Trump claims he’s brought down soaring prices, announces military bonuses in year-end address
57m ago
Trump predicts an “economic boom”
The president said near the end of his speech that the U.S. is “poised for an economic boom, the likes of which the world has never seen.”
In recent months, Mr. Trump has been battling voters’ negative perceptions about the economy.
He also said he wants visitors to the U.S. for two large-scale events — the FIFA World Cup and the 250th anniversary of the Declaration of Independence — to see a country that’s “the envy of the entire globe.”
51m ago
Fact check: Trump claims “inflation has stopped”
Mr. Trump claimed that under his administration, “inflation has stopped.”
Rating: False
Details:
- The Consumer Price Index shows that annual inflation reached 3% in September, which is the most recent month for which data is available, due to the government shutdown.
- This is the same rate as in January, when Mr. Trump first took office.
- And many economists say no inflation would actually be undesirable: The Federal Reserve’s official inflation target is 2%, which is a benchmark for ensuring economic growth.
58m ago
Trump claims Somali immigrants have “taken over the economics” of Minnesota
During a section on immigration, Mr. Trump pointed to Minnesota, where he claimed Somali people have “taken over the economics of the state.”
Minnesota has the country’s largest Somali-American community, most of whom are U.S. citizens. In recent weeks, the president has highlighted a large-scale fraud investigation in Minnesota in which most, but not all, of the defendants were of Somali descent.
“In the end, government either serves the productive, patriotic, hardworking American citizen, or it serves those who break the laws, cheat the system and seek power and profit at the expense of our nation,” he said.
9:35 PM
Trump says next Fed chair will support “lower interest rates by a lot”
Mr. Trump noted that he will nominate a new Federal Reserve chair soon, promising “someone who believes in lower interest rates by a lot.”
The president has pressed the Fed’s current chair, Jerome Powell, to more aggressively cut rates — a move that could boost economic growth but at the risk of higher inflation.
24m ago
Fact check: Trump says gas prices are below $2.50 in much of U.S.
Mr. Trump said: “Gasoline is now under $2.50 a gallon in much of the country, in some states it — by the way — just hit $1.99 a gallon.”
Rating: Misleading
Details:
- According to GasBuddy, the average price for regular gasoline sits at $2.89/gallon.
- While there are some states like Texas and Arkansas that fall below the threshold, the $2.50 price is not common for most states across the country.
- The latest data from the Bureau of Labor Statistics has the average price of gas sitting at $3.48/per gallon, as of September 2025.
- The national average for gas prices is currently at $2.90, according to the AAA. That is just 13 cents less than the average a year ago, at $3.03.
By Alexandria Johnson
9:28 PM
On health care, Trump points to drug sales and says insurance funding should “go to the people”
Mr. Trump addressed health care costs, an issue of growing concern for many Americans as a set of enhanced Affordable Care Act tax credits are set to expire at the end of this year.
The president didn’t offer a specific health care framework, but said the funding used for insurance subsidies should “go to the people” rather than to insurers.
“The only losers will be insurance companies that have gotten rich, and the Democrat Party, which is totally controlled by those same insurance companies,” he said.
He also pointed to TrumpRx, a soon-to-be-launched website that is expected to offer direct-to-consumer drug sales from certain drugmakers.
The speech came hours after House Republicans passed a bill that includes several GOP-backed changes to the health care system but would not extend enhanced Affordable Care Act subsidies.
9:23 PM
Fact check: Trump claims his administration has brought down grocery prices
President Trump said: “Democrat politicians also sent the cost of groceries soaring. But we are solving that too. The price of a Thanksgiving turkey was down 33% compared to … last year. The price of eggs is down 82% since March.”
Rating: Partially true
Details:
- It’s true that grocery costs have gone up significantly over the past five years — they were up 30% since January 2020, according to a CBS News analysis of Bureau of Labor Statistics data.
- But wholesale turkey prices are up about 40% from last year, to $1.34 per pound, according to the American Farm Bureau. In 2022, turkey prices were around $1.72/lb – this year was a 22% decrease from that figure, not 33%.
- Egg prices are down substantially since March — 43% — but not 82%, according to BLS data.
9:15 PM
Trump announces $1,776 “warrior dividends” to members of military
Mr. Trump said the government is sending $1,776 to military service members before Christmas, which he referred to as “warrior dividends.”
He said the checks would be paid for in part with revenue from tariffs.
37m ago
Fact check: Trump claims his “Big, Beautiful Bill” produced the “largest tax cuts in American history”
Trump: “Next year you will also see the results of the largest tax cuts in American history, that were really accomplished through our great ‘Big, Beautiful Bill,’ perhaps the most sweeping legislation ever passed in Congress.”
Rating: False
Details:
The Economic Recovery Tax Act of 1981 is considered to be the largest tax cut in the United States according to The Tax Foundation.
The tax policy think tank ranked the largest tax cuts since 1940 by comparing how much each one reduced tax revenues relative to the size of the economy at the time, expressed as a share of GDP. The Tax Foundation said the tax cuts under President Ronald Reagan represented a revenue change of -2.89%, whereas the cut under One Big Beautiful Bill is projected to produce a -1.4% revenue change.
By Natalie McCormick
9:13 PM
Trump accuses Biden of bringing economy to “brink of ruin,” talks up tariffs
Mr. Trump claimed that Democrats brought the country to the “brink of ruin,” while taking credit for “bringing those prices down.” He touted drops in gas prices and other items.
Inflation was at 3% year-over-year in September, well below a peak of 9.1% in 2022 — but that means consumer prices have continued to go up, not down, even if the rate of increases has decreased. It’s extremely rare for the U.S. to experience decreasing prices, or deflation.
Mr. Trump has often claimed Biden-era inflation was the worst in U.S. history. In reality, inflation was higher in the late 1970s and early 1980s.
The president also said recent economic success is due to “my favorite word: tariffs.”
“Companies know that if they build in America there are no tariffs, and that’s why they are coming home to the USA in record numbers,” he said.
9:10 PM
Trump touts low border-crossing numbers
Mr. Trump focused on immigration, saying he inherited “the worst border anywhere in the world.”
“In a few short months, we went from worst to best,” he said.
33m ago
Fact check: Trump says releases of undocumented immigrants are at zero
The president said: “For the past seven months, zero illegal aliens have been allowed into our country, a feat which everyone said was absolutely impossible.”
Rating: Partially true
Details:
- The president is likely referring to the number of migrants who are released after being apprehended. Over the past seven months, Customs and Border Protection has said not a single migrant has been released into the U.S. by Border Patrol after crossing the southern border unlawfully.
- Some migrants initially arrested by Border Patrol and then transferred to the custody of Immigration and Customs Enforcement could be released by that agency, though the Trump administration has sought to bar those who entered the U.S. illegally from being eligible for bond.
- These numbers do not account for migrants who enter the U.S. illegally without being caught by Border Patrol agents. It’s unclear how many of those so-called “got-aways” have been recorded under the second Trump administration.
- After reaching record highs under the Biden administration, illegal crossings along the U.S. southern border have plummeted since Mr. Trump returned to office, reaching the lowest level since 1970 in fiscal year 2025.
54m ago
Fact check: Trump claims 25 million people entered U.S. illegally under Biden
Mr. Trump said that under former President Joe Biden: “Our border was open, and because of this, our country was being invaded by an army of 25 million people, many who came from prisons and jails, mental institutions and insane asylums.”
Rating: False
Details:
- While Customs and Border Protection reported record high levels of migrant encounters under Biden’s presidency, the number is not close to 25 million, and not everyone who entered the country illegally or legally during that time period was allowed to stay.
- Customs and Border Protection reported nearly 11 million nationwide encounters with migrants who lacked proper documents to enter the U.S. between fiscal years 2021 and 2024, a time period mostly under the Biden administration, government figures show.
- Those figures include migrants who crossed the southern and northern borders, both illegally and with the government’s permission. They also include those arriving by sea and air, including those allowed into the U.S. under Biden administration programs.
- The number of encounters isn’t the same as the number of migrants, though, because some crossed into the U.S. multiple times after being turned around to Mexico. Between fiscal years 2021 and 2024, U.S. officials also recorded over 4.7 million deportations, expulsions and repatriations of migrants, according to government data.
- In addition to those encountered, Border Patrol estimates that roughly 1.7 million migrants evaded apprehension under the Biden administration.
9:06 PM
Trump: “I inherited a mess, and I’m fixing it”
Mr. Trump began his speech by lashing out at former President Joe Biden on inflation and immigration, saying: “I inherited a mess, and I’m fixing it.”
He pointed to high inflation in the wake of the pandemic and also said, “Our border was open and because of this, our country was being invaded.” And he accused Democrats of causing “mayhem.”
8:33 PM
Trump hasn’t typically delivered year-end speeches
A year-end address is unusual for Mr. Trump, who did not deliver an annual year-end speech during his first term in office.
The president’s last national address was aired by the White House on Nov. 26, after two members of the West Virginia National Guard were shot in Washington, D.C., not far from the White House. Mr. Trump was in Florida at the time.
8:33 PM
Polling on Trump and the economy
Throughout 2025, about three-quarters of Americans said their incomes were not keeping pace with inflation, according to a CBS News poll released today, and views of the overall economy remain low, with 32% saying that the condition of the economy is good.
On personal finances, about half of the country continues to say their financial situation is good, while about half say it is bad, which has been the case throughout the year.
Overall, for those whose financial situation changed over the year, more said it got worse rather than better. But those who did feel their situation improved were also more likely to be those with higher incomes.
The public’s evaluations of the U.S. job market specifically remain net negative. This comes as the latest government data shows somewhat of a mixed bag: more jobs were added in November than economists expected, but the unemployment rate ticked up to its highest level since September 2021.
Among the bright spots, on balance, more Americans rate the condition of the stock market as good than rate it as bad, and that’s particularly so among those for whom the market’s performance matters a lot to their finances.
More Americans now say the price of gas in their area is coming down than say it’s going up — a reversal from what we saw this fall and over the year.
