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Economy
House Dem Confronts Trump Ag Secretary Over Claim That 4.5 Million Being Kicked Off SNAP is 'Good News'
"The reality is that 4.5 million people were kicked off the program to pay for tax cuts for the wealthy," said US Rep. Shontel Brown.
Jun 04, 2026
Rep. Shontel Brown on Thursday confronted US Secretary of Agriculture Brooke Rollins for her past boasts about kicking millions of Americans off food assistance.
During a House Agriculture Committee hearing, Brown grilled Rollins for saying it was "good news" that 4.5 million fewer people are now enrolled in the Supplemental Nutritional Assistance Program (SNAP) than before President Donald Trump took office last year.
"The reality is that 4.5 million people were kicked off the program to pay for tax cuts for the wealthy," said Brown. "Families and children are not leaving the SNAP program because they are doing better."
Rep. @ShontelMBrown: Recently, you described it as good news that roughly 4.5 million people have been moved off SNAP. The reality is that 4.5 million people were kicked off to pay for tax cuts for the wealthy. They are not doing better--
Rollins: They are. pic.twitter.com/qcB2WlAHLv
— Headquarters (@HQNewsNow) June 4, 2026
"They are," Rollins replied, without citing any evidence.
"They are being forced off because of eligibility changes, new administrative barriers, and states preparing for the enormous cost shift that they know is coming," Brown shot back. "And you know this. So I'm really struggling to understand why you think pulling the rug out from under children, seniors, veterans, and families that have fallen on hard times [is] good news."
Rollins then baselessly claimed that all of the people who had been removed from SNAP had been added to the program fraudulently, including "200,000 dead people."
The Associated Press last month published a fact check that examined a similar Rollins claim about the number of people removed from food assistance over the last year, and determined that the most likely culprit were changes made to the program by the One Big Beautiful Bill Act, a 2025 budget law that slashed funding to SNAP by $186 billion over a decade.
"What we’ve seen in terms of the data is that the trend in participation declines seems to be related to the program being harder to access,” Roger Figueroa, an assistant professor at Cornell University, explained to the AP.
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'Harmful to American Workers': Warren, Sanders Lead Charge Against Trump Crypto Scheme for 401Ks
“This would strip long-held investor protections from retirement savers and encourage the use of more risky, complex, and expensive investments."
Jun 02, 2026
Two progressive US senators are leading the charge against a new Trump administration scheme that would allow Americans' retirement funds to invest in cryptocurrencies.
As reported by The Guardian on Tuesday, Sens. Bernie Sanders (I-Vt.) and Elizabeth Warren (D-Mass.), along with Rep. Bobby Scott (D-Va.), sent a letter to the US Department of Labor (DOL) warning against enacting a proposed rule change that would allow 401(k) investments to include crypto.
Cryptocurrencies have long proven to be volatile assets that have been involved in multiple fraud schemes, which the FBI estimates cost Americans more than $20 billion in 2025 alone.
“This would strip long-held investor protections from retirement savers and encourage the use of more risky, complex, and expensive investments,” states the letter. “The proposed rule is harmful to American workers.”
Offering an example of the dangers of investing in crypto, the letter cites President Donald Trump's personal meme coin, whose value has cratered since its peak in January 2025.
The push to let 401(k)s invest in crypto has also drawn criticism from Americans for Financial Reform (AFR), which on Monday released a white paper outlining how the plan would put Americans' retirement savings at risk while also serving as a boon to the private equity industry.
Oscar Valdés Viera, senior policy analyst for private equity and capital markets at AFR, accused the DOL of handing over US retirement savings to "the worst Wall Street predators and crypto scammers."
"This proposal would use 401(k)s to bail out a struggling industry and advance the administration’s push to embed crypto deeper into the financial system," Valdés Viera explained. "Driving workers into the arms of private equity firms and crypto insiders would let the president’s Wall Street and crypto cronies pocket billions at the expense of families’ retirement security."
Democracy Defenders Fund (DDF) last week noted that Trump and his family, who have major ties to the cryptocurrency industry, would stand to personally profit from the DOL's proposed rule change.
"President Trump stands to benefit if ordinary people can use their employer-sponsored retirement plans to invest in crypto," said Virginia Canter, chief counsel and director of ethics and anti-corruption at DDF. "The administration claims the proposed rule would 'relieve regulatory burdens,' but it looks more like self-dealing."
In addition to allowing 401(k)s to invest in cryptocurrencies, the proposed DOL rule change would also allow them to invest in private credit assets, which are typically loans negotiated with non-bank lenders.
Benjamin Schiffrin, director of securities policy for Better Markets, said on Tuesday that letting 401(k)s invest in these assets would be a similarly risky bet to letting them invest in crypto.
"This is exactly the wrong approach at the wrong time," said Schiffrin. "There could hardly be a proposal more dangerous to Americans’ retirement security. Investors already in private credit are currently running for the exits. DOL’s proposal means that one day millions of Americans with 401(k)s may have to do the same."
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'The IPO Is Being Engineered': 12-Minute Video Details Growing Fears Over Elon Musk Plot to Become World's First Trillionaire
As the Trump-backed oligarch tries to grow even more wealthy and with longstanding rules changed to his benefit ahead of the SpaceX public offering, "retirees could take huge losses, while insiders cash out."
May 28, 2026
Billionaire Elon Musk has ambitions to become the world's first trillionaire when his company SpaceX makes what is expected to be the biggest initial public offering in history—and money unwittingly invested by ordinary Americans may help him get there.
Progressive media outlet More Perfect Union on Wednesday published a video detailing how the Nasdaq stock market exchange changed its own rules so that SpaceX can be immediately included in index funds without having to wait through the one-year "seasoning" period that used to be required for newly public companies.
The reason companies in the past had to wait a year to be included in index funds is that such funds contain a large chunk of Americans' retirement savings, and are thus supposed to be more averse to risk.
Watch the 12-minute video:
NEW: Elon Musk wants a SpaceX IPO valuing the company at upwards of $1.75 trillion.
To get there he got the rules changed so that index funds, with millions of Americans' retirement savings, are forced to buy in.
Retirees could take huge losses, while insiders cash out. pic.twitter.com/DviJEt0XAu
— More Perfect Union (@MorePerfectUS) May 27, 2026
This means that ordinary investors could see their money plunged into an unproven company while investors who have bankrolled Musk's previous ventures now rolled into SpaceX could cash out at inflated prices.
"Every piece of evidence we have is that the IPO is being engineered to rise very rapidly after it prices, and then fall very dramatically after that," George Pearkes, global macro strategist for Bespoke Investment Group, told More Perfect Union. "That is a recipe for retail investors, especially, to take large losses."
SpaceX is a particularly risky bet, Preakes added, given that it is seeking a $1.75 trillion valuation with its IPO. For a company that made only $19 billion in profits last fiscal year, critics say a valuation 54 times larger than its projected revenue multiple, a measure of its value based on expected future earnings, is a huge red flag.
"This combination of extreme size and this extreme multiple," Peakes said, "is completely unprecedented."
Pearkes isn't in the only expert concerned about the structure of the SpaceX IPO.
Writing at Seeking Alpha, independent equity researcher Julia Ostian similarly argued that the SpaceX IPO is structured using a "calculated mechanism that will feed the artificial demand generated by the forced index fund buyers," and thus at least initially send share values soaring beyond what the company's fundamentals would suggest, and giving insiders an opportunity to quickly cash out.
Ostian added that "it is clear who is the beneficiary here and who pays the price for this engineered system," and said that "the rich are getting richer openly, without hiding it or even without trying to pretend it’s something else."
As More Perfect Union emphasized, the entire IPO was orchestrated by Musk for maximum advantage to himself and his closest allies, but he needed regular Americans to put up the money for the scheme to work.
"He got the rules changed so that index funds, with millions of Americans' retirement savings, are forced to buy in," the outlet noted. "Retirees could take huge losses, while insiders cash out."
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Inflation Jumps to 3-Year High as Critics Say Trump Economic Promises Have Turned to Dust
"If an economic policy will make life harder for American families, you can count on President Trump to try it," said one leading House Democrat.
May 28, 2026
A key federal inflation measure released Thursday shows that US prices jumped to a three-year high last month as President Donald Trump's illegal Iran war and tariffs continued to push up consumer costs at gas pumps and grocery stores across the country.
The personal consumption expenditures (PCE) index, closely watched by the Federal Reserve, rose at an annualized clip of 3.8% in April, the fastest pace since May 2023. Even when food and energy prices were stripped out of the measurement, the index rose 3.3% last month compared to a year ago—the highest level since November 2023.
"Today’s numbers tell the story: Families are paying more for gas, food, and housing and utilities," said Sen. Elizabeth Warren (D-Mass.). "Donald Trump promised to lower costs ‘on day one,' but instead inflation is running ahead of wages as his failed economic agenda hollows out Americans’ paychecks."
The US Bureau of Economic Analysis (BEA) also found that Americans' personal savings rate fell to its lowest level since June 2022, plummeting to 2.6% as higher prices force households to spend more on basic necessities.
"This is stunning," Heather Long, chief economist at Navy Federal Credit Union, wrote on social media, noting that the personal savings rate was 5.5% in April of last year. "That's a sharp plunge. It underscores how squeezed Americans are right now with higher prices and incomes not keeping up."
Consumer spending grew by $111.1 billion last month, according to BEA data, with "gasoline and other energy goods" making up the largest portion of the increase. Trump administration officials have attempted to spin rising consumer spending as evidence of broad optimism about the US economy, even with consumer sentiment at an all-time low.
"Prices remain stubbornly high because President Trump refuses to bring down the cost of living for working families," said Breyon Williams, chief economist at the Groundwork Collaborative. "Trump is making Americans pay more, first via his tariffs and now because of his war in Iran, causing prices at the pump to skyrocket. At the same time, he remains fixated on his lavish billion-dollar ballroom that the taxpayers will fund and a $1.8 billion slush fund for his supporters.”
"Unless you can cut a check for his ballroom, Donald Trump clearly couldn’t care less about you."
Rep. Brendan Boyle (D-Pa.), the ranking member of the House Budget Committee, similarly ripped Trump for focusing on securing private and taxpayer funding for his White House ballroom project as families struggle with unnecessarily high costs throughout the economy.
“If an economic policy will make life harder for American families, you can count on President Trump to try it," Boyle said in a statement following the PCE data. "His tariff taxes were bad enough, but now his disastrous Iran war has sent prices at the pump skyrocketing. By driving up fertilizer and transportation costs, Trump’s Iran war is also making Americans pay even more at the grocery store."
"Americans are struggling, but Trump and Republicans in Washington can’t be bothered to help," he added. "Unless you can cut a check for his ballroom, Donald Trump clearly couldn’t care less about you."
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