Leader Schumer Floor Remarks On Donald Trump’s Unnecessary Trade War Wreaking Havoc On Average Americans, Destroying The Economy And Wiping Out Retirement Savings

Washington, D.C. – Senate Democratic Leader Chuck Schumer (D-NY) today spoke on the Senate floor to denounce Donald Trump’s tariffs that have put the U.S. economy in danger of a recession, draining hard-earned retirement savings. Below are Senator Schumer’s remarks, which can also be viewed here:

Donald Trump’s trade war has many casualties.

Families will be hit with the largest tax hike in over half a century –$5,000 extra a year.

Prices will go up for food and for medicine, for clothing and for furniture, for gasoline, for cars, for travel, you name it.

The economy is in danger of a recession – 60% odds. Yesterday, a leading person on Wall Street said a majority of CEOs he has spoken to would say the recession is already happening.

A recession means small businesses will shutter, Main Streets will ossify, and all the progress we’ve made since COVID will disappear.

But one of the biggest casualties of Donald Trump’s trade war is America’s seniors, and Americans planning for retirement in the near future.

If you were planning to retire this year, or thinking about retiring soon, Donald Trump’s tariffs are like a brick over the head.

This year, over four million Americans will turn 65 – that’s a record. Another 80 million Americans are between 45 and 60, and thus approaching retirement and keeping their eyes on the future.

And right now, Americans are watching helplessly as Donald Trump lights their retirement accounts – and their dreams of a secure future – on fire.

To put it in perspective, for Americans nearing retirement, Donald Trump’s market crash has vaporized a whopping $104,000 from the average retirement account. That’s when you factor in the 17% drop in the Standard and Poor's 500 since the middle of February.

Let me say that again: for Americans nearing retirement, Donald Trump’s market crash has vaporized a whopping $104,000 from the average retirement account.

That’s years, sometimes decades, of people’s savings gone in a flash.

That’s money retirees need to pay for health care, for prescription drugs, to see grandkids, to buy groceries, and to live with a little bit of dignity.

Meanwhile, as tariffs eat away at 401ks, Elon Musk and DOGE are taking a blowtorch to people’s Social Security – the last safety net for Americans in retirement. 

They’re crashing the website. They are closing down local offices. They are disconnecting services done over the phone.

It's a pincer.

Elon Musk, Donald Trump, and Vice President Vance continue lying about rampant fraud within Social Security, without any evidence. Even DOGE’s hand-picked head of Social Security admitted some of their claims – like saying checks are going to 150-year-olds – are wrong. Dead wrong.

So, Donald Trump is coming at America’s seniors from every direction: he’s draining 401ks, he’s sabotaging Social Security, he’s gutting health care, he’s driving up inflation. He’s hitting seniors six ways from Sunday.

Even if you’re not thinking about retirement right now, things are still awful.

According to Bloomberg, the chaos of Donald Trump’s tariffs have more and more Americans tapping into their 401ks early – hardship withdrawals are about 15 to 20% above historical averages. That means eating in to savings at the worst possible time. 

The damage of the past few days will take a very long time to heal. But millions of seniors hoping to retire soon don’t have that kind time. They may not have enough to ride out a recession. They may never recover. 

What makes this particular market crash especially painful is that it was wholly unnecessary.

Donald Trump did not need to start a global trade war with no plan whatsoever. Donald Trump did not need to send markets reeling. Of all the ways he could have gone about these tariffs, he picked perhaps the single dumbest, most destructive approach possible.

Americans wanted Donald Trump to focus on one thing when he became president – costs. Inflation. Keeping the economy whole.

Donald Trump has spectacularly failed at the one thing people wanted him to do. Instead of lowering inflation, he’s made it much worse. Instead of strengthening the economy, he has singlehandedly teed us up for a recession.

And few will suffer as much – and as quickly – as the millions of seniors who were planning to retire this year and in the years to come.

Retirement is supposed to be sacred in America.

Part of the American Dream is working hard all your life, chipping in, saving little by little, knowing that when you retire, there will be something there – not to make you rich, but so you can live a life of some degree of dignity.

But Donald Trump has stolen years from people’s retirement with his bone headed tariffs. For them, the damage could be permanent.

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