After the U.S. Bureau of Labor Statistics reported that the Consumer Price Index had reached 4.2%, representing rising inflation, Donald Trump told reporters in the Oval Office, “I love the inflation.” When the comment generated substantial ridicule and backlash, Trump clarified that he meant he loved it because the inflation number, although up, was lower than expected and would go down once the war with Iran is ended.
Reacting to Trump’s “I love the inflation” comment, Senate Minority Leader Chuck Schumer of New York has now revealed a new report from the U.S. Congress Joint Economic Committee showing New York families have paid over $4,000 more for everyday essentials since President Trump took office. Among the more costly items were gasoline, housing, utilities, and health care.
“Trump may ‘love the inflation,’ but New Yorkers paying $4,000 more for everyday essentials sure don’t,” Schumer said. “Now he is actively making the affordability crisis he created even worse. Instead of building a golden billion-dollar ballroom and starting a reckless war in Iran, Trump needs to focus on lowering costs for hardworking New York families.”
According to Schumer, Trump’s tariffs alone have cost families more than $1,700. The Joint Economic Committee report says that New York families have had to spend $871 more on housing costs like rent and mortgage payments since President Trump took office. It says that grocery prices are now 4% higher than when Trump took office last year with the average price of ground beef hitting a record high of nearly $7 per pound. Coffee prices also spiked and are now nearly $10 per pound.
The report says that in total, people across New York have spent $2 billion more on gasoline since the beginning of the war with Iran, which works out to $298 more for the average New York family.
The report says families in New York paid $190 more for electricity in 2025 under President Trump than they did in 2024. New York families who use heating oil paid $248 more to heat their homes this March compared with last year.
The report says that average monthly premiums for health insurance under the Affordable Care Act rose more than 50% in 2026 compared with 2025 and deductibles surged to record highs, increasing by more than $1,000 on average.
