Since taking office, President Donald J. Trump has made substantial progress reversing the inflation and cost-of-living disaster he inherited from the recklessness of the Biden Administration. 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.
But President Trump is also clear: there is still important work ahead to ensure every American feels the full benefit of lower costs. While Democrats attempt to con Americans into believing they’re the champions of affordability, the reality is that Democrats created the problem — and President Trump is stopping at nothing to fix it.
On inflation…
President Trump tamed Biden’s inflation crisis — and is working to bring it down further.
- 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.
- 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.
On wages…
Under President Trump, Americans have made real wage gains — and work continues on reversing the damage they suffered under Biden.
- Under Biden, Americans workers lost over $2,900 in purchasing power because inflation rose faster than wages.
- In President Trump’s second term — even after accounting for higher prices — Americans’ real wages have grown by nearly 4% — or nearly $700 — and are on track to grow by nearly $1,200 after his first full year in office.
On gas prices…
Americans are spending less on gas than they have in years — and this is only the beginning.
- Under Biden, gas prices were the highest they had ever been — even after he drained our strategic reserves to artificially decrease prices.
- In President Trump’s second term, gas prices have fallen to the lowest average price in 1,682 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 36 states, below $2.75 per gallon in 20 states, and below $2.50 per gallon in five states — with prices below $2 per gallon at some stations in at least four states.
On housing costs…
Housing affordability is finally trending in the right direction.
- Under Biden, mortgage rates hit their highest in decades as rents surged.
- 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. 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.
On grocery prices…
Prices for everyday staples are starting to see price declines — and there’s much more to come.
- Under President Trump, prices for eggs, butter, ice cream, fresh fruit, cereal, fish, seafood, rice, pasta, and ham have all seen declines.
On everything else…
The Trump Administration’s whole-of-government effort will continue driving prices down, boosting take-home pay, and strengthening the economy so all Americans can feel relief.
- President Trump signed into law the largest tax cuts in American 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.
- 1.9 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.
- 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.
The Trump Administration will not rest until the high prices that resulted from Democrat policies are fully reined in. We’re making progress — and the best is yet to come.