Richard Chew is joined by Liz Pancotti, managing director of policy and advocacy at Groundwork Collaborative (an economic think tank based in Washington, D.C.).

Pancotti discussed the impact of President Donald Trump's tariff policies and the recently enacted Republican One Big Beautiful Bill Act, which she called the "big, ugly bill." 

"Health care will get more expensive for everyday Americans. Groceries will get more expensive for Americans. Trump's tariffs are raising the prices of all everyday essentials, from the cost of housing, because building materials are tariffed, like lumber and sheetrock. Shoes and school supplies: As we head back to school this season, we found in our research that school supplies are 7 percent more expensive this year than they were last year. That is more than double regular headline inflation that families are dealing with on everything. We find that school lunches will be about $160 more expensive to pack this year as a result of higher prices under Donald Trump's mismanagement of the economy. And while all of this happens, you know, families will have less and less in their pocketbooks as a result of the tax law. 

"And so, who will hurt from this? It is really everyday Americans. It is the 22 million people who get their health insurance on the Affordable Care Act exchange. It is 10 million Americans who rely on Medicaid who will no longer have it. It is 22 million Americans who rely on SNAP food stamp benefits to buy their groceries. But even if you don't rely on those programs, these cuts will reverberate throughout the economy." 

Pancotti noted a decline in Trump's economic approval ratings, suggesting potential for change in future policies.

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