As warning signs flare about the state of the economy and Democrats win cross-year races on affordability, Donald Trump sought to reclaim that bully pulpit by going on prime time and insisting that the economy was getting strong.
“It’s very simple: tonight we make America great again,” Trump said in an 18-minute speech.
“After 11 months, our border is secure. Inflation has stopped. Wages are rising. Prices are falling.”
The only news in the speech was that 1.45 million military personnel will receive $1,776 checks by Christmas, a nod to the upcoming 250th anniversary of the United States next year.
In his speech, Trump tried to argue that he had taken the country back from the disastrous policies of the Biden era. Still, Trump's poll numbers have fallen, including on the economy, which was once his main theme, with some prominent economists warning of stagflation. The latest jobs report showed a slowing labor market in the second half of the year, while surveys show Americans continue to worry about the cost of a range of goods, from housing to electricity.
The president pointed to gas prices as evidence that prices are falling, but overall inflation is hovering around 3%. While the numbers are below Biden-year highs, they are actually slightly higher than in 2024, according to the U.S. Bureau of Labor Statistics.
Trump argued that if prices had not fallen, they would soon. “Electricity prices and everything else will plummet,” he said.
Trump risks falling into the same trap as Biden: insisting that the economy is doing well, which contradicts the cost-of-living pressures people face in their daily lives.
Trump also blamed Democrats, falsely claiming they were pushing for a significant increase in health insurance premiums. In fact, Democrats are seeking to renew subsidies to stop rising premiums for those getting coverage under the Affordable Care Act.
He also talked about cutting prescription drug prices by 400% to 600%, defying math.
The speech went viral. Some Obama administration veterans noted that they had difficulty getting broadcasters to give up airtime for the president's address.
David Axelrod, a former senior adviser to Obama, wrote in X: “In the past, no broadcast network would have given the president a prime-time address for an overtly political speech. This is another sign of the change Trump has made.”
Trump delivered the speech in a loud, almost boisterous tone, with many of his remarks echoing what he often says to reporters at Oval Office get-togethers or during presidential speeches.
California Governor Gavin Newsom wrote: “It could have been an email.”
