Despite President Donald Trump’s campaign pledge to address the cost-of-living crisis, personal bankruptcies have now reached their highest levels since 2019, according to a new analysis from the House Budget Committee, first shared exclusively with MS NOW.
Democratic Rep. Brendan Boyle of Pennsylvania, the committee’s ranking member, joined “The Weeknight” on Tuesday to break down how he believes the president’s economic policies have led to rising bankruptcy rates in 47 states.
Boyle explained that the “No. 1 reason” Trump carried Pennsylvania and other battleground states was because he recognized that Americans were dealing with rising costs, “and he said he was going to lower them.”
“Here we are, one year later, and they’re higher than ever, specifically because of his policy,” he said.
According to the report, American families spent an additional $1,625 on basic living expenses last year, “putting pressure on household budgets and crushing any cushion families had to make ends meet.”
Boyle told MS NOW that there are a “variety of factors” behind the bankruptcy increase, including Trump’s tariffs, “but really one of the biggest things driving it is actually health care, and specifically high medical costs.”
“And let’s not forget, this is a report based on last year, before the record health care cuts are about to take effect,” the Pennsylvania Democrat noted, referring to the recent lapse of Affordable Care Act subsidies and the looming Medicaid cuts outlined in Trump’s budget bill, which will go into effect later this year and cut off health care access for millions.
“So it’s alarming that we had such a spike in bankruptcies, No. 1; but No. 2, I think this is foreshadowing a much larger spike that we will see in 2026,” he said.
The House Democrat said that while Americans are suffering, the president isn’t focused on the cost-of-living crisis. “He’s talking about building the greatest ballroom ever to be seen in the United States of America. He’s talking about building his arch, the ‘Arc de Trump,’ Boyle said. “But he’s not talking about that.”
You can watch Boyle’s full interview in the clip at the top of the page.
Allison Detzel is an editor/producer for MS NOW. She was previously a segment producer for “AYMAN” and “The Mehdi Hasan Show.”