Trump promised “to bring down the prices of all goods” on day one. How’s that going?
- 23 hours ago
- 4 min read
While many Trump voters say they supported him because he promised to bring down prices and would be good for the economy, his administration has been just the opposite. The Trump administration’s war on Iran has caused gas prices to spike, hitting working families especially hard while petroleum companies and wealthy investors reap record profits.
Trump’s war with Iran causes gas prices to spike
Average WV gas price up 42% since May 2025
Gas prices in West Virginia have risen 42% over the last year. On May 31, 2026, AAA said the state average for a gallon of gas was $4.34 with a high of $4.73 in some counties. This time last year, a gallon of gas cost an average of $3.06 in the state. A month ago, a gallon of gas cost $4.09 in West Virginia, according to AAA.
Fuel prices have skyrocketed since Feb. 28, when the United States and Israel attacked Iran in a war that still has not been sanctioned by Congress as required by the Constitution and the War Powers Resolution of 1973. Over Memorial Day weekend, AAA said gas prices reached a four-year high across the United States. Prices have fluctuated with announcements of peace talks with Iran sparking bouts of optimism, while subsequent disappointing progress triggers new price increases.
“But the fragile situation could cause oil prices to spike again if a ceasefire deal isn’t reached,” AAA said.
CNBC said higher gas and energy prices have already cost the average US household about $450, according to a Moody’s analysis, which adds up to about $60 billion coming out of taxpayers’ pockets. And higher fuel costs take a disproportionately high amount of lower income families’ resources.
Those direct hits to our wallets are in addition to the $25 billion the Pentagon reports as the cost of the Iran war thus far. Analysts and academics report that the total already could be much higher with some saying it could be several times that amount.
Grocery prices spike in April, continue up in May
Grocery prices were up about 2.9% from May 2025 to 2026, according to the U.S. Department of Agriculture. However, prices surged 0.7% in April, one of the steepest monthly spikes in recent years.
Overall food inflation, including dining out, was roughly 3.2% at the end of May compared to a year ago, according to the USDA. Nationally, some items have seen huge price spikes: Tomatoes are up nearly 40%; ground beef is up about 19%.
Since Donald Trump campaigned heavily on a promise to bring down the price of food, NBC News has tracked a number of prices since his election (last updated May 15). How’s that going for consumers?Orange juice – ↑20%Ground beef – ↑19%Chicken breast – ↑1.6%Sandwich bread – ↑4.7%Pork bacon – ↑.5%
U.S. deficit exploding under Trump
Under the Trump administration, the U.S. budget deficit has blown up and in February was expected to hit $64 trillion in a decade, according to a report released by the Congressional Budget Office (CBO). The February CBO report forecast a $1.9 trillion deficit, 5.8 percent of GDP, during the current fiscal year, with national debt that already exceeds $38 trillion.
The Trump administration was relying on tariffs to offset some of its tax cuts and spending increases. However, after the administration suffered repeated losses in the courts related to executive orders that imposed a host of illegal tariffs, CBO updated its budget projection in March adding another $2 trillion to the deficit over the 2026-2036 budgets.
“In our estimation, the termination of the IEEPA tariffs will have economic effects as well. In the most recent Outlook, we projected that changes in trade policy since January 2025 would temporarily raise the rate of inflation, reduce real investment, lower the level of real gross domestic product (GDP), and reduce employment. The termination of IEEPA tariffs dampens those effects,” Phillip L. Swagel, CDO’s director, wrote.
In the February report, the CBO said the debt held by the U.S. is expected to rise from 101 percent of the GDP in 2026 to 126 in 2036, the CBO reports, which is above the previous record of 106 percent after World War II. That information was not updated in the March communication.
However, the Committee for a Responsible Federal Budget estimates that without the illegal tariff revenue, the debt will rise to 127 percent of GDP by 2025.
These reports were completed before Trump began the war with Iran, which the administration says has already cost $25 billion. Other sources indicated that the actual cost will be much higher.
Explosive growth in the deficit is on brand for Trump, whose actions during his first term in office increased the national debt by about $8.4 trillion, according to the Committee for a Responsible Federal Budget.
Elections have consequences. The only way to rein in Trump’s MAGA agenda and return to responsible federal governance is to elect Democratic candidates to the House and Senate this November.
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