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NEW STUDY: FAMILIES IN NEW YORK HAVE HAD TO SPEND $5,000+ MORE BECAUSE OF TRUMP

JEC Report: The Average Household In New York Has Had To Pay An Additional $5,000+ For Goods And Services Due To Rising Costs Under President Trump

Washington, D.C. — Today, a new Joint Economic Committee (JEC) report found that as of July 2026, the average household in New York has had to pay an additional $5,000+ for goods and services due to rising costs under President Trump. When campaigning in 2024, candidate Trump promised, “Starting on day one of my new administration, we will end inflation, and we will make America affordable again.”

In response to the new report and Republicans broken promises, U.S. Senator Kirsten Gillibrand issued the following statement:

“President Trump and Congressional Republicans promised to lower costs and end inflation, instead they’ve made life $5,000 more expensive for New Yorkers,” said Senator Gillibrand. “Look at what they have done: they gutted Medicaid and cut Medicare and health care subsidies to fund tax breaks for billionaires, launched a war that increased gas prices, and supported tariffs to make groceries and essentials more expensive.  I will not stop fighting to lower New Yorkers’ costs and hold this administration accountable for hurting working families and small businesses across our state.” 

Additional breakdowns of the JEC report:

Housing Costs

• New York families have had to spend an additional $1,078 on housing costs such as rent and mortgage payments since President Trump took office.

Grocery Costs 

• Americans paid an additional $310 for groceries in President Trump’s first year than in 2024, and grocery prices are now more than 4 percent higher than when Trump took office.
• Beef and coffee prices are hitting Americans especially hard. 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 nearly $10 per pound.

Energy Costs 

• Gas prices have soared since the start of Trump’s Iran War. In total, people across New York have spent an additional $3 billion on gas since the beginning of the Iran war. That has cost the average family in New York an additional $521 in gas costs
• Families in New York spent an additional $190 on electricity in 2025 under President Trump than they did in 2024. And, in just the first six months of 2026, they are expected to spend an additional $225 on electricity than they did in the first half of 2024.
• New York families who use heating oil paid an additional $248 to heat their homes this March compared to last year.

Health Care Costs

• Because of Trump and Republicans’ refusal to extend the Affordable Care Act (ACA) tax cuts that help people afford their health insurance, monthly premiums for ACA plans rose over 50 percent on average in 2026 compared to last year. Meanwhile deductibles surged to record highs, increasing by more than $1,000 on average.

Sources: Bureau of Labor Statistics Consumer Price Index and Average Price Data, Joint Economic Committee– Republicans, Bureau of Economic Analysis, U.S. Department of Agriculture, Walmart.com, AAA.com, Edmunds.com, Federal Highway Administration, Energy Information Administration, National Weather Service, heatable.com, Kaiser Family Foundation. Gas cost calculations are current through August 17, 2026.