Evaluating Trump’s Promises to Lower Costs

In 2024, Donald Trump secured a second term as President by promising to reduce the cost of living. Now, nearly two years later, many are questioning if he has fulfilled this promise. This issue has become central to the midterm campaigns, with both parties claiming they are best equipped to reduce prices.

Voters are anxious about inflation and wages that do not keep pace with rising costs. Surveys indicate the economy is a priority for them in this election. During his 2024 campaign, Trump pledged to cut costs across several areas, including on necessities such as eggs, mortgages, and electricity.

Assessing Promises

Let’s explore whether prices have actually decreased:

1. Gas Prices: Trump said they would drop below $2 per gallon. Are they lower now compared to when he took office?
2. Electricity Costs: He committed to halving them. Have they reduced under his administration?
3. Mortgage Rates: Trump aimed to lower them quickly. Is the current rate lower than before his presidency?
4. Prescription Drugs: Promised reductions were made. Are prices today lower than when he assumed office?
5. Grocery Prices: He vowed to cut them immediately. Have they decreased since he took office?
6. Egg Costs: During a news event in New Jersey, Trump vowed to lower these. Are they lower now?
7. Beef Prices: In response to claims from his opponent Kamala Harris about a price rise of 50%, are current prices lower than before his term?
8. Child Care Costs: He suggested using tariff revenue to reduce these costs. Are they now lower?

Current Situation

According to available data, prices in five of the eight promised areas have risen since Trump started his second term. The increase in prices was influenced by inflation, which accelerated earlier this year due to the conflict in Iran, affecting gas and other essential items.

“President Trump pledged to put an end to Joe Biden’s inflation crisis,” stated White House spokesman Kush Desai. “With the Trump administration’s economic policies taking effect, Americans can look forward to further relief, as seen from the falling prices of prescription drugs, eggs, and other household essentials,” he added.

Despite some easing over the summer, inflation continues to erode wage gains. Many Americans remain concerned about the ongoing rise in living costs.