Warren Presses Bessent on Lowering Costs Following Comments that Americans “Feel Good” Amid Affordability Crisis and Consumer Sentiment Hitting Record Lows

Warren Presses Bessent on Lowering Costs Following Comments that Americans "Feel Good" Amid Affordability Crisis and Consumer Sentiment Hitting Record Lows

"(H)elp me better understand why your perception of the economy differs so greatly from what Americans are actually experiencing and… the steps the Trump Administration will take to lower costs for consumers nationwide."

"Despite promising to lower costs 'on day one,' President Trump's failed economic agenda has increased prices on everything from utilities and health care to groceries and school supplies."

Text of Letter (PDF)

Washington, D.C. - U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, sent a letter to Treasury Secretary Scott Bessent, requesting information on the Trump Administration's plans to lower costs after the April consumer sentiment reached a record low, despite Bessent's comments that Americans "feel good."

"Higher energy prices are rippling through the entire economy. Airline ticket prices are up. Companies are passing shipping costs onto consumers. And food prices, already too high, are expected to grow more expensive as Trump's war makes its way through the supply chain," wrote Senator Warren. "And paycheck growth is stalling too. Nominal wage growth slowed to 3.5 percent in March, the lowest rate in nearly five years. If nominal wages keep slowing while Trump's war keeps driving up prices on gas, groceries, deliveries, and more - workers could soon find themselves falling behind, with less purchasing power in every paycheck."

Senator Warren concluded: "Given this catastrophic sequence of events, it is no wonder that consumer sentiment has dropped to its lowest level on record… What is surprising is your willingness to write off consumers' rational reaction to a declining economy and instead portray consumers as 'actually quite buoyant,' … In fact, according to Bank of America data, 'higher gasoline prices powered some of the increase' in consumer spending in March - particularly for lower-income households spending more at the pump not out of confidence, but out of necessity."

Senator Warren requested written responses no later than May 12, 2026.

In January, the Ranking Member launched a new probe into President Trump's failure on affordability:

• In January, Warren released a new report highlighting how American families paid $2,120 more in 2025 because of inflation under Trump - driven, in part, by the President's chaotic and illegal tariffs.

• In February, Senator Warren directly requested the President's plans to lower costs for families after he failed to deliver any during his State of the Union Address.

• In February, Senator Warren requested information from Amazon about the scale and timing of price increases on its platform, the extent to which they have been caused by President Trump's actions, and what Amazon is doing to mitigate their impact.

• In March, Senator Warren requested information from coffee companies on how President Trump's chaotic tariffs have driven up coffee prices and hit families' pocketbooks.

• In April, Warren released a new report detailing how "Trump Fees" are costing Americans more than $86 billion each year.

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