Trump says tariffs could affect how much you buy for your child
President Donald Trump says tariffs on China could affect the costs of children’s products.
President Donald Trump says that when discussing the effects of his tariffs, children may get “two dolls, not 30,” and will cost “a few more dollars” in 2025.
It may be difficult. The average American makes around $62,000 a year, and over half of Americans say they barely interact with each other.
In contrast, Forbes’ estimate, Trump, has a net worth of around $5 billion and is surrounded by other billionaires, appointing some of them to the wealthiest presidential cabinet in US history. Government Efficiency His choice, heading Elon Musk, is the wealthiest person in the world.
This year alone, Musk lost nearly $100 billion in net worth, leaving behind $333 billion, Bloomberg estimates.
That’s more money than the average American who won a Powerball jackpot never exceeded $2.04 billion. The chances of winning this windfall are 1 in 292.2 million people.
So, what is the economic reality of the average person?
One crisis away from homelessness
Although discretionary spending is somewhat determined by priorities, income is a key factor in calculating what and where to spend it.
A recent Nerdwallet survey found that 57% of Americans said they live their paychecks. According to the US Interagency Council on Homelessness, as wealth inequality continues to increase, more than half of the country has effectively “a crisis away from homelessness.”
What is the median salary in the US?
According to a US Bureau of Labor Statistics (BLS) report, in the first quarter of 2025, American workers achieved a median wage of $1,192 a week.
However, how much you make often depends on a variety of factors, including gender. In the first quarter of this year, women brought a median wage of $1,092 a week, less than men who brought $1,303.
Median wages also vary by race. Asian men and women earned the most, earning $1,822 and $1,455 a week respectively. White men and women followed, earning $1,342 and $1,103 a week, respectively.
Black and Hispanic men had the next highest median weekly wages, earning $1,017 and $991 a week respectively. Black women and Hispanic women then made $984 and $879 a week, respectively.
What is the minimum wage?
The federal government’s minimum wage is currently $7.25 an hour, the first since 2009.
Most US states, districts, and regions have increased minimum wages above federal fees for residents. However, 22 states and two regions apply a federal minimum wage.
Overall, according to BLS, 1 million Americans worked in 2022 below the federal minimum in 2022. Of these, 141,000 workers earned exactly $7.25 per hour, with around 882,000 people winning.
To get in most states, MIT’s Living Wage Calculator estimates that the average person will need to make around $45,000 a year, or $21.63 an hour, assuming a 40-hour work week. More is needed in high cost-of-living states like California and New York.
Over half of Americans struggle to pay for emergencies
According to a US news survey, 60% of Americans said they needed to cover unexpected costs last year, but two in five people didn’t have an emergency savings fund and could not afford to pay $1,000 unexpected costs.
Demography is also important from a savings perspective. According to the survey, almost half of 49% of women said they didn’t have an emergency fund compared to 36% of men.
For those without savings, the most common way to cover emergency costs is by using a credit card, according to a bankrate report. That strategy comes with high interest rates that can put Americans in even worse financial situations. Experts recommend building an emergency fund as soon as possible.
Reach Rachel Barber at rbarber@usatoday.com Follow her at x @rachelbarber_