President Donald Trump has earned a new title from longtime political opponent U.S. Rep. Maxine Waters: “The Grinch who stole Christmas.”
Waters, a Democratic veteran in Congress and the ranking member of the House Financial Services Committee, used the term to describe Trump and his economic policies, which she said are “squeezing” the pockets of American households.
“During the Thanksgiving break, a lot of us heard the same thing from our constituents: buying the groceries for Thanksgiving dinner was much, much more expensive this year. On top of that, Trump’s weakening economy is squeezing families so much that many are concerned that they will need to pull back on holiday spending,” Waters said during remarks at a Tuesday hearing held by the House Financial Services Committee.
“We were all promised lowered costs on day one of Trump’s term. Instead, his Administration is dismantling the very institutions that keep costs low and the economy stable, including by undermining the independence of the Federal Reserve and forcing independent agencies to serve his personal interests.”
Democrats have seized on the issue of affordability as inflation continues to hurt Americans’ pockets, resulting in overwhelming victories for Democratic candidates in last month’s general elections.
Trump’s tariffs on foreign imports have particularly driven up the cost of goods, causing U.S. businesses to lay off employees and even shut down some operations. Black businesses and workers have felt disproportionate harm from Trump’s economic policies, according to a report by the Center for American Progress.
“The cost of living has become unbearably high, corporate interests are prioritized over the needs of the working-class, small businesses are hurting and the American Dream is slipping out of reach,” said Waters.
The California congresswoman, who was one of the first Democrats to call for Trump’s impeachment during his first term as president, said it’s not just Democrats who are calling out Trump’s inability to address America’s affordability crisis.
“Republican representative, Marjorie Taylor Greene, who until recently was a diehard Trump supporter, acknowledged [it],” said Waters.
The lawmaker also criticized the Trump administration’s actions, which she said undermine institutions tasked with regulating big banks and financial industries. She cited Trump’s move to “unlawfully” shut down the Consumer Financial Protection Bureau, which she noted is “the only federal agency focused on making sure that big banks and other financial institutions treat Americans fairly.”
Waters continued, “I am concerned that our banking regulators have been anything but independent, prioritizing Trump’s deregulatory policies that will leave our banking system vulnerable to another Silicon Valley Bank type failure if not worse.”
What’s more, the congresswoman highlighted the fact that Trump’s family has earned billions since he returned to office while Americans continue to struggle.
“The Trump family has spent more time putting money into their own pockets than working for the American people,” she said. “In fact, Trump and his family have received nearly $2 billion in cash, gifts, and crypto profits, while our regulators work on crypto rules that could legitimize this corruption.”
