The Progress Report: February 20
Economic growth is shrinking while prices are rising. Donald Trump’s policies are to blame.
THE CASE
Donald Trump claims he inherited an economic mess, yet his policies are making our economy weaker and people poorer. New data from the Bureau of Economic Analysis out this morning shows that economic growth is slowing, rising 2.2% last year, down from 2.8% in 2024. At the same time, prices continue to climb thanks to Trump’s tariffs, some of which the Supreme Court struck down this morning. Despite their ruling, data released this morning from economists at the Budget Lab show that, even after striking down many of Trump’s tariffs, on average, Americans can expect to pay an additional $600 to $800 a year because of his trade policies.
KEY FACTS AND DATA
Trump’s boasts on the economy are falling flat.
At Davos last month, Trump projected fourth-quarter growth would come in at 5.4%—we know today it’s actually 1.4%, yet it’s unlikely his tone will change.
Despite Trump’s promise that tariffs would reduce U.S. imports, the opposite has occurred: The trade deficit for goods hit a record high last year. [New York Times]
At the same time, American manufacturers cut more than 80,000 jobs in the past year. [New York Times]
Trump broke his promises on affordability.
Just yesterday, Trump argued he “won” the battle against inflation and high prices—anyone who has to manage a household budget knows this couldn’t be further from the truth.
Trump’s tariffs cost the average American household $1,200 between February and November last year. [Joint Economic Committee]
And while SCOTUS ruled 6-3 that Trump’s reckless tariffs were enforced illegally, Trump reportedly told governors this morning that he has a backup plan to reimpose them.
Cuts to Affordable Care Act subsidies left many Americans with extreme increases to their health insurance premiums—some seeing the cost go up nearly tenfold. Combined with cuts to Medicaid, you can see why concern over health care prices is ranked at the top of the list of economic woes for most. [CBS]
Americans know Trump’s economy isn’t working for them.
Nearly two-thirds of voters, including 72% of swing voters, say life is less affordable than it was a year ago. Close to half of Trump voters agree. [Blue Rose Research]
Trump’s approval rating for his handling of the economy is at net -23, the lowest of either term. [YouGov]
CALL TO ACTION
Share this graphic with your network to spread the word: Despite his claims, Trump’s economy is on the decline.
