President Donald Trump announced a special $1,776 bonus for military personnel and pledged to unveil housing market reforms next year, as his approval ratings hit record lows amid public frustration over the cost of living.
In a prime-time televised address Wednesday at 9 p.m. Eastern Time, Trump devoted much of his 18-minute speech to economic issues, using PowerPoint slides to blame the Biden administration for high inflation while touting his own achievements on immigration and tariffs.
"In just one year since taking office, we have achieved results that no one could have imagined," Trump said, adding that "the Biden administration and its congressional allies siphoned off trillions of dollars from the treasury, driving prices to unprecedented levels."
"When I took office, inflation was at its worst in 48 years. I am bringing down elevated prices very quickly," he said. The presentation displayed graphs comparing price changes for eggs, gasoline and automobiles between the Biden and current administrations.
Trump promised that major tax cuts taking effect next year would save American households between $11,000 and $20,000 annually. "Next spring will be the largest refund season in history, thanks to tariff effects and tax cut legislation," he said, adding that "we are on the verge of an economic boom the likes of which the world has rarely seen."
The president also previewed what he called "the most aggressive housing reform policy in American history" to be announced in the new year. Regarding the next Federal Reserve chair, Trump said he would "soon announce someone who believes in substantial rate cuts," predicting that "mortgage payment burdens will decrease further from the beginning of the new year."
Trump announced that 1.45 million military service members would receive a special payment of $1,776 each before Christmas, which he dubbed a "warrior dividend." "Checks are already being sent out," he said. The amount was set to commemorate 1776, the year of American independence.
The president also said he plans to open 1,600 new power plants within the next 12 months, claiming this would "significantly reduce electricity bills and overall prices."
The address is widely seen as an attempt to escape an early lame-duck crisis. Recent polls show Trump's approval rating has fallen to the 30% range, the lowest since the start of his second term, with support weakening even among his "Make America Great Again" base. According to a recent NBC News survey, 70% of MAGA supporters still "strongly support" Trump, but that figure is down 8 percentage points from April.
Trump mentioned "Biden" seven times during his speech. "Drug dealers, gang members and murderers came into our country," he said. "This is what Biden allowed, and I have fixed it."
Politico, the U.S. political news outlet, noted that "Republicans who expected a speech showing empathy for Americans' financial struggles were likely disappointed."
