Trump says car prices, inflation falling fast in prime-time speech

President Donald Trump explained how his economic policies pulled America back from the “verge of ruin” following former President Joe Biden’s term during his prime-time address to the nation on Wednesday.

“Here at home, we are bringing our economy back from the brink of ruin,” Trump said Thursday. “The last administration and its allies in Congress plundered our Treasury for trillions of dollars, driving up prices and everything to levels never seen before. I’m bringing those high prices down and I’m bringing them down very quickly.”

Trump said that under the Biden administration, car prices increased by at least 22%, gasoline by 30 to 50%, hotel rates by 37% and airfares by 31%, and mortgage prices increased by $15,000 under the “Democratic regime.”

“Now, under our leadership, they are all going down and going down fast,” Trump continued. “Democratic politicians have also skyrocketed the price of groceries, but we are solving that problem too.”

Trump is set to address the nation in a White House speech as Americans signal an economic squeeze.

President Donald Trump during a prime-time address to the nation in the Diplomatic Reception Room of the White House, December 17, 2025. (Doug Mills/Getty Images)

The president announced his prime-time speech Tuesday as his administration focuses on its economic message after Democrats clung to a winning campaign strategy of “affordability” while blaming Trump and Republicans for allegedly implementing policies that caused a worsening housing crisis and rising costs to the coffers.

After a handful of high-profile elections in November that handed victories to Democrats who campaigned on the platform, Trump has turned up pressure that the Biden administration’s policies continue to haunt today’s economy.

“11 months ago, I inherited a disaster. And I’m fixing it. When I took office, inflation was the worst in 48 years. And some would say in the history of our country, that caused prices to be higher than ever, making life unaffordable for millions and millions of Americans. This happened under a Democratic administration, and that’s when we started hearing the word affordability,” Trump said at the start of his speech.

TRUMP HAS ALL ACHIEVEMENTS SINCE TAKEN OFFICE AT PRIMETIME ADDRESS

Former President Joe Biden speaks during a church service at Mt. Airy Church of God in Christ, Sunday, July 7, 2024, in Philadelphia, Pennsylvania. (Manuel Balce Ceneta/Associated Press)

As costs have risen under Biden, Trump has touted the savings Americans are seeing under his leadership.

“The price of a Thanksgiving turkey was down 33% from Biden last year,” Trump said. “Egg prices are down 82% since March, and everything else is falling rapidly. And it’s not there yet. But hey, are we making progress. No one can believe what’s happening.”

“Under Biden, real wages fell by $3,000. Under Trump, the typical factory worker, we see a $1,300 wage increase. For construction workers, it’s $1,800. For miners, we bring back clean, beautiful coal, it’s $3,300. And for the first time in years, wages are rising much faster than inflation,” he continued.

GAS PRICES ARE FALLING – SO WHY IS TRUMP NOT FILLING THE OIL RESERVES FASTER? WH BLAMES THE “DAMAGE” OF THE BIDEN ERA

President Donald Trump announced that America’s military would receive a “warrior’s dividend” in honor of the 250th anniversary of the nation’s founding. (Doug Mills/The New York Times/AP)

Trump’s speech notably included the announcement of the payment of “warrior dividends” to all American service members in honor of the 250th anniversary of the founding of the United States in 1776.

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“We send $1,776 to every soldier. Think about it,” he said. “And the checks are already underway.”