I found President Trump’s State of the Union Address last night (February 24, 2026) to contain some noteworthy comments. While I could comment extensively on many parts of the speech, for now I will indicate excerpts that I found most relevant with regard to the economic situation, and may comment upon them at a future point. I am highlighting these excerpts for many reasons; it should be noted that I do not necessarily agree with any or all of them.
Here are the excerpts I found most relevant, in the order they occurred in the speech:
Today our border is secure. Today our border is secure, our spirit is restored, inflation is plummeting, incomes are rising fast, the roaring economy is roaring like never before, our enemies are scared, our military and police are stacked, and America is respected again, perhaps like never before.
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The Biden administration and its allies in Congress gave us the worst inflation in the history of our country. But in 12 months, my administration has driven core inflation down to the lowest level in more than five years. And in the last three months of 2025, it was down to 1.7%. Gasoline, which reached a peak of over $6 a gallon in some states under my predecessor and was, quite honestly, a disaster, is now below $2.30 a gallon in most states, and in some places $1.99 a gallon. And when I visited the great state of Iowa just a few weeks ago, I even saw $1.85 a gallon for gasoline, the lowest in four years, and falling fast.
And the annual cost of a typical new mortgage is down almost $5,000 just since I took office, one year. And lower interest rates will solve the Biden-created housing problem, while at the same time protecting the values of those people who already own a house that really feel rich for the first time in their lives. We want to protect those values. We want to keep those values up. We’re going to do both — and keep it that way. The stock market has set 53 all-time record highs since the election. Think of that, one year, boosting pensions, 401Ks and retirement accounts for the millions and the millions of Americans, they’re all gaining. Everybody is up, way up. In four long years, the last administration got less than $1 trillion in new investment in the United States. And when I say less, substantially less. In 12 months, I secured commitments for more than $18 trillion pouring in from all over the globe.
Think of it – much less than $1 trillion for four years, versus much more than $18 trillion for one year. What a difference a president makes. A short time ago, we were a dead country. Now we are the hottest country anywhere in the world. The hottest. As thousands of new businesses are forming and factories, plants and laboratories are being built, we have added 70,000 new construction jobs in just a very short period of time. Getting bigger and bigger and stronger. Nobody can believe what they’re watching. American oil production is up by more than 600,000 barrels a day. And we just received from our new friend and partner, Venezuela, more than 80 million barrels of oil. American natural gas production is at an all-time high. Because I kept my promise to drill, baby, drill.
More Americans are working today than at any time in the history of our country. Think about that. Any time in the history of our country. More working today, and 100% of all jobs created under my administration have been in the private sector. We ended DEI in America. We cut a record number of job-killing regulations, and in one year we have lifted 2.4 million Americans – a record – off of food stamps. And for all of these reasons, I say tonight, members of Congress, the state of our Union is strong. Our country is winning again. In fact, we’re winning so much that we really don’t know what to do about it. People are asking me, please, please, please, Mr. President, we’re winning too much. We can’t take it anymore. We’re not used to winning in our country until you came along, we’re just always losing. But now we’re winning too much. And I say, no, no, no, you’re going to win again. You’re going to win big. You’re going to win bigger than ever. And to prove that point, to prove that point, here with us tonight is a group of winners who just made the entire nation proud. The men’s gold medal Olympic hockey team. Come on in.
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One of the primary reasons for our country’s stunning economic turnaround, the biggest in history, where the Dow Jones broke 50,000, four years ahead of schedule, and the S&P hit 7000 where it wasn’t supposed to do it for many years, were tariffs. I used these tariffs, took in hundreds of billions of dollars to make great deals for our country, both economically and on a national security basis. Everything was working well. Countries that were ripping us off for decades are now paying us hundreds of billions of dollars. They were ripping us so badly. You all know that. Everybody knows it. Even the Democrats know it. They just don’t want to say it. And yet these countries are now happy and so are we. We made deals — the deals are all done and they’re happy. They’re not making money like they used to. But we’re making a lot of money. There was no inflation, tremendous growth. And the big story was how Donald Trump called the economy correctly. And 22 Nobel Prize winners in economics, didn’t. They got it totally wrong. They got it really wrong. And then just four days ago, an unfortunate ruling from the United States Supreme Court, it just came down, came down. Very unfortunate ruling.
But the good news is that almost all countries and corporations want to keep the deal that they already made — right, Scott? — knowing that the legal power that I, as president, have to make a new deal could be far worse for them, and, therefore, they will continue to work along the same successful path that we had negotiated before the Supreme Court’s unfortunate involvement. So, despite the disappointing ruling, these powerful countries saving, is saving our country the kind of money we’re taking in, peace protecting — many of the wars I’ve settled was because of the threat of tariffs, I wouldn’t have been able to settle them without — will remain in place under fully approved and tested alternative legal statutes. And they have been tested for a long time. They’re a little more complex, but they’re actually probably better — leading to a solution that will be even stronger than before. Congressional action will not be necessary. It’s already time-tested and approved. And as time goes by, I believe the tariffs, paid for by foreign countries, will, like in the past, substantially replace the modern-day system of income tax, taking a great financial burden off the people that I love.
Moving forward, factories, jobs, investment and trillions and trillions of dollars will continue pouring into the United States of America because we finally have a president who puts America first. I put America first. I love America. For decades before I came along, we had the exact opposite. From trade to health care, from energy to immigration, everything was stolen and rigged in order to drain the wealth out of the productive, hardworking people who make our country great, who make our country run. Under Biden and his corrupt partners in Congress and beyond, it reached a breaking point with the Green New Scam, open borders for everyone — they poured in by the millions and millions from prisons, from mental institutions, they were murderers — 11,888 murders — they came into our country, you allowed that to happen. And record-setting inflation that cost the typical family $34,000 in just a speck of time.
Now, the same people in this chamber who voted for those disasters suddenly used the word affordability, a word, they just used it because somebody gave it to them, knowing full well that they caused and created the increased prices that all of our citizens had to endure. You caused that problem. You caused that problem. They knew their statements were a lie, they knew it, they knew their statements were a dirty, rotten lie. Their policies created the high prices. Our policies are rapidly ending them. We are doing really well. Those prices are plummeting downward. The price of eggs is down 60%, Madam Secretary, thank you. The cost of chicken, butter, fruit, hotels, automobiles, rent is lower today than when I took office by a lot. And even beef, which was very high, is starting to come down significantly. Just hold on a little while. We’ll get that down. And soon you will see numbers that few people would think were possible to achieve just a short time ago.
Nobody can believe when they see the kind of numbers, and especially energy, when they see energy going down to numbers like that, they cannot believe it. It’s like another big tax cut. I’m also confronting one of the biggest rip-offs of our times, the crushing cost of health care, caused by you. Since the passage of the “Unaffordable Care Act,” sometimes referred to as Obamacare, big insurance companies have gotten rich. It was meant for the insurance companies, not for the people. With our government giving them hundreds and hundreds of billions of dollars a year, as their stock prices soared 1,000, 1,200, 1,400 and even 1,700%, like nothing else. That’s why I introduced the great health care plan. I want to stop all payments to big insurance companies and instead give that money directly to the people, so they can buy their own health care, which will be better health care at a much lower cost. In addition, my plan requires maximum price transparency. That’s a big deal. Sounds so simple, so big. And I did that in my first term and the Democrats immediately terminated it, with the full knowledge that they were doing a very bad thing for the people. Costs were going to go way up and that’s what happened, and now I’m bringing them way down on health care and everything else.
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The Special Note summarizes my overall thoughts about our economic situation
SPX at 6946.20 as this post is written
