On Thursday, former Secretary of State Hillary Clinton shared her worries about the increasing cost of living. She mentioned that by the time President Donald Trump’s term ends on January 20, 2029, many Americans might find it hard to afford basic things like gas and eggs.
In a post on X, Clinton said, “By the end of Trump’s term, it’ll be just enough to buy one gallon of gas and a carton of eggs.”
Her comments came as Treasury Secretary Scott Bessent announced that a new $250 banknote featuring Donald Trump’s face will be printed.
Trump reportedly requested that the note include the colors of the American flag and a logo for the 250th anniversary.
Inflation is still a big issue.
A report from the Department of Commerce’s Bureau of Economic Analysis showed that the Federal Reserve’s favorite inflation measure rose quickly in April, the fastest increase in three years. This rise is influenced by the ongoing conflict between the U.S. and Iran, which is causing energy prices to go up.
In April, the Personal Consumption Expenditure (PCE) price index increased by 3.8% compared to the same time last year, following a 3.5% rise in March.
As prices go up, household incomes are being affected, which makes it harder for people to spend money.
Many Americans are facing debt issues that could lead to a public health crisis.
A recent survey by Achieve and the finance site Money.com found that about 34% of Americans can’t make their monthly debt payments, and 28% feel their unsecured debt is out of control.
Additionally, a Gallup report revealed that 55% of Americans believe their financial situations are getting worse — the highest level since Gallup started asking this question in 2001.
This pessimism has even surpassed the feelings during the COVID-19 pandemic and the Great Recession, marking the fifth straight year of worsening financial conditions.
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