FACT CHECK: Trump’s Terrible Economy Looms Large Over His Holiday Address

Tonight, President Donald Trump is subjecting the American people to a 9pm address from the White House that will be undoubtedly filled with lies and deflections about his terrible economy. Trump’s planned 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 will be a 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 three key facts about Trump’s terrible economy ahead of tonight’s address: 

• 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: From Health Care To Energy Bills, Prices Are 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.
  • Coffee prices rose 20 percent in 2025.
  • Beef and veal prices reached record highs in 2025, rising nearly 15 percent.

• 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.