Overview
- A CBS News poll finds most Americans feel concerned about the economy, with only 27% approving of President Trump’s handling of inflation and large majorities saying pay is not keeping up with costs.
- AAA reports the national average for regular gas at $4.51 a gallon, up about $1.50 since late February, as tanker traffic through the Strait of Hormuz stalled during the U.S.–Iran conflict.
- Consumer prices rose 3.8% year over year in April, the fastest pace since May 2023, while related reporting notes a sharp monthly jump in prices, higher business costs, and a collapse in consumer confidence.
- Conservative economists Stephen Moore and Michael Strain warn of serious political risk, with Moore raising the prospect of a GOP “tsunami” loss if prices stay high and Strain faulting Trump for downplaying inflation, echoing the president’s remark that he does not think about Americans’ financial situation.
- Lower‑ and middle‑income families face the heaviest strain from fuel and goods costs, and small Christian‑owned firms report added pressure from higher tariffs, which Yale’s Budget Lab pegs at an average effective 11.8% last month.