Trump promises economic boom in 2026, blames Biden for high prices

Trump’s remarks come as voters across the United States remain concerned about affordability, an issue that has driven down public confidence in his economic leadership and raised concerns among RepublicUnited States President, Donald Trump, has promised Americans an economic boom during a televised address to the nationThursday night, while blaming former Democratic President Joe Biden for high prices that have weighed on his approval ratings.

“Good evening, America. Eleven months ago, I inherited a mess, and I’m fixing it,” the 79-year-old said in a live speeans ahead of the 2026 mid-term elections. Trump has dismissed inflation concerns as a political tactic by Democrats.

The president said prices for essentials such as fuel and groceries were easing.

“They are falling rapidly, and it’s not done yet. But boy, are we making progress,” he said.

During the speech, Trump announced that 1.45 million U.S. military service members would receive one-time “warrior dividend” bonus payments of 1,776 dollars (S$2,295) before Christmas. He said the payments would be funded by tariff revenues.

Trump said the amount was chosen to mark the year the United States was founded, ahead of the country’s 250th anniversary in 2026.

Looking ahead, Trump said the country was entering a period of rapid growth.

“We are poised for an economic boom the likes of which the world has never seen,” he said, pointing to 2026, when the United States will co-host the FIFA World Cup with Canada and Mexico.

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While the White House had framed the address as a roadmap for Trump’s economic plans for the remainder of his second term, much of the speech focused on familiar political targets. Trump criticised Mr Biden, Democrats, and migrants, whom he accused of taking American jobs.

The speech followed a year in which Trump has expanded executive authority, including tougher immigration enforcement and actions against political opponents.

Many economists say Trump’s tariffs have pushed up prices for certain goods, though the overall impact has been smaller than initially forecast. Trump said the tariffs were strengthening domestic manufacturing and attracting investment.

However, his comments on inflation were mixed. Trump said he was “bringing them down very fast,” while later acknowledging inflation remained, though he said wages were rising faster.

Trump also said tariffs had helped fund the military payments and had been used as leverage in foreign disputes, even though tariffs are import taxes that typically increase consumer costs.

Recent economic data shows slower job growth. Employers added 64,000 jobs in November, largely driven by hiring in health care and construction. Manufacturing jobs declined for a seventh straight month.

Polling shows high prices remain voters’ top concern. Economists say tariffs imposed on U.S. trading partners have contributed to inflation pressures.

Trump’s approval ratings on the economy have fallen. A public broadcasting service PBS News/NPR/Marist poll published on Dec. 17 showed 57 per cent of Americans disapproved of his economic handling. A YouGov poll released a day earlier found 52 per cent believed the economy was worsening under his leadership.

Trump has also faced criticism from within the Make America Great Again (MAGA) movement, with some supporters urging him to focus more on domestic issues rather than foreign conflicts in Ukraine, Gaza, and Venezuela.

With the 2026 midterm elections approaching, Trump’s team has increased its focus on economic messaging. Republicans suffered losses in the November elections for mayor of New York and the governorships of Virginia and New Jersey, while Democrats performed strongly in parts of Tennessee.

Trump has stepped up domestic travel to promote his economic agenda. Speaking in Pennsylvania last week, he pledged to “make America affordable again.” He is scheduled to hold another rally in North Carolina on Dec. 12.

Vice-President JD Vance, seen as a key voice on economic issues and a potential 2028 presidential contender, also urged patience during a speech on Dec 16.