Contrast at the White House: Trump boasts of economic successes, while only one in three Americans is satisfied with the president's policies

In a rare speech from the White House on Wednesday night, US President Donald Trump boasted of his achievements and blamed his Democratic predecessor, Joe Biden, for rising consumer prices as his party prepares for tough midterm elections next year.

“Eleven months ago, I inherited a disastrous situation and I'm fixing it,” Trump said in a speech that lasted less than 20 minutes and was delivered at an extremely fast pace.

The Republican president, who regularly protests that he is not getting credit for his achievements, has presented few new policy initiatives to address the high costs.

The speech was delivered with a pronounced sense of displeasure, with Trump lamenting migrant invasions, violent crime and transgender rights in the White House Diplomatic Reception Room, decorated with holiday decorations.

Biden, blamed for the problems in the US

He blamed former President Joe Biden, past trade deals, immigrants and what he described as a corrupt system.

At the same time, Trump praised his administration's work this year in a number of areas, from reducing illegal border crossings to lowering the prices of some goods. And he promised that the nation will be stronger next year.

Among the few policy initiatives, Trump announced that his administration will send a $1,776 “war dividend” to 1.45 million members of the US armed services next week.

“I want the money to go directly to the people”

He also supported a Republican proposal to send money directly to the public to offset the cost of health insurance, instead of providing subsidies through the Affordable Care Act. This proposal has not yet received sufficient support in the US Congress.

“I want the money to go directly to the people so you can buy your own health insurance,” Trump said. “The only losers will be the insurance companies.”

Surprisingly, he devoted little time to foreign affairs, a subject that occupied much of his first year in office.

He made a passing reference to the war in Gaza, but did not mention the war in Ukraine or the looming conflict with Venezuela.

Trump, poor grades in the economy

The speech gave the president an opportunity to address people's concerns about the cost of living and Americans' purchasing power, a topic Trump has consistently dismissed as a Democratic Party propagandist.

While blaming Biden, Trump acknowledged that prices remain high but argued that the nation is “poised” for an economic boom.

“I will reduce these high prices and I will reduce them very quickly,” assured the White House leader.

He promised that the situation would improve in 2026, citing his fiscal policies, tariffs and plans to replace Federal Reserve Chairman Jerome Powell.

That timing would be welcome news to the US president's fellow Republicans, who are trying to retain control of the House of Representatives and the Senate in next November's elections.

Concerns ahead of the midterm elections

With nearly a year before the election, Democrats are already highlighting concerns about the cost of living and disparities over health care policy.

Trump campaigned on the economy, effectively taking advantage of high inflation during Biden's presidency to defeat former Vice President Kamala Harris in last year's election.

As president, Trump's tariff policies this year have created uncertainty and raised prices in an economy that has been under watch by his administration for nearly a year — and Trump, like Biden before him, has struggled to convince Americans that the economy is healthy.

Tuesday's data from a new Reuters/Ipsos poll indicated a low level of trust in the US president: only a third of Americans say they are satisfied with Trump's performance in managing the economy.

After the speech, Democrats argued that Trump offered Americans few solutions to their concerns. Sen. Mark Warner of Virginia called the speech “a sad attempt at distraction,” while California Gov. Gavin Newsom, a potential 2028 presidential candidate, simply posted the word “I” in reference to Trump more than 700 times.

The speech, at a key moment

In his speech, Trump said he has attracted $18 trillion in investment that will create jobs and open factories. He attributed this to his tariff policy: “A year ago, our country was practically dead… Now we are the hottest spot on the world investment map.”

The speech came just one day before the release of a highly anticipated inflation report by the Bureau of Labor Statistics.

After hitting a low of 2.3 percent in April, just three months into Trump's second term, annual inflation has risen steadily since then.

Overall, recent government data showed the economy rebounding slightly after contracting in the early months of the year. However, the data also show that job growth has slowed during Trump's second term, unemployment has hit its highest level in four years and consumer prices remain high.