President Donald Trump secured victory in the 2024 election by promising to lower the cost of living. Now, nearly two years later, the impact of these promises is under scrutiny as both parties argue over who can best address rising prices. The public remains concerned about inflation and stagnant wages, with multiple polls highlighting the economy as the primary issue in the election.
During his 2024 campaign, Trump promised to reduce the costs of essentials such as eggs, mortgages, and electricity. Let’s assess how he has performed in meeting these promises.
Key Areas: Promises vs. Reality
Gas Prices: Trump pledged to lower gas prices, predicting they would go below $2 per gallon. However, are they currently lower than when he assumed office?
Electricity Costs: Trump aimed to cut electricity prices by 50%. Are today’s prices reflecting this goal?
Mortgage Rates: Another promise was a rapid decrease in mortgage rates. What is their current status compared to the start of his term?
Prescription Drugs: Trump also targeted reducing the costs of prescription medications. Have these prices decreased?
Grocery Prices: A promise was made for immediate relief in grocery prices. How do they compare to previous levels?
Egg Prices: At a press event in New Jersey in 2024, Trump vowed to lower egg prices. Have prices dropped?
Beef Costs: A campaign ad criticized opponent Kamala Harris for remarking that beef costs increased by 50%. Are beef prices lower now?
Child Care Expenses: Trump suggested using tariff revenue to decrease child care costs. What is the current situation?
Results and Economic Impact
Of the eight sectors where Trump pledged to reduce costs, prices have increased in five. Earlier this year, inflation surged, partly due to the Iran conflict, affecting fuel and other necessities.
White House spokesman Kush Desai stated, “President Trump vowed to end Joe Biden’s inflation crisis. As Trump’s economic policies take hold, expect more relief, evidenced by declining costs in prescription drugs, eggs, and other essentials.”
Despite some stabilization in price hikes over the summer, wage gains have not matched inflation, leaving many Americans burdened by persistent cost increases.
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