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President Donald J. Trump inherited an economic mess when he took office. Years of mismanagement under Biden, his incompetent Administration, and Democrats in Congress — who spent years insisting inflation was “transitory” while doling out trillions in new spending and dramatically upscaling government — brought the country to the brink of economic ruin.

Since Day One, the Trump Administration has been on a mission to tame Biden’s inflation crisis, stop the sky-high Biden price increases, and lower costs for everyday families — and while it can’t happen overnight, evidence shows the trend is in the right direction.

President Trump tamed Biden’s inflation crisis.

Under Biden, inflation averaged nearly 5% — hitting 9.1% during the worst inflation crisis in decades, fueled by Radical Left 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.

Americans have made real wage gains, but there’s still work to do.

Under Biden, workers lost over $2,900 in purchasing power — meaning inflation rose faster than wages.
In President Trump’s second term, even after accounting for higher prices, Americans’ real wages have grown by nearly $700 and are on track to increase by nearly $1,200 after his first full year in office.

Gas prices are falling.

Under Biden, the average gas price was the highest it has ever been during a presidential term, reaching its highest-ever price — even after he drained our strategic reserves to artificially decrease prices.
In President Trump’s second term, Americans have seen the lowest average gas price in more than four years and are on track to spend the lowest amount of their disposable income on gas in the last two decades. As President Trump’s energy dominance vision continues to come to fruition, energy prices will fall further — igniting other price declines.

Grocery prices and housing prices are trending in the right direction.

Prices for everyday staples are starting to see declines. Under President Trump, prices for eggs, butter, ice cream, fresh fruit, cereal, fish, seafood, rice, pasta, and ham have all seen declines — and more help is on the way.
Housing costs are moderating. Under Biden, mortgage rates hit their highest in decades; in President Trump’s second term, the average 30-year fixed mortgage rate was 6.17% at the end of October — 12% lower than when he took office. According to the Consumer Price Index, the 12-month change in overall shelter costs is at its lowest level in four years.

Other efforts will continue driving prices down, ramping up take-home pay, and strengthening our economy.

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.
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; the landmark legislation will raise Americans’ take-home pay by as much as $13,300 and wages by as much as $11,600.
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.
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.
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.

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.

The post We’re Making Big Progress on Prices — and We’ll Keep Working to Make Sure Everyone Benefits appeared first on The White House.

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