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Mana Mostatabi, 202.386.6325 x103, mmostatabi@niacouncil.org
NIAC President Jamal Abdi issued the following statement marking 40 years since the seizure of the U.S. embassy in Tehran:
NIAC President Jamal Abdi issued the following statement marking 40 years since the seizure of the U.S. embassy in Tehran:
"The seizure of the U.S. embassy in Tehran 40 years ago by Iranian students has left a lasting scar for Americans and continues to affect American views of Iran. Breaking with international law and diplomatic decorum, the hostage crisis forced the United States to break diplomatic ties with Iran and the ensuing 444-day crisis fueled a discriminatory backlash against Iranian nationals and Iranian Americans alike. Unfortunately, U.S.-Iran relations continue to be defined by the Hostage Crisis and other historical grievances - including the 1953 Coup - and not by many of the shared interests that could unite the American and Iranian people.
"The act of taking hostages, especially on diplomatic soil, must always be condemned. Moreover, Iran has shamefully continued to target civilians with ties to Western nations and imprisoned them on trumped up charges.
"Dismissing the valid historical grievances on both sides of the U.S.-Iran dispute will ensure that history continues to repeat itself. We must acknowledge and understand the past while pursuing real resolutions and not holding the future hostage to it. For its part, the U.S. overthrew Iran's popularly elected government in 1953 and reinstalled the Shah. Granting the Shah asylum amid the Revolution fed popular fears that the U.S. would once again reinstall the unpopular authoritarian from the U.S. embassy, as it had 26 years earlier. Understanding that history will not erase old wounds and the people involved cannot evade responsibility, but it can help to bring clarity and to acknowledge mutual grievances in order to move forward.
"U.S.-Iran relations need not be perpetually crisis ridden, but this requires leaders on both sides to look beyond the grievances of the past and build trust, not entrench old enmities. As Americans, we must do our part by holding our leaders accountable. The Trump administration's decision to abrogate the Iran nuclear deal and reimpose sanctions one year ago have put us on yet another collision course with Iran. Instead of moving forward on the path of cooperation the deal engendered, the policies of this administration have brought aggressive rhetoric and tense escalation that are only too familiar and utterly avoidable."
The National Iranian American Council (NIAC) is a nonpartisan, nonprofit organization founded in 2002 to give voice to the Iranian-American community. From being the trusted voice on U.S.- Iran relations, to pushing forth legislation that protects individuals of Iranian heritage from systematic discrimination, to celebrating our cultural heritage, NIAC creates a lasting impact in the lives of the members of our community.
(202) 386-6325A new analysis shows that over 40% of all US adults are unable to fully pay off their credit cards each month, leaving them trapped in "cycles of persistent debt."
US President Donald Trump promised repeatedly during his 2024 campaign to temporarily cap credit card interest rates at 10%, but—in the face of Wall Street opposition—he has done nothing concrete to fulfill that pledge since returning to the White House.
That failure, according to an analysis released Tuesday, has so far cost Americans $134.5 billion in interest payments. Every day, The Century Foundation (TCF) and Protect Borrowers estimate, US credit card holders are accruing $368 million more in interest than they would have if rates were capped at 10%. The average interest rate for credit cards in the US is currently around 25%, according to a Forbes measure.
In January, Trump called on Congress to approve a 10% cap on credit card interest rates for one year, and bipartisan legislation has been introduced in both the House and the Senate. But the president has not pressured bank-friendly Republicans to back the measure, and he vowed earlier this month to refuse to sign any legislation that reaches his desk unless lawmakers approve a massive voter suppression bill that is likely dead in the Senate.
“Trump could work with Congress to deliver on his promise to cap credit card interest rates at 10%—saving the average American with credit card debt about $900 a year," Sen. Elizabeth Warren (D-Mass.) said Tuesday. "But he is too busy siding with Wall Street.”
The new analysis by TCF and Protect Borrowers shows that over 40% of adults in the US are "unable to pay off their credit card bills each month, trapping them in cycles of persistent debt that balloons ever-higher due to record-high, industry-inflated interest rates and predatory fees."
Collectively, around 111 million Americans carry more than $1 trillion in credit card debt month to month, according to the analysis, and more than 27 million Americans can't afford more than the minimum monthly payment on their cards.
"Americans’ monthly credit card payments have grown by nearly 40% since 2018, a trend that is continuing unabated under President Trump," TCF and Protect Borrowers found. "From 2018 to 2025, the average monthly credit card payment rose by $553, or 38% (from $1,441 to $1,994). This growth far outstrips inflation."
"Since Trump’s inauguration alone, the average annual amount that Americans pay in credit card bills grew by an additional $1,177 (from $22,756 to $23,933)," the groups added. "The pace of this growth suggests that, in large part due to soaring interest rates, families today devote more income to credit card payments than at any point in history."
The nation's worsening credit card debt crisis comes amid a broader affordability crisis in an economy that Trump has hailed as the "greatest" in history, despite all the glaring evidence to the contrary.
A West Health-Gallup Center on Healthcare in America survey published last week found that roughly a third of respondents—equivalent to more than 80 million Americans—said they have had to skip a meal, borrow money, cut back on utilities, or make other painful trade-offs to afford healthcare expenses over the last 12 months as prices continue to rise across the economy.
“Grocery, utility, and healthcare bills are piling up, and Americans are increasingly turning to credit cards—some carrying interest rates exceeding 22%—just to make ends meet,” Jennifer Zhang, policy, research, and data Analyst at Protect Borrowers and co-author of the new analysis, said Tuesday.
“President Trump promised to tackle crushing credit card interest rates by January 20 of this year," Zhang added, "but that deadline has come and gone."
"Republicans don’t give a damn about the American people and will continue to make your life more expensive," said House Democratic leader Hakeem Jeffries (D-NY) in response.
White House National Economic Council Director Kevin Hassett caused a stir on Tuesday when he indicated that the prospect of US consumers getting hurt by a protracted conflict with Iran was not of particular concern to the administration.
During an interview on CNBC, Hassett dismissed concerns about the Iran war, which is now in its third week, dragging on indefinitely.
"The US economy is fundamentally sound," Hassett claimed. "And if [the war] were to be extended, it wouldn't really disrupt the US economy much at all. It would hurt consumers, and we'd have to think about, you know, if that continued, what we would have to do about that, but that's, like, really the last of our concerns right now... because we're very confident that this thing is going ahead of schedule."
Hassett: "If the war were to be extended, it wouldn't really disrupt the US economy very much at all. It would hurt consumers, and we'd have to think about what we'd have to do about that, but that's really the last of our concerns right now." pic.twitter.com/PVr63QO9Iv
— Aaron Rupar (@atrupar) March 17, 2026
In fact, US consumers are already hurting financially from the effects of the Iran war, which has caused the price of both oil and gasoline to skyrocket. Petroleum industry analyst Patrick De Haan reported on Tuesday that the average price of gas in the US has reached $3.80 per gallon, while the average price for diesel fuel has reached $5.03 per gallon.
The war's impact on oil and gas prices has been exacerbated by Iran closing down the Strait of Hormuz to shipping, and so far there is no indication that it will be reopening anytime soon.
Democratic lawmakers quickly pounced on Hassett's admission that pain for US consumers was "the last of our concerns right now."
"The Trump administration is saying the quiet part out loud," said Sen. Elizabeth Warren (D-Mass.), "the higher costs you're paying are the LAST of their concern."
"Trump's team of Epstein class advisors says it out loud more often than you’d think: 'consumers are the last of our concern right now,'" commented Sen. Chris Murphy (D-Conn.).
"Well I’m not some sort of political expert but this feels like an unhelpful thing to say," remarked Sen. Brian Schatz (D-Hawaii).
"Trump economic advisor says consumer pain is the last of their concerns," commented Sen. Ruben Gallego (D-Ariz.). "Tell that to Americans paying almost twice as much for gas as they were a month ago."
"The Trump administration has once again said the quiet part out loud," said House Democratic leader Hakeem Jeffries (D-NY). "Republicans don’t give a damn about the American people and will continue to make your life more expensive. You deserve better."
"American families don't need a report to tell them that the president has broken his campaign promise to slash energy costs."
Over two weeks into President Donald Trump and Israel's illegal war on Iran, which is driving up oil prices around the world, Democrats on the congressional Joint Economic Committee revealed Tuesday that the average US electric bill increased by $110, or 6.4%, last year.
The Democratic JEC staff compared monthly data from the federal Energy Information Administration for 2024, when Trump was campaigning to return to office against then-Democratic Vice President Kamala Harris, and 2025, when the Republican returned to power, having repeatedly promised to cut electric bills in half.
The JEC report highlights that last year's national average was "even higher than the increase the committee projected last November," plus "annual electricity costs were higher in 2025 in nearly every state, and were at least 10% higher in 12 states and DC."
The states with the highest bills were Connecticut and Hawaii, which each had an average of $2,490 for 2025. They were followed by Alabama at $2,230, Maryland at $2,220, Massachusetts at $2,190, Texas at $2,080, and Florida at $2,010.
In terms of the largest increases last year, the District of Columbia saw the biggest jump: a 23.5% rise from $1,360 to $1,680. New Jersey led all states with a 16.9% hike from $1,540 to $1,800, followed by Illinois at 15.9%, Pennsylvania at 12.1%, Kentucky at 11.8%, Maryland and Tennessee at 11.6%, New York at 11.4%, Ohio at 11.1%, and Missouri at 11%.
"American families don't need a report to tell them that the president has broken his campaign promise to slash energy costs; they already feel the impact of President Trump's actions every single day," said Sen. Maggie Hassan (D-NH), the panel's ranking member. "But this report is yet another indication that sky-high costs are continuing to rise—and are continuing to hurt American families."
Throughout last year, lawmakers and other experts warned of various policies expected to drive up utility bills, including the Republican budget package, or so-called One Big Beautiful Bill Act, which eliminated tax credits for solar and wind energy.
"Trump and Republicans are accelerating their self-inflicted energy crisis with continued project cancellations," the group Climate Power declared in a December report that blamed the administration for hurting "projects that would have produced enough electricity to power the equivalent of 13 million homes."
The Trump administration is also advocating for the construction of artificial intelligence data centers, despite warnings that the unregulated buildup of such facilities is causing local electricity costs to soar, plus threatening nearby communities and the global climate.
There's also US liquefied natural gas (LNG) exports, which are not only exacerbating the fossil fuel-driven climate emergency but also pushing up energy prices for Americans, as Public Citizen detailed in a December report. The watchdog noted that "1 in 6 Americans—21 million households—are behind on their energy bills," which "are rising at twice the rate of inflation."
"Energy Secretary Chris Wright and Interior Secretary Doug Burgum have acted as global gas salesmen, traveling to Europe to push exports and gut European methane regulations while attacking mainstream climate science," Tyson Slocum, report author and director of the Public Citizen's Energy Program, said at the time. "Meanwhile, Trump has done nothing to keep prices down at home."
The report preceded Big Oil-backed Trump launching a war on Iran without congressional authorization. While causing oil prices to skyrocket, his Operation Epic Fury is expected to boost the US LNG industry, with one expert projecting earlier this month that American companies could see up to $20 billion per month in windfall profits if the global market is deprived of Qatari gas until the summer.