Tonight, President Donald Trump subjected the American people to a speed-reading of an address from the White House that was filled with lies and deflections about his terrible economy. Trump’s speech is just his latest desperate attempt to hide his failed record: higher grocery bills, over a million layoffs, an affordability crisis and health insurance premiums set to explode. Like every other speech by Trump, it was nonstop firehose of lies – but he cannot gaslight his way out of an impending recession. Throughout 2025, Trump and his Republican allies in Congress have screwed working families, raising prices to benefit themselves and their powerful friends. Here are the key facts about what’s actually happening in Trump’s terrible economy:
FACT: From Health Care To Energy Bills, Prices Are Still Skyrocketing For Working Americans Across the Board
- Over 24 million Americans will see their health care premiums skyrocket an average of 21 percent in the new year.
- Energy bills have increased 13 percent since Trump took office.
- Heating costs are expected to rise 9.2% this winter.
- Coffee prices rose 20 percent in 2025.
- Beef and veal prices reached record highs in 2025, rising nearly 15 percent.
FACT: Unemployment Is Up and Wage Growth Has Shrunk Since Trump Took Office
- Layoff announcements have topped 1.1 million this year – the most since the last time Trump was in office during the COVID-19 pandemic.
- Overall unemployment has risen to a four-year high of 4.6 percent.
- The native-born unemployment rate has risen since Trump took office.
- Wage growth has shrunk since Trump took office.
- Manufacturing jobs fell by 5,000 in November to the lowest level in almost four years.
FACT: Donald Trump’s Tariffs Are Devastating The Economy And Driving Up Costs For American Families
- Trump’s tariffs have cost the average American household nearly $1,200 since he took office.
- Housing costs are at an all-time high and the Trump tariffs are doing nothing but driving up new home costs by tens of thousands of dollars. The Center for American Progress estimates that tariff-induced higher building costs will lead to 450,000 fewer homes being built over the next five years, exacerbating the housing supply shortage.
FACT: The Big Ugly Bill Strips Health Care And SNAP Benefits From Millions Of Americans
- Trump’s Big Ugly Bill:
- Kicks nearly 15 million people off their health insurance and cuts $1 trillion from Medicaid.
- Will force hundreds of hospitals and clinics to close across the country.
- Raises energy costs up to 18 percent for everyone.
- Kills millions of jobs in clean energy.
- Takes food assistance away from at least 3 million Americans.
- Eliminates school meal access for more than 18 million kids.
- Adds $5.3 trillion to the deficit.
FACT: Health Care Costs Are Going Up For Americans Under Trump
- Premiums are increasing an average of 9 percent for the 160 million Americans covered through their employer, 10 percent for the 60 million seniors on Medicare, 11 percent for the 10 million people who rely on small group insurance, and 26 percent for the over 24 million Americans who count on the ACA.
- Over 600 health care facilities, including hospitals and clinics, are at risk of closing or reducing services, forcing more Americans to travel farther for maternity care and emergency rooms, and face longer wait times and higher costs.
FACT: Americans Dislike Trump’s Cruel Immigration Policies And Most People Seized By ICE Have No Criminal Record
- More than a third of the roughly 220,000 people arrested by ICE officers in the first nine months of the Trump administration had no criminal histories.
- In the highest profile ICE operations in Los Angeles; Chicago; Washington, D.C.; and across Massachusetts, more than half of those arrested had no criminal record.
- A record share of Americans now consider immigration a “good thing” for the country and an AP-NORC nationwide poll conducted in early December found that Trump’s approval rating on immigration has hit its lowest point of 2025 — falling 11 points since March. Only 38% of Americans endorse Trump’s cruel and chaotic handling of immigration.
FACT: Americans Broadly Disapprove of Trump’s Handling of the U.S. Economy
- Less than a third of Americans approve of how Trump is handling the economy, according to the latest AP-NORC poll published earlier this week.
- Just 36 percent of Americans approve of President Trump’s handling of the economy, according to the latest NPR/PBS News/Marist poll published this morning.
- 57 percent of Americans blame the current state of the U.S. economy on President Trump, according to the most recent Quinnipiac poll released this afternoon.
- Nearly half of Americans now find groceries, utility bills, health care, housing and transportation difficult to afford.