Washington, Jan 14 US President Donald Trump said his administration is pursuing new steps to reduce housing, health care and consumer costs, pointing to falling energy prices and proposed changes to mortgages, credit cards and prescription drug pricing.
Speaking at the Detroit Economic Club, Trump said lowering the cost of living was a central priority and argued that energy prices were the main driver of broader price declines.
“One of our top priorities in this mission is promoting greater affordability,” Trump said. He said gasoline prices were already falling across much of the country.
“Gasoline is now under $2.50 a gallon in 17 states,” Trump said. “Under $2 in many places.” Trump argued that lower fuel costs ripple through the economy.
“When gasoline gets to be $1.99 a gallon, everything comes down,” he said. “The donuts come down. The truck that delivers the donuts comes down.”
Trump said price declines were occurring even as economic growth remained strong. “Our growth is through the roof,” he said. “Two beautiful events.”
He said his administration had reversed what he called a “radical left war on oil and gas” and restored domestic energy production. Trump said consumers should have multiple vehicle options.
“I want you to have gasoline powered cars,” he said. “I want you to have electric. I want you to have hybrids.” Trump said housing affordability would be a major focus of upcoming policy announcements. He said the administration would address what he described as distortions in the housing market.
“This will include a ban on large institutional investors buying up single family homes,” Trump said. He said the federal government had also moved to bring down mortgage rates.
“I’ve also announced that the US government is purchasing $200 billion of mortgage bonds,” Trump said.
Trump said the move was already having an effect. “Just last week the average 30-year mortgage dropped below 6 per cent for the first time in many years,” he said.
He criticized the Federal Reserve, saying the improvement came without its support.
“That’s not with the help of the Fed,” Trump said. Trump also said he had called on credit card companies to limit interest rates.
“I proudly called for the credit card companies to cap interest rates at 10 per cent for one year,” he said. He said current rates were too high. “They’re getting 28 and 30 per cent and 32 per cent,” Trump said.
Turning to health care, Trump attacked the Affordable Care Act, referring to it as a major cost driver. “The monstrosity known as the Affordable Care Act,” he said.
Trump said the law benefited insurers rather than consumers.
“It was a gift to make health insurance companies rich at the expense of the American people,” he said. He said government support should go directly to individuals.
“I want the money to go directly to the people so they can buy the health care that’s right for them,” Trump said.
Trump said he would soon announce a new health care affordability framework. “Later this week, I’ll announce our health care affordability framework,” he said.
He also said prescription drug prices would fall sharply under his policy. “We’re doing most favored nation drug prices,” Trump said.
Trump said the approach would force prices lower. “The country that pays the lowest price in the world is the price that we’re going to pay,” he said.
He said tariffs would be used to pressure other countries to comply. “If you don’t do it, then I’m going to put a tariff on you,” Trump said.
Trump said falling prices were being felt across daily expenses. “Grocery prices are starting to go rapidly down,” he said. “Rent is down, airfares are down, hotel rates are down.”
He also said wages were rising. “After real wages plummeted by $3,000 under Sleepy Joe Biden, real wages are up by $1,300 in less than one year,” Trump said.
Housing affordability and health care costs have been persistent concerns in the United States following years of rising prices and higher interest rates. Policymakers across parties have debated the role of regulation, market concentration and monetary policy in driving costs.
Prescription drug pricing and access to affordable health care have remained central issues in US economic and political debates, particularly during election cycles.
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