WASHINGTON–President Donald Trump contrasted falling wages and rising prices under former President Joe Biden’s runaway inflation with the inverse circumstances of rising wages and falling prices under the Trump administration.
Trump began his address to Americans from the Diplomatic Reception Room shortly after 9:00 p.m. ET, and highlighted wage growth early on in contrast to the shrinking wages under former President Joe Biden.
“After years of record-setting falling incomes, our policies are boosting take-home pay at a historic pace,” he said. “Under Biden, real wages plummeted by $3,000,” he said.
He emphasized that since the second Trump administration began, factory workers have seen an average wage increase of $1,300, construction worker wages have climbed by $1,800, and miners’ pay has increased by $3,300. A chart released by the White House shows that all private-sector wages have increased by $1,048 for the typical worker during Trump’s second term.
“For the first time in years, wages are rising much faster than inflation. Remember that…Just look at it. Wages are going up much faster than inflation. How big is that?” he said, adding that more people are working in America now than ever before.
Moments earlier, Trump compared substantial price increases under Democrats and Biden with decreases in prices on an array of goods under his administration.
“The last administration and their allies in Congress looted our Treasury for trillions of dollars, driving up prices and everything at levels never seen before. I am bringing those high prices down and bringing them down very fast,” he said.
Per Trump, Biden oversaw a 22 percent increase in car prices, including a 30 percent increase in some states, while hotel rates jumped 37 percent, gas prices climbed 30 percent to 50 percent, and tickets for flights soared 31 percent.
According to a chart released by the White House, Trump has dropped hotel rates by 5.1 percent, reduced propane prices by 4.2 percent, brought new and used car prices down by half a percent, brought gasoline down 6.9 percent, knocked 2.9 percent off the price of airfare, and has overseen a 9.1 percent drop in ticket prices for sports events.
It also notes that he has reduced prescription and non-prescription drug prices by over half a percent. Drug prices are sure to fall substantially further thanks to the major deals Trump cut with Pfizer, AstraZeneca, EMD Serono, Eli Lilly, and Novo Nordisk in recent months. Americans will enjoy the significant reductions on drugs from these companies beginning in January through the TrumpRX website.
“Democrat politicians also sent the cost of groceries soaring, but we are solving that too,” Trump noted.
“The price of a Thanksgiving turkey was down 33 percent compared to the Biden last year. The price of eggs is down 82 percent since March, and everything else is falling rapidly, and it’s not done yet, but boy, are we making progress,” he noted.
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