Washington, D.C. — In his first weeks in office, President Donald Trump’s actions on the economy will cost the American middle class $189.5 billion over the next decade—or on average, approximately $1,331 per middle class household, according to a new Center for American Progress Action Fund analysis released ahead of Trump’s first joint address to Congress. At the same time, Trump has lined the pockets of Wall Street and big business to the tune of $106 billion over the next 10 years.
“Amid the chaos of Donald Trump’s first weeks in office, he has quietly worked to strip money from the pockets of middle-class families while further enriching those at the top. From undoing critical consumer protections for retirees to undermining overtime standards and making it more expensive for first-time buyers to purchase a home, Trump has proven that his so-called commitment to working Americans is a scam,” said Molly Cain, Senior Researcher at CAP Action.
The column analyzes how Trump’s early actions on the economy have impacted American families. These actions included:
- Undermining the fiduciary rule, which requires financial advisers to act in their clients’ best interests rather than their own, will cost middle-class retirees $150 billion over 10 years.
- Refusing to defend updated overtime standards, which would raise the incomes of Americans making less than $50,000 per year, will cost workers $12 billion over 10 years.
- Reversing a planned cut to Federal Housing Administration, or FHA, insurance premiums could cost first-time homeowners $27.5 billion more in insurance fees on FHA mortgages over 10 years.
While hurting middle-class families, the early actions of Trump and congressional Republicans have provided a $106 billion boon to Wall Street and big business. These actions included:
- Issuing an executive order that aims to roll back Wall Street reforms will provide big banks with a $100 billion windfall over 10 years.
- Reversing environmental protections and rules to prevent corruption will provide big corporations such as ExxonMobil with $6 billion over 10 years.
Click here to read “On Average, Trump’s Early Actions on Economy Cost Middle-Class Households $1,331” by Molly Cain.
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