Democrats on the congressional Joint Economic Committee on Thursday published updated data estimating that President Donald Trump’s policies have cost the average US family $4,700 during the first two years of his second term.
One major driver of price increases has been Trump’s illegal war with Iran, which led to a global spike in energy prices after Iran shut down the Strait of Hormuz in retaliation for military strikes Trump launched without congressional authorization in February.
In total, the JEC found that Americans have spent $101 billion more on gas since the start of the war, which it calculated cost the average US family an additional $856.
The JEC report also highlights the massive rise in insurance premiums thanks to Trump and Republicans’ refusal to extend enhanced subsidies for people who buy health coverage through exchanges established by the Affordable Care Act.
“Monthly premiums for ACA plans rose over 50% on average in 2026 compared to last year,” JEC wrote. “Meanwhile deductibles surged to record highs, increasing by more than $1,000 on average.”
And although Trump vowed to lower the cost of food starting on his first day in office, the report finds the average US family had to pay $310 more for groceries than in 2024.
“Beef and coffee prices are hitting Americans especially hard,” the report notes. “Since the president took office, the average price of ground beef has risen almost every month to a record high of more than $7 per pound. Coffee prices also spiked and are now more than $9 per pound.”
Sen. Maggie Hassan (D-NH), ranking member of the committee, said the new data is a damning indictment of Trump and the GOP’s management of the economy.
“While President Trump and congressional Republicans promised to lower prices, their actions instead sent prices soaring,” said Hassan. “Trump’s reckless tariffs and Iran War continue to make things harder every day for Granite Staters and Americans across the country.”
Data released by the US Bureau of Labor Statistics (BLS) on Thursday indicated that the affordability crisis in the US appears to be getting even worse.
According to the BLS’ latest Producer Price Index, wholesale prices paid by businesses increased by an annual rate of 6.3% in September, which was far higher than economists’ forecast of a 5.5% increase.
The biggest factor in increased wholesale costs in September was the price of energy, which posted a monthly increase of 10.8%, reflecting record-high prices for diesel fuel used to ship goods across the country.
PPI is seen as an important gauge of future inflation for consumers, as companies typically pass the costs they pay for inputs onto shoppers in the form of price increases.
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