Federal data released Thursday provided further confirmation that US President Donald Trump's war of choice in Iran is harming the nation's economy and working class, with prices continuing to rise as paychecks fail to keep pace.
"The data is clear: Trump’s illegal war in Iran is a disaster for Americans’ budgets at home," Alex Jacquez, chief of policy and advocacy at Groundwork Collaborative, said in a statement after the US Bureau of Economic Analysis (BEA) announced that the Personal Consumption Expenditures (PCE) price index rose to 3.5% year-over-year in March—the highest rate since May 2023.
The BEA estimates that US consumer spending increased by $195.4 billion in March—with "gasoline and other energy goods" making up $81.3 billion of that total. Trump's war on Iran has hurled the global energy market into chaos, pushing US gas prices above $4 per gallon on average.
BEA also released data showing that US gross domestic product rose at at an annual rate of 2% during the first three months of 2026—a smaller rebound than expected after the final quarter of 2025, when GDP rose by just 0.5%.
Additionally, the Bureau of Labor Statistics on Thursday released its Employment Cost Index for the first quarter of 2026. The index, which measures wages and benefits paid to workers, increased 0.9%—well behind PCE inflation.
"Paychecks are lagging behind prices, and economic growth remains sluggish thanks to the president’s gross mismanagement," said Jacquez. "Working families looking for relief certainly won’t find it under this administration. It’s no wonder Trump’s economic disapproval ratings are at an all-time high."
Rep. Brendan Boyle (D-Pa.), the top Democrat on the House Budget Committee, said in a statement Thursday that "Trump promised to lower costs on day one, but today’s report is more proof that was just a lie."
"His so-called ‘Big Beautiful Bill,’ his reckless tariffs, and his war of choice in Iran are driving up costs on everything from groceries to gas to healthcare," said Boyle. "Republicans control the White House, the House, and the Senate, and they only have themselves to blame for this cost-of-living crisis. The American people deserve better than their chaos, corruption, and total economic incompetence.”
Federal data released Thursday provided further confirmation that US President Donald Trump's war of choice in Iran is harming the nation's economy and working class, with prices continuing to rise as paychecks fail to keep pace.
"The data is clear: Trump’s illegal war in Iran is a disaster for Americans’ budgets at home," Alex Jacquez, chief of policy and advocacy at Groundwork Collaborative, said in a statement after the US Bureau of Economic Analysis (BEA) announced that the Personal Consumption Expenditures (PCE) price index rose to 3.5% year-over-year in March—the highest rate since May 2023.
The BEA estimates that US consumer spending increased by $195.4 billion in March—with "gasoline and other energy goods" making up $81.3 billion of that total. Trump's war on Iran has hurled the global energy market into chaos, pushing US gas prices above $4 per gallon on average.
BEA also released data showing that US gross domestic product rose at at an annual rate of 2% during the first three months of 2026—a smaller rebound than expected after the final quarter of 2025, when GDP rose by just 0.5%.
Additionally, the Bureau of Labor Statistics on Thursday released its Employment Cost Index for the first quarter of 2026. The index, which measures wages and benefits paid to workers, increased 0.9%—well behind PCE inflation.
"Paychecks are lagging behind prices, and economic growth remains sluggish thanks to the president’s gross mismanagement," said Jacquez. "Working families looking for relief certainly won’t find it under this administration. It’s no wonder Trump’s economic disapproval ratings are at an all-time high."
Rep. Brendan Boyle (D-Pa.), the top Democrat on the House Budget Committee, said in a statement Thursday that "Trump promised to lower costs on day one, but today’s report is more proof that was just a lie."
"His so-called ‘Big Beautiful Bill,’ his reckless tariffs, and his war of choice in Iran are driving up costs on everything from groceries to gas to healthcare," said Boyle. "Republicans control the White House, the House, and the Senate, and they only have themselves to blame for this cost-of-living crisis. The American people deserve better than their chaos, corruption, and total economic incompetence.”
Federal data released Thursday provided further confirmation that US President Donald Trump's war of choice in Iran is harming the nation's economy and working class, with prices continuing to rise as paychecks fail to keep pace.
"The data is clear: Trump’s illegal war in Iran is a disaster for Americans’ budgets at home," Alex Jacquez, chief of policy and advocacy at Groundwork Collaborative, said in a statement after the US Bureau of Economic Analysis (BEA) announced that the Personal Consumption Expenditures (PCE) price index rose to 3.5% year-over-year in March—the highest rate since May 2023.
The BEA estimates that US consumer spending increased by $195.4 billion in March—with "gasoline and other energy goods" making up $81.3 billion of that total. Trump's war on Iran has hurled the global energy market into chaos, pushing US gas prices above $4 per gallon on average.
BEA also released data showing that US gross domestic product rose at at an annual rate of 2% during the first three months of 2026—a smaller rebound than expected after the final quarter of 2025, when GDP rose by just 0.5%.
Additionally, the Bureau of Labor Statistics on Thursday released its Employment Cost Index for the first quarter of 2026. The index, which measures wages and benefits paid to workers, increased 0.9%—well behind PCE inflation.
"Paychecks are lagging behind prices, and economic growth remains sluggish thanks to the president’s gross mismanagement," said Jacquez. "Working families looking for relief certainly won’t find it under this administration. It’s no wonder Trump’s economic disapproval ratings are at an all-time high."
Rep. Brendan Boyle (D-Pa.), the top Democrat on the House Budget Committee, said in a statement Thursday that "Trump promised to lower costs on day one, but today’s report is more proof that was just a lie."
"His so-called ‘Big Beautiful Bill,’ his reckless tariffs, and his war of choice in Iran are driving up costs on everything from groceries to gas to healthcare," said Boyle. "Republicans control the White House, the House, and the Senate, and they only have themselves to blame for this cost-of-living crisis. The American people deserve better than their chaos, corruption, and total economic incompetence.”