1. The US has received "over $20 trillion" in investment.
Trump again claimed that the US has received "over $20 trillion" in investment since his second term. However, the "$11.2 trillion" figure previously released on the White House website was merely a "major investment announcement," containing numerous vague investment commitments and trade and economic exchanges; the actual investment scale is far lower than this figure.
2. "Prices are falling rapidly."
Trump claimed that "food prices and the prices of almost everything else are falling rapidly" during his presidency. However, the US inflation rate rose 3.4% year-on-year in July, and overall consumer prices have risen 4.3% since January 2025, with food prices also rising 4.3%, contradicting his claim.
3. "Social Security is tax-free." Trump claimed that "Social Security is tax-free." While the relevant legislation does provide a temporary tax deduction of $6,000 annually for those aged 65 and older, millions of Social Security recipients still need to pay taxes on their benefits. The Social Security Administration stated that the legislation ensures that nearly 90% of recipients will no longer need to pay federal income tax on their benefits.
4. Gasoline Prices in Iowa
Trump claimed that before launching the war against Iran in late February, gasoline prices in Iowa were only $1.85 per gallon. However, according to data from the American Automobile Association (AAA), the average price of regular gasoline in the state that day was $2.57 per gallon. Trump may have only been referring to the price of niche products like E85.
5. “The U.S. Now Has the Lowest Drug Prices in the World”
Trump again claimed that the U.S. now has the lowest drug prices in the world. However, U.S. health economists say this statement is too general and provides no details to substantiate it. ING analysts explicitly stated that U.S. drug prices are not the lowest globally, and the Most Favored Nation (MFN) agreement primarily affects Medicaid drug prices, which only account for 10% of the U.S. market.
6. “The U.S. Has More Jobs Than Ever Before”
Trump claimed, “Right now, in America, we have more jobs than ever before.” University of Michigan economists say this is true, but meaningless. Because over time, the number of jobs in the U.S. typically increases; this is simply due to population growth. Better indicators of the labor market, such as the unemployment rate, employment-to-population ratio, labor force participation rate, and job growth rate, all suggest that the current administration's labor market is far from its best historical levels.
7. "Winned Three Presidential Elections"
Trump claimed to have achieved "three great victories" in 2016, 2020, and 2024. In fact, he won the presidential elections in 2016 and 2024, but lost to Joe Biden in 2020.
8. "Delivered on All Campaign Promises"
Trump claimed to have delivered on "every promise" he made as a candidate. However, key campaign promises such as "ending the war in Ukraine in 24 hours," curbing inflation, and getting Mexico to pay for the border wall have not been fully fulfilled.
