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brendan boyle
Economic Pain 'Just Beginning' as Key Index Shows More Inflation From Trump's Iran War
"The only thing Trump has made great again is inflation," said Rep. Brendan Boyle.
May 13, 2026
Data released by the US Bureau of Labor Statistics on Wednesday showed continued upward pressure on prices, caused in large part by President Donald Trump's war with Iran.
The Producer Price Index (PPI), which measures wholesale prices paid by businesses, posted a year-over-year gain of 6% in April, the largest yearly increase since December 2022.
Energy prices, which have surged since Trump launched an unprovoked war with Iran in late February, played a large role in raising wholesale costs, as the report finds "more than three-quarters of the broad-based increase in April can be traced to a 7.8% jump in prices for final demand energy."
However, energy prices aren't solely responsible for rising wholesale prices, as the so-called "core" PPI, which excludes the costs of food and energy, posted a yearly increase of 4.4% in April, the largest since February 2023.
PPI is seen as an important gauge of future inflation for consumers, as companies typically pass the costs they pay for inputs onto consumers in the form of price increases.
As explained by Groundwork Collaborative in a social media post, the wholesale costs measured by PPI "are what companies pay before they jack up prices on the rest of us."
"What's in the pipeline now is headed straight for your grocery bill and gas tank," Groundwork Collaborative added. "The pain isn't over. It's just beginning."
CNN economics reporter Elisabeth Buchwald similarly predicted more hurt for US consumers in the coming months, arguing in a Wednesday article that a 6% increase in PPI shows "the pain will not be short-lived."
"Even if the United States were to reach a deal with Iran today, it would still take months for shipments of oil held up by the blockade of the crucial Strait of Hormuz to reach American soil," Buchwald explained. "And even then, it would likely be months—or potentially years—before Americans see gas prices return to levels before the war."
Wednesday's PPI report came one day after the Consumer Price Index showed that consumer prices in April rose by 3.8%, the largest yearly increase since May 2023.
Rep. Brendan Boyle (D-Pa.) reacted to the latest inflation data by ripping into the president's policy decisions, including the Iran war and the global trade war he started shortly after returning to office last year.
"The only thing Trump has made great again is inflation," Boyle, the ranking member of the House Budget Committee, wrote in a social media post. "His disastrous policies—from his tariff taxes to his war in Iran—are making life even more expensive. We shouldn't be surprised the guy who managed to bankrupt a casino isn't an economic mastermind."
Rep. Maxine Dexter (D-Ore.) linked the increased prices to Trump's desire to have Congress spend $1 billion of taxpayer money on his proposed White House ballroom.
"Oregonians need real relief from these high costs at the store and the pump," wrote Dexter. "We must stop the war in Iran and refuse to pay for presidential vanity projects. Oregon families want peace. They need a break, not a ballroom."
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‘Outrageous’: GOP Budget Includes $1 Billion in Taxpayer Funds for Trump Ballroom
"Using taxpayer dollars to toady to a wannabe-dictator is both pandering and pathetic," said one critic.
May 05, 2026
Even though President Donald Trump has long insisted that his proposed White House luxury ballroom would be funded by private donations, congressional Republicans unveiled legislation on Monday that would put US taxpayers on the hook for the project.
As reported by Punchbowl News, Sen. Chuck Grassley (R-Iowa) released a proposal for a budget reconciliation package that includes $30 billion more in funds for US Immigration and Customs Enforcement (ICE), $3.4 billion for Customs and Border Protection, and $2.5 billion for the Department of Homeland Security.
Tucked into the proposal is $1 billion for what is described as an "East Wing modernization project, including above-ground and below-ground security features."
Given that Trump is planning to build his ballroom on the area of the White House's East Wing that he demolished last year, this means that $1 billion in taxpayer money would be going to the president's vanity project.
Democratic officials immediately pounced on news that their Republican counterparts are planning to funnel $1 billion to the ballroom project, noting that the budget plan comes as Americans are struggling with the surging costs of energy and food.
"Zero dollars to lower costs," wrote Rep. Brendan Boyle (D-Pa.), ranking member of the House Budget Committee. "Zero dollars to protect your healthcare. A massive check for an out-of-control ICE, and $1 billion for Trump’s ballroom. This Republican budget bill is a disaster."
Rep. Sean Casten (D-Ill.) responded to the GOP ballroom plan by declaring, "Oh hell no."
"Spiking prices, SCOTUS attacking democracy, collapsing faith in the US government," Casten added, "and the GOP is prioritizing sending more money to murderous ICE agents and Trump's ballroom vanity project. This is offensive."
Rep. Yassamin Ansari (D-Ariz.) contrasted the GOP finding money to fund the ballroom with its unwillingness to extend enhanced subsidies for Americans who buy health insurance through exchanges established by the Affordable Care Act.
"Add the ballroom to the laundry list of things Trump said someone else would pay for," Ansari wrote. "Ultimately, of course, it’s always the American people footing the bill for his outrageous pet projects. A $1BN price tag while he rips away your healthcare. Sickening."
Sen. Brian Schatz (D-Hawaii) welcomed the chance to have his Republican colleagues go on the record in favor of funding the ballroom.
"Just flagging that now everyone gets an up or down vote on the ballroom!" he wrote.
Elected Democrats weren't the only ones to hammer the GOP for the proposal to fund Trump's ballroom.
Lisa Gilbert, co-president of Public Citizen, called the GOP plan a "corrupt absurdity" that would make taxpayers shell out $1 billion for the president's "grandiose, bombastic, vanity project."
"Using taxpayer dollars to toady to a wannabe-dictator is both pandering and pathetic," added Gilbert, who decried the plans for increased ICE funding as "abhorrent."
Kristen Crowell, executive director of Families Over Billionaires, denounced the ballroom funding plan as "a glaring symbol of misplaced priorities and grift," while also calling attention to other harmful aspects of the GOP's budget proposal.
"At a time when families are struggling to afford housing, child care, and other basic necessities," Crowell said, "the White House and Republicans in Congress are proposing to pour tens of billions of dollars into an already bloated and unaccountable deportation machine—while also carving out funding for the president’s own luxury projects."
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'The Current Tax Code Is Rigged,' Plus 6.2 Trillion Other Reasons to Tax America's Ultrarich
"My bill is about basic fairness and making the ultrawealthy pay their fair share," said Sen. Elizabeth Warren. "It's time for the government to stop listening to the richest of the rich and start working for working people."
Mar 26, 2026
Backed by dozens of lawmakers, advocacy organizations, and labor unions, a trio of congressional Democrats on Thursday reintroduced the Ultra-Millionaire Tax Act, which would generate an estimated $6.2 trillion in revenue over the next decade by imposing a wealth tax on US fortunes above $50 million.
As the lead sponsors, Sen. Elizabeth Warren (D-Mass.) and Reps. Pramila Jayapal (D-Wash.) and Brendan Boyle (D-Pa.), highlighted in a statement, that estimated revenue is "more than double the score of the bill when it was first introduced five years ago, and enough money to pay for investments like universal childcare, free community college, Medicare expansion, and more—without raising taxes on 99.85% of American households."
The reintroduction comes just months away from the midterm elections. Democrats are working to reclaim control of Congress from President Donald Trump's Republican Party, which last year used its slim majorities in both chambers to push through a budget package that gave more tax cuts to the rich while cutting social programs for working families.
"While multimillionaires and billionaires are getting richer and richer, families are getting squeezed by a rigged economy," said Warren. "My bill is about basic fairness and making the ultrawealthy pay their fair share. It's time for the government to stop listening to the richest of the rich and start working for working people."
Under the bill, the country's wealthiest 260,000 households would pay a 2% annual tax on fortunes valued at over $50 million and an additional 1% on the net worth of households and trusts above $1 billion. The legislation would also impose a 40% "exit tax" on ultrarich individuals who renounce their citizenship for evasion purposes and would give the Internal Revenue Service $100 million in new funding.
"As millions of families are struggling under the weight of inflation, tariffs, and rising gas prices, the richest billionaires continue to see their net worth grow. We live in the richest country in the world, but that wealth is incredibly concentrated in a tiny group of people. It's time to tax the rich and level the playing field to ensure that every American has a chance to succeed," said Jayapal.
"The Ultra-Millionaire Tax Act is a major step toward making sure the wealthy finally pay their fair share," she continued. "With this legislation, we can narrow the racial wealth gap and invest trillions of dollars in healthcare, schools, clean energy, housing, and more to improve lives in communities across America."
At the beginning of 2026, an Institute for Policy Studies analysis found that the total wealth of US billionaires surged to $8.1 trillion last year—and the country's top 15 billionaires saw their collective fortune grow from $2.4 trillion to $3.2 trillion, more than double the S&P 500's 16% increase in 2025.
In the months since, even a columnist at the Rupert Murdoch-owned Wall Street Journal acknowledged that "billionaires' low taxes are becoming a problem for the economy," and Peter Mallouk, the CEO of wealth management firm Creative Planning, suggested that US wealth inequality "is 100% completely unsustainable as a society."
Boyle declared Thursday that "a secretary shouldn't pay a higher tax rate than the CEO. The current tax code is rigged against working people and the middle class. Our proposal finally changes this and makes billionaires pay their fair share."
Today, I'm introducing my wealth tax — and more than 50 members of Congress are joining me. It’s time for the government to start working for American families, not just the ultra-rich.
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— Elizabeth Warren (@warren.senate.gov) March 26, 2026 at 1:54 PM
Unions backing the bill include the American Federation of Government Employees; American Federation of Teachers; American Federation of State, County, and Municipal Employees (AFSCME); Communications Workers of America; Service Employees International Union; and United Steelworkers.
"Anti-worker extremists in Congress and their billionaire backers are slashing safety net programs and rigging the tax code to make the ultrawealthy richer as working families are pushed closer to the brink," said AFSCME president Lee Saunders. "The working people who keep this country running shouldn't be the ones carrying a heavier tax burden than the richest 0.1%."
"It's past time billionaires paid their fair share, so we can invest in the public services that working people need—from childcare to healthcare to food support," he argued. "Congress must pass Sen. Warren and Rep. Jayapal's Ultra-Millionaire Tax Act now."
Other organizations behind the bill include Americans for Tax Fairness, Climate Hawks Vote, Groundwork Collaborative, Indivisible, MomsRising, Oxfam America, Patriotic Millionaires, People's Action Institute, Public Citizen, the Sunrise Movement, and more.
“The United States is capable of sustaining the rich, stable, and free economy and country the vast majority of Americans—regardless of political party—actually want. The only way to ensure we get there, though, is by building a tax system that puts a check on the extreme inequality that threatens our economy and our democracy," said Patriotic Millionaires chair Morris Pearl.
"Millionaires like me want less inequality because we and our families will be better off in a society with less economic disparity. And it's not because I'm good or altruistic. I am not any more altruistic than the next person, I'm just greedy for a different kind of country than some other rich people in America," he continued. "I'm willing to pay more in taxes if it means helping us become the kind of country I know we can be. The Patriotic Millionaires are proud to support the Ultra-Millionaire Tax Act, and we urge Congress to act quickly to make this law."
Sen. Bernie Sanders (I-Vt.) and Rep. Ro Khanna (D-Calif.) introduced another bill to tax the rich—the Make Billionaires Pay Their Fair Share Act—earlier this month, but neither proposal is likely to advance in the GOP-controlled Congress.
However, as historian Lawrence Wittner highlighted in a Thursday opinion piece for Common Dreams, "campaigns for state tax-the-rich legislation are flourishing in California, Colorado, New York, Oregon, Rhode Island, Texas, and Virginia, and have already succeeded in getting such legislation adopted in Massachusetts and Washington."
"Most Americans support proposals to raise taxes on the rich," he noted, citing a January poll that found 80% of Americans saw wealth inequality as a problem, 80% said the rich had too much political power, and 78% said taxes on billionaires were too low. Wittner concluded that "it's time to tax the rich."
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