October 17, 2026

Dear Friends,

As we approach the midway point of Donald Trump’s second term, families across our nation are suffering from his administration’s disastrous economic policies. In a poll released this week, only 20% of Americans described the state of the economy as “excellent” or “good,” while 63% said it was “getting worse.” Another national survey showed just 28% of respondents approving of Trump’s handling of jobs and the economy — and with prices skyrocketing thanks to the President’s tariffs and his endless war in Iran, it’s easy to see why Americans are fed up with his broken policies.

According to the latest inflation report from the Bureau of Labor Statistics, consumer prices rose at a 3.7% annual rate in September. Although prices are rising virtually across the board — including 2.5% annually for food and 3.4% annually for clothing— much of this runaway inflation stems from soaring energy costs caused by Trump’s war in Iran. Since Trump launched that war less than 8 months ago, the cost of gasoline has risen by more than 34%, while diesel and heating oil prices have shot up by 70% and 74%, respectively.

Let’s be clear: this is a crisis entirely of Donald Trump’s own making. His war in Iran, which Trump said this week would end “as soon as I want it to end,” has led directly to a shocking increase in energy costs. But even before his disastrous decision to start another endless regime change war in the Middle East, Trump’s reckless tariffs had begun the inflationary cycle that American families are still struggling to manage. According to the New York Federal Reserve, Trump’s tariffs raised the cost of 67 categories of everyday items by 2.9% before the war with Iran. Without the tariffs, researchers concluded, prices on those items would have actually fallen by almost 1%.

Everyday Americans feel the pain of these price increases as their wages fail to keep up with inflation. Americans’ “real wages” — pay adjusted for inflation — have fallen for six consecutive months, forcing millions of families to struggle to make ends meet. But instead of addressing the affordability crisis, Donald Trump and his cronies are focused only on enriching themselves and protecting their ill-gotten gains.

Trump’s economic policies have been a disaster for working families, but they’ve been a windfall for the President’s billionaire allies. Elon Musk, already the world’s richest man, has seen his net worth grow by at least $550 billion since Trump took office, making him the world’s first trillionaire. Musk knows that it’s Trump and his GOP allies who have enabled him to amass this unimaginable wealth, and he’s been keen to return the favor — already spending $366 million this election cycle to keep his Republican benefactors in office. But outside billionaires and corporations aren’t the only ones getting richer while working people suffer — members of the administration and Trump himself are, too.

Earlier this week, Kimberly Guilfoyle — Trump’s Ambassador to Greece and Donald Trump Jr.’s former fiancé — was forced to step down after allegedly accepting improper gifts and offering to use her influence in the White House on behalf of a donor who paid off her personal credit card bill. And while this particular instance of naked bribery was apparently too much for even the Trump administration to condone, the President and his family continue to rake in cash at the American people’s expense.

A recent Forbes analysis estimated that Trump has grown his personal wealth by $2.7 billion since the 2024 election. Corporate donors seeking influence, criminals seeking presidential pardons, and mysterious foreign interests have delivered countless thinly disguised payoffs to the President and his family through their cryptocurrency ventures — making Trump richer and securing untold favors in exchange. Thanks to Republicans in Congress who have refused to provide accountability for this flagrant corruption, Trump and his administration have continued to put their own interests and those of their powerful friends above the needs of working families.

While Donald Trump and his allies in Congress ignore the affordability crisis facing millions of Americans, my Democratic colleagues and I are working tirelessly to end the war in Iran, lower energy costs, and strengthen access to healthcare, food assistance, and more. The American people have a right to expect their representatives to put their constituents first — and that’s exactly what I’ll continue to do in the weeks, months, and years ahead.

As always, thank you for reading.

Your friend,

DID YOU KNOW?

My office and I are working to make sure you remain informed with the latest updates and recommendations from governments and agencies. With that in mind, here is some information that may be of interest to you:

• The Education Debt Consumer Assistance Program (EDCAP) is offering two free webinars this month with live Q&A to help you navigate new financial aid opportunities and student loan updates.
• EDCAP, a program of the Community Service Society of New York (CSS), assists New Yorkers struggling with student debt by helping borrowers navigate the student loan repayment system and regain financial health, while also supporting future students in applying for financial aid.
• The first webinar, entitled How to Save Money on College, will take place on Thursday, October 22^nd at 6:00 PM.
  • At this webinar, you can learn how to complete the new FAFSA, access New York State programs like TAP and the DREAM Act, compare financial aid offers, and make informed college decisions that can save you money now and in the future.
  • You can register for this webinar HERE.
• The second webinar, entitled Life After SAVE & the Latest Student Loan Relief Programs, will take place on Wednesday, October 28^th at 6:00 PM.
  • At this webinar, you can learn about new loan repayment options following the end of the SAVE Plan, including the temporary interest rate reduction, emerging plans like RAP, pathways out of default, and strategies to reduce repayment costs over the long run.
  • You can register for this webinar HERE.
• All New Yorkers can utilize EDCAP to receive free, unbiased assistance with student loans or financial aid.
• You can click HERE to chat with a counselor, click HERE to schedule a virtual appointment online, or contact EDCAP at 888-614-5004 or at edcap@cssny.org.