From the opening statement, “Eleven months ago, I inherited a mess, and I’m fixing it,” to the announcement that 1,450,000 military service members will receive a special $1,776 “warrior dividend,” to his closing prediction, “We’re poised for an economic boom the likes of which the world has never seen,” President Donald Trump’s address to the Nation last night was all about the midterms.
The President recognizes, as should we all, that the entire agenda that brought him back to the White House in 2024 hinges on Republicans retaining control of Congress.
To read a transcript of the speech prepared by the New York Times and hosted on Archive Today click here.
Highlights and charts from the speech follow:
Inflation has been cut by more than half, gas prices have fallen sharply, real wages are growing again, and key household expenses are finally heading in the right direction.
Democrats caused it. Under Biden, inflation averaged nearly 5% and hit 9.1% amid the worst inflation crisis in decades — fueled by the Radical Left’s obsession with spending.
Democrats caused it. Under Biden, prices rose across the board; for example, car prices rose 22%, gas prices rose 30%, hotel rates rose 37%, and airfares rose 31%.
President Trump is fixing it. Under President Trump, prices for eggs, butter, ice cream, fresh fruit, cereal, fish, seafood, rice, pasta, and ham have all seen declines — while the price of a Thanksgiving turkey this year was down nearly one-third compared to its Biden-era high. Other everyday essentials, like toothpaste, shampoo, toilet paper, laundry detergent, and diapers, have all substantially decreased in price over the past year.
Moreover, households heated by propane or heating oil will pay less to heat their homes this winter than last winter. In fact, since President Trump took office, prices for propane, kerosene, firewood, and fuel oil are all down.
Finally, after increasing 9% in total under Biden, prescription drug prices fell in President Trump’s first eight months in office. Now, thanks to President Trump’s relentless “Most Favored Nation” push, drug prices will come down even further with unprecedented deals that lower the costs for inhalers, arthritis medication, obesity drugs, infertility medicine, and other items.
Democrats caused it. Under Biden, Americans’ real wages plummeted by nearly $3,000.
President Trump is fixing it. For the first time in years, wages are rising much faster than inflation. In President Trump’s second term, even after accounting for higher prices, Americans’ real wages are on track to grow by more than $1,000 after his first full year in office — and much more for workers in certain industries.
Democrats caused it. Under Biden, gas prices were the highest they had ever been, setting multiple all-time record highs despite draining our strategic reserves to artificially decrease prices.
President Trump is fixing it. In President Trump’s second term, gas prices have fallen to the lowest average price in 1,741 days and Americans on track to spend the lowest amount of their disposable income on gas in the last two decades. In fact, average gas prices have dipped below $3 per gallon in 39 states, below $2.75 per gallon in 24 states, and below $2.50 per gallon in seven states. Prices at some stations are even below $2 per gallon in seven states.
Democrats caused it. Under Biden, mortgage rates hit their highest in decades as rents surged.
President Trump is fixing it. At the beginning of December, the average 30-year fixed mortgage rate was 6.19% — 12% lower than when President Trump took office in January, saving Americans $3,000 per year on new mortgages. According to the Consumer Price Index, shelter inflation is at a four-year low, and the national median rent has fallen for four straight months.
Even with all the progress, there is still important work ahead to make sure every American feels the full benefit of lower costs, said President Trump.
The President recognizes, as should we all, that the entire agenda that brought him back to the White House in 2024 hinges on Republicans retaining control of Congress.
To read a transcript of the speech prepared by the New York Times and hosted on Archive Today click here.
Highlights and charts from the speech follow:
Inflation has been cut by more than half, gas prices have fallen sharply, real wages are growing again, and key household expenses are finally heading in the right direction.
Democrats caused it. Under Biden, inflation averaged nearly 5% and hit 9.1% amid the worst inflation crisis in decades — fueled by the Radical Left’s obsession with spending.
President Trump is fixing it. In President Trump’s second term, inflation has dropped to an average of just 2.7% — the critical first step in reversing Democrats’ cost-of-living disaster. In fact, under President Trump, Americans have even seen the first overall price decline since 2020. Core inflation — often called the best measure of inflation — is now lower than it was at any time during the last three years of the Biden Administration.
Democrats caused it. Under Biden, prices rose across the board; for example, car prices rose 22%, gas prices rose 30%, hotel rates rose 37%, and airfares rose 31%.
President Trump is fixing it. Under President Trump, prices for eggs, butter, ice cream, fresh fruit, cereal, fish, seafood, rice, pasta, and ham have all seen declines — while the price of a Thanksgiving turkey this year was down nearly one-third compared to its Biden-era high. Other everyday essentials, like toothpaste, shampoo, toilet paper, laundry detergent, and diapers, have all substantially decreased in price over the past year.
Moreover, households heated by propane or heating oil will pay less to heat their homes this winter than last winter. In fact, since President Trump took office, prices for propane, kerosene, firewood, and fuel oil are all down.
Finally, after increasing 9% in total under Biden, prescription drug prices fell in President Trump’s first eight months in office. Now, thanks to President Trump’s relentless “Most Favored Nation” push, drug prices will come down even further with unprecedented deals that lower the costs for inhalers, arthritis medication, obesity drugs, infertility medicine, and other items.
Democrats caused it. Under Biden, Americans’ real wages plummeted by nearly $3,000.
President Trump is fixing it. For the first time in years, wages are rising much faster than inflation. In President Trump’s second term, even after accounting for higher prices, Americans’ real wages are on track to grow by more than $1,000 after his first full year in office — and much more for workers in certain industries.
Democrats caused it. Under Biden, gas prices were the highest they had ever been, setting multiple all-time record highs despite draining our strategic reserves to artificially decrease prices.
President Trump is fixing it. In President Trump’s second term, gas prices have fallen to the lowest average price in 1,741 days and Americans on track to spend the lowest amount of their disposable income on gas in the last two decades. In fact, average gas prices have dipped below $3 per gallon in 39 states, below $2.75 per gallon in 24 states, and below $2.50 per gallon in seven states. Prices at some stations are even below $2 per gallon in seven states.
Democrats caused it. Under Biden, mortgage rates hit their highest in decades as rents surged.
President Trump is fixing it. At the beginning of December, the average 30-year fixed mortgage rate was 6.19% — 12% lower than when President Trump took office in January, saving Americans $3,000 per year on new mortgages. According to the Consumer Price Index, shelter inflation is at a four-year low, and the national median rent has fallen for four straight months.
Even with all the progress, there is still important work ahead to make sure every American feels the full benefit of lower costs, said President Trump.
- Every American will benefit from the largest tax cuts in history. This includes No Tax on Tips, No Tax on Overtime, and No Tax on Social Security — all of which will save Americans money in their tax returns. This landmark legislation will raise Americans’ take-home pay by as much as $13,300 and wages by as much as $11,600. In fact, thanks to the landmark law, millions of Americans will see higher tax refunds — with the average refund estimated to increase by about $1,000 per filer.
- President Trump’s deregulatory efforts are saving Americans a collective $180 billion — or $2,100 per family of four. For example, President Trump halted burdensome Biden-era efficiency standards that jacked up the price of everyday appliances.
- American consumers are thriving. Consumer sentiment is back on the rise and small business optimism is spiking amid record holiday shoppers and sales.
- President Trump is bringing jobs and investment back to the U.S. Since President Trump took office, companies have invested trillions of dollars into their U.S.-based operations — onshoring and creating hundreds of thousands of new jobs for Americans.
- 2.7 million more American-born workers are employed today than when President Trump took office. Right now, the U.S. has more people working now than at any time in the history of our country.
- The stock market is thriving. Since President Trump’s election, the stock market has set 51 all-time record highs.
- President Trump is reducing the deficit. A combination of spending cuts, interest savings, economic growth, and tariff revenues are expected to reduce the deficit by trillions of dollars — resulting in higher take-home pay, lower interest rates, and a stronger economy. Meanwhile, the trade deficit has already narrowed to its smallest since mid-2020 — down more than 35% over last year.
- President Trump eliminated Biden’s expensive fuel efficiency standards for cars. The Biden Administration’s unrealistic standards would’ve forced Americans into expensive electric vehicles, raising the cost of vehicles — and stopping it will save American families $109 billion over the next five years.
