November, 13 2025, 03:08pm EDT
Corporate Executives Say Trump’s Economy Has Left U.S. Consumers “Under Pressure” and “Stressed”
Corporate executives are quietly acknowledging what millions of Americans already feel: Trump’s economy is squeezing lower- and middle-income families while corporations enjoy record profits and the wealthy continue to prosper.
Consumer outlook indicators point in the same direction. The University of Michigan's Index of Consumer Sentiment declined across nearly every demographic group this November — by age, income, and political leaning — except for those with the largest stock portfolios, whose confidence jumped 11%. Similarly, consumer confidence data from the Conference Board showed that the confidence dropped among Americans earning under $75,000 and increased the most for those making more than $200,000 — a clear sign that everyday Americans are growing more worried about their finances, having to spend less just to stay afloat as the K-shaped economy deepens.
Key Excerpts
Food and Beverage Industry
Scott Boatwright, Chipotle Chief Executive Officer and Director said during a Q3 2025 earnings call: “Earlier this year, as consumer sentiment declined sharply, we saw a broad-based pullback in frequency across all income cohorts. Since then, the gap has widened, with low to middle-income guests further reducing frequency.” He continued to say, “The economists we have spoken to over the last several quarters, say, Q4, Q1 [are] likely to be the toughest for the consumer. Specifically the cohort under $100,000. A particularly challenged cohort is the 25- to 35-year-old age group [...] This group is facing several headwinds, including unemployment, increased student loan repayment and slower real wage growth.”
Coca-Cola's Executive Vice President and Chief Operating Officer Henrique Braun stated during a Q3 2025 earnings call that “When we look from a consumer point of view, we continue to see divergency in spending between the income groups. The pressure on middle and low-end income consumers is still there."
Constellation Brands (Makers of Modello and Corona Beer) Chief Executive Officer William Newlands told attendees at the Barclays 18th Annual Global Consumer Staples Conference 2025 “The Hispanic consumer is very concerned at the moment. 80% are concerned about socioeconomic factors, 75% are concerned about their personal finances. It means that their shopping behavior has changed.”
General Mills’ Group President of North America Retail & North America Pet Dana McNabb said during an Investor Day meeting that “the consumer is still adjusting to this once-in-a-lifetime inflationary period and trying to find their footing...they're stressed." General Mills’ CEO Jeffery Harmening followed up by noting that "the combination of the length of the inflation that we have seen and inflation is still running at or ahead of wage growth. And so consumers, if you're making $200,000 a year or less, you are really feeling that pinch even still today."
Kraft-Heinz CEO and Director Carlos Abrams-Rivera laid it out on the Q3 2025 earning call saying that “fact that we have now one of the worst consumer sentiments we have seen in decades...it is a unique moment right now in which this is getting -- the consumer negativity and the sentiment is extending longer than we had originally expected."
Jack Sinclair, CEO and director for grocery store chain Sprout's Farmers Market told shareholders on the Q3 2025 earnings Call that "from a consumer pressure perspective, I mean, I think that's building … a little bit more in the kind of lower and middle income is what you read about and what you hear. [...] middle-income trade areas, younger demographics … it's just a little more pronounced in those, but I think the pressure is there for everybody and everyone is trying to figure out how they manage through that in a dynamic environment.”
Dirk Van de Put, the Chair and CEO of Mondelez (Makers of Oreo cookies, Halls cough drops, and Wheat Thins) said on a Q3 2025 earnings call that while their consumers are “very concerned in general about the economy, frustrated with the pricing they're seeing,” Mondelez’s seasonal products allow the company to charge higher prices because "the consumer is not that clear on what the right price point is and also is inclined to pay a little bit more."
Travel Industry
American Airlines' Chief Strategy Officer, Steve Johnson, said on a Q3 earnings call that “Nearly 50% of our ticket revenue comes from premium,” and as a result the airline is planning to add additional premium seats to its fleet.
On an Q3 earnings call, Scott Kirby, United Airlines’ CEO described how economic stress causes demand to "bleed off on the lower end” making more seats available for brand loyal customers.
The Groundwork Collaborative is dedicated to advancing a coherent and persuasive progressive economic worldview and narrative capable of delivering meaningful opportunity and prosperity for everyone. Our work is driven by a core guiding principle: We are the economy. Groundwork Collaborative envisions an economic system that produces strong, broadly shared prosperity and power for all people, not just a wealthy few.
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US Rep. Ro Khanna defended California's proposed tax on extreme wealth Saturday after a pair of prominent Silicon Valley venture capitalists threatened to launch a primary bid for his California House seat.
The proposal, which advocates are gathering signatures to place on the ballot in 2026, would impose a one-time 5% tax on those with net worths over $1 billion to recoup about $90 billion in Medicaid funds stripped from the state by this year’s Republican budget law. The roughly 200 billionaires affected would have five years to pay the tax.
While higher taxes on the superrich are overwhelmingly popular with Americans, the proposal has rankled many of California’s wealthiest residents, as well as California’s Democratic Gov. Gavin Newsom, who said earlier this month that he’s “adamantly” against the measure.
On Friday, the New York Times reported that two of the valley's biggest powerbrokers—venture capitalist and top Trump administration ally Peter Thiel and Google co-founder Larry Page—were threatening to reduce their ties to California in response to the tax proposal.
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In a post on X, the congressman reacted with derision at the threats of billionaire flight: "Peter Thiel is leaving California if we pass a 1% tax on billionaires for five years to pay for healthcare for the working class facing steep Medicaid cuts. I echo what [former President Franklin D. Roosevelt] said with sarcasm of economic royalists when they threatened to leave, 'I will miss them very much.'"
Casado, who donated to Khanna’s 2024 reelection campaign according to OpenSecrets, complained that “Ro has done a speed run, alienating every moderate I know who has supported him, including myself.”
"Beyond being totally out of touch with [the moderate] faction of his base, he’s devolved into an obnoxious jerk," Casado continued. "At least that makes voting him the fuck out all the more gratifying."
Casado's post received a reply from another former Khanna donor, Garry Tan, the CEO of the tech startup accelerator Y Combinator.
"Time to primary him," Tan said of Khanna.
Tan, a self-described centrist Democrat, has never run for office before. But he is notorious for his social media tirades against local progressives in San Francisco and was one of the top financial backers of the corporate-led push to oust the city's liberal former district attorney, Chesa Boudin, in 2022.
Casado replied: "Count me in. Happy to be involved at any level."
Progressive commentator Krystal Ball marveled that “Tech oligarchs are now openly conspiring against Ro Khanna because he dared to back a modest wealth tax.”
So far, neither Casado nor Tan has hinted at any concrete plans to challenge Khanna in 2026. If they did, defeating him would likely be a tall order—since his sophomore election in 2018, a primary challenger has never come within 30 points of unseating him.
But Khanna still felt the need to respond to the brooding tech royals. He noted that he has "supported a modest wealth tax since the day I ran in 2016," which prompted another angry retort from Casado, who accused the congressman of "antagonizing the people who made your district the amazing place it is" with a tax on billionaires.
Khanna hit back at his critics with a lengthy defense of not just the wealth tax, but his conception of what he calls "pro-innovation progressivism."
"My district is $18 trillion, nearly one-third of the US stock market in a 50-mile radius. We have five companies with a market cap over $1 trillion," Khanna said. "If I can stand up for a billionaire tax, this is not a hard position for 434 other [House] members or 100 senators."
"The seminal innovation in tech is done by thousands, often with public funds," Khanna continued. "Yes, we need entrepreneurs to commercialize disruptive innovation... But the idea that they would not start companies to make billions, or take advantage of an innovation cluster, if there is a 1-2% tax on their staggering wealth defies common sense and economic theory."
"We cannot have a nation with extreme concentration of wealth in a few places, but where 70% of Americans believe the American dream is dead and healthcare, childcare, housing, education is unaffordable," he concluded. "What will stifle American innovation, what will make us fall behind China, is if we see further political dysfunction and social unrest, if we fail to cultivate the talent in every American and in every city and town... So, yes, a billionaire tax is good for American innovation, which depends on a strong and thriving American democracy."
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When President Donald Trump launched a series of airstrikes in Nigeria on Christmas, he described it as an attack against "ISIS Terrorist Scum in Northwest Nigeria who have been targeting and viciously killing, primarily, innocent Christians."
But locals in a town that was hit during the strike say terrorism has never been a problem for them. On Friday, CNN published a report based on interviews with several residents of Jabo, which was hit by a US missile during Thursday's attack, which landed just feet away from the town's only hospital.
The rural town of Jabo is part of the Sokoto state in northwestern Nigeria, which the Trump administration and the Nigerian government said was hit during the strike.
Both sides have said militants were killed during the attack, but have not specified their identities or the number of casualties.
Kabir Adamu, a security analyst from Beacon Security and Intelligence in Abuja, told Al Jazeera that the likely targets are members of “Lakurawa,” a recently formed offshoot of ISIS.
But the Trump administration's explanation that their home is at the center of a "Christian genocide" left many residents of Jabo confused. As CNN reported:
While parts of Sokoto face challenges with banditry, kidnappings and attacks by armed groups including Lakurawa–which Nigeria classifies as a terrorist organization due to suspected affiliations with [the] Islamic State–villagers say Jabo is not known for terrorist activity and that local Christians coexist peacefully with the Muslim majority.
Bashar Isah Jabo, a lawmaker who represents the town and surrounding areas in Nigeria's parliament, described the village to CNN as “a peaceful community” that has “no known history of ISIS, Lakurawa, or any other terrorist groups operating in the area.”
While the town is predominantly Muslim, resident Suleiman Kagara, told reporters: "We see Christians as our brothers. We don’t have religious conflicts, so we weren’t expecting this."
Nigeria, Africa's most populous nation with more than 237 million people, has a long history of violence between Christians and Muslims, with each making up about half the population.
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The senator recently claimed, without citing a source for the figures, that "since 2009, over 50,000 Christians in Nigeria have been massacred, and over 18,000 churches and 2,000 Christian schools have been destroyed" by the Islamist group Boko Haram.
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Anthea Butler, a religious scholar at the University of Pennsylvania, has criticized the Trump administration's attempts to turn the complex situation in Nigeria into a "holy war."
"This theme of persecution of Christians is a very politically charged, and actually religiously charged, theme for evangelicals across the world. And when you say that Christians are being persecuted, that’s a thing," she told Democracy Now! in November. "It fits this sort of savior narrative of this American sort of ethos right now that is seeing itself going into countries for a moral war, a moral suasion, as it were, to do something to help other people."
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Butler has doubted the sincerity of Trump's concern for the nation's Christians due to his administration's denial of entry for Nigerian refugees, as well as virtually every other refugee group, with the exception of white South Africans.
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As Ukrainian President Volodymyr Zelenskyy made his way to Florida for a pivotal set of talks this weekend with US President Donald Trump, Russia launched a barrage of drone and missile attacks on Kyiv early Saturday morning.
At least two people were killed in the Ukrainian capital during the 10-hour attack, with 44 more—including two children—injured. Hundreds of thousands of residents are left to brave near-freezing temperatures without heat following the attack, which cut off power supplies.
The attack came as Zelenskyy prepared to stop in Canada before meeting with Trump on Sunday to discuss a 20-point plan to end the nearly four-year war with Russia that has been the subject of weeks of negotiation between US and Ukrainian emissaries.
Zelenskyy is seeking to maintain Ukraine's territorial sovereignty without having to surrender territory—namely, the eastern Donbass region that is largely occupied by Russian forces. He also hopes that any agreement to end the war will come with a long-term security guarantee reminiscent of NATO.
On Friday, Zelenskyy told reporters that the peace deal was 90% complete. But Trump retorted that Zelenskyy "doesn't have anything until I approve it."
Trump has expressed hostility toward Zelenskyy throughout his presidency. In February, before berating him in a now-infamous Oval Office meeting, Trump insisted falsely that Ukraine, not Russia, was responsible for starting the war in 2022.
Zelenskyy's latest peace proposal was issued in response to Trump's proposal last month, which was heavily weighted in Russia's favor.
It called for Ukraine to recognize Russia's illegal annexation of Crimea and cede the entirety of the Donbass, about 2,500 square miles of territory, to Russia, including territory not yet captured. Trump's plan puts a cap of 600,000 personnel on Ukraine's military and calls for Ukraine to add a measure in its constitution banning it from ever joining NATO.
Earlier this year, Trump demanded that Ukraine give up $500 billion worth of its mineral wealth in what he said was "repayment" for US military support during the war (even though that support has only totalled about $175 billion).
In his latest proposal, Trump has pared down his demands to the creation of a "Ukraine Development Fund" that would include the "extraction of minerals and natural resources" as part of a joint US-Ukraine reconstruction effort.
While those terms appear less exploitative, the reconstruction program is expected to be financed by US loans from firms like BlackRock, which have been heavily involved in the diplomatic process.
"The infrastructure rebuilt with these loans—ports, rail lines, power grid—won’t be Ukrainian in any meaningful sense. It’ll be owned by international consortiums, operated for profit, with revenues flowing out to service the debt," wrote the Irish geopolitical commentator Deaglan O'Mulrooney on Tuesday. "In other words, Ukraine will be gutted."
Despite the criticism, Zelenskyy has signaled support in principle for the US reconstruction proposal as an alternative to direct expropriation.
The "red lines" for Zelenskyy heading into his talk with Trump are related to Ukraine's territorial integrity. He has said he will not recognize Russian control of the Donbass, or the Zaporizhzhia nuclear power plant, the largest nuclear facility in Europe, which Russia currently controls. He has also demanded that all terms of a peace agreement come up for a referendum among the Ukrainian people, which is strongly against territorial concessions.
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