Economic Claims Under Examination
President Donald Trump delivered an optimistic assessment of his administration's progress on Wednesday, but his portrayal diverged from the financial realities faced by many Americans and data from government sources.
During a White House address, Trump criticized his predecessor's record while making broad claims about his own achievements, several of which lack substantiation.
Inflation Statements
TRUMP: He blamed Democrats for handing him an “inflation disaster,” “the worst in the history of our country,” and said that now, the prices of turkey and eggs have come down and "everything else is falling rapidly. And it’s not done yet. But boy, are we making progress."
THE FACTS: The assertion that prices are declining quickly is not supported by inflation metrics, which remain near levels seen when he assumed office, after significant decreases prior to the end of Joe Biden's term. Additionally, the claim that the Biden administration produced the nation's highest inflation ever is inaccurate.
The consumer price index stood at 3% in September, matching the January rate and slightly above the 2.9% recorded in December, Biden's final full month. A recent AP-NORC survey indicated most U.S. adults have observed elevated prices for groceries, utilities, and seasonal items in recent months.
Inflation during the Biden era reached a peak of 9.1% in June 2022, influenced by supply chain disruptions, substantial government aid, and geopolitical events affecting food and energy costs. Historical data shows higher and more prolonged inflation, such as rates exceeding 13% in 1980 and estimates near 20% during World War I.
Inflation had been decreasing in the initial months of Trump's presidency but resumed an upward trend following tariff announcements in April.
Investment Figures
TRUMP: “I secured a record-breaking $18 trillion of investment into the United States.”
THE FACTS: No evidence has been provided to substantiate this amount of domestic or foreign investment. Based on corporate statements, international agreements, and official White House data, the figure appears inflated, speculative, and significantly higher than actual totals.
Even the White House website cites a much lower figure of $9.6 trillion, which may include commitments from the Biden administration. Trump has frequently touted optimistic investment numbers without detailed backing. Some investment terms were established during an October visit to Japan and South Korea, but these are multi-year agreements, and the firmness of these and other commitments remains uncertain.
Election Victory
TRUMP: “I was elected in a landslide, winning the popular vote and all seven swing states and everything else, with a mandate to take on a sick and corrupt system.”
THE FACTS: While Trump achieved a clear victory, it does not qualify as a landslide by historical standards. With 312 electoral votes, his count was lower than those of Democrats Barack Obama in 2008 (365) and 2012 (332), and Bill Clinton in 1992 (370) and 1996 (379).
These results are modest compared to sweeping wins by Franklin Roosevelt in 1936 (523), Lyndon Johnson in 1964 (486), Richard Nixon in 1972 (520), and Ronald Reagan in 1984 (525).
Trump did receive more popular votes than his opponent, Kamala Harris, but not a majority, making his 2024 win among the narrower margins in recent history.
