighted was a 2% tax on the wealth of those with more than €100 million ($117 million), a proposal championed by Zucman. A version of the measure was passed last year by France's National Assembly but stalled in the Senate after being blocked by centrist and right-wing parties.
But the initiative still has momentum around the world. This weekend, Spanish Prime Minister Pedro Sánchez and Brazilian President Luiz Inácio Lula da Silva will meet with the leaders of several other nations, including Mexico, Colombia, and South Africa, to discuss adopting similar taxes.
Meanwhile, in the US, a proposed ballot initiative for a one-time 5% billionaire tax in California—aimed at recouping losses from Trump's Medicaid cuts—appears overwhelmingly popular, with around two-thirds support according to a poll last month, despite aggressive lobbying by billionaires to stop the measure.
Mamdani has pushed for a similar measure in New York City to help balance the city budget and fund universal childcare and affordable housing.
On Wednesday, Democratic New York Gov. Kathy Hochul announced that she was backing a so-called "pied-à-terre tax," which applies a surcharge to anyone with a second home valued over $5 million in New York City. Mamdani's office has estimated that it will raise $500 million annually.
In early 2026, consumer prices and housing costs have soared far faster than wages can match. A January poll from KFF found that 82% of adults said their overall cost of living had increased over the past year, with around two-thirds saying they worried about affording healthcare for themselves and their families, and nearly a quarter saying they were worried about affording food and rent.
In response to this economic precarity, more than 62% of Americans said in a January YouGov survey that they felt billionaires are taxed too little, and more than half said that wealth inequality is a problem.
"The idea that billionaires should pay higher tax rates than working people is not radical," the authors of the Guardian op-ed said. "What is radical is allowing a system where extreme wealth exists alongside widespread hardship—and where those billionaires can in effect opt out of contributing to the society that made their success possible."
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Fewer Jobs, Higher Inflation, and $300 Billion in Lost Output: Analysis Details Woeful Trump Economy
"This economy could be delivering lower inflation, more jobs, and stronger growth, but instead, it’s being dragged in the wrong direction by this president’s policy choices."
Apr 15, 2026
With US consumer sentiment hitting an all-time low, the Center for American Progress on Wednesday released a report pinning the blame for Americans' economic gloom on President Donald Trump.
In total, the CAP analysis projects that by the fourth quarter of 2026, Trump's policies will lower real GDP by 1.3% while adding 1.39% to personal consumption expenditures (PCE) inflation.
The report also estimates that the economy would have created an additional 2 million jobs 2026 were it not for the Trump's tariffs, mass deportations, and war of choice with Iran.
Although the unemployment rate at the moment is low, the report explains, US employers are also hiring far fewer people, as "both labor demand and labor supply have fallen, leaving a job market with fewer opportunities and less resilience against downturns."
Trump's policies have also made borrowing more expensive, and CAP says that interest rates are now 60 basis points higher than they otherwise would have been without the president's policies.
Jared Bernstein, senior fellow at CAP and former chair of the Council of Economic Advisers under President Joe Biden, said the analysis shows "this economy could be delivering lower inflation, more jobs, and stronger growth, but instead, it’s being dragged in the wrong direction by this president’s policy choices."
Bernstein said Trump's tariffs were the primary culprit for higher-than-expected inflation in 2025, while the oil supply shock that came after Trump launched a war with Iran is expected to add even more inflation throughout 2026.
The end result, said Bernstein, is a kind of "stagflation," with low economic growth and higher-than-average inflation. He also warned that "longer-term costs from reduced investment in both people and public goods will also take a toll on future growth."
Job growth in the US has largely stalled ever since Trump announced his "liberation day" tariffs more than a year ago, and a CAP analysis published earlier this month found that the economy has created an average of fewer than 22,000 jobs per month over the last year.
The latest Consumer Price Index report released by the US Bureau of Labor Statistics found that prices in March rose by 3.3% from the previous year—the highest annual inflation rate since April 2024.
Despite this, Trump has continued to insist that he has created the "greatest" economy in the history of the world.
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