EMERGENCY PRICE RELIEF: Today, President Donald J. Trump signed a presidential memorandum to provide emergency price relief to American families and overcome the cost of living crisis.
- The presidential memorandum recognizes a critical element of the crushing cost of daily living. The Biden administration has imposed complex regulatory constraints and sweeping policies intended to weaken U.S. manufacturing.
- President Trump directs all federal agencies to free the U.S. economy from Biden’s constraints, improve accessibility to needed goods and services, and increase prosperity for American workers.
- This includes actions to:
- Significantly reduce the cost of housing and increase the supply of housing;
- Eliminate unnecessary administrative expenses and rent-seeking practices that drive up health care costs;
- Eliminate counterproductive cost-increasing requirements for household appliances;
- Create employment opportunities for American workers, including attracting discouraged workers into the workforce; And
- Eliminate harmful and coercive “climate” policies that increase food and fuel costs.
ENDING BIDEN’S WAR ON AFFORDABILITY: The Biden administration’s destructive policies have inflicted a historic inflation crisis on the American people.
- Hard-working families today are overwhelmed by the cost of fuel, food, housing, automobiles, medical care, utilities and insurance.
- Unprecedented regulatory oppression by the Biden administration has imposed costs of nearly $50,000 on the average American household, while President Trump’s first-term agenda reduced regulatory costs by nearly $11,000 per household.
- Americans are unable to purchase homes at historic rates, in part because of regulatory requirements that alone account for 25% of the cost of building a new home.
- Biden’s assault on abundant and reliable American energy through impossible, unnecessary and illegal regulatory requirements has driven up transportation and manufacturing costs.
- Biden’s war on energy has been a war on American consumers. U.S. households are paying an average of $1,200 more per year in energy costs under President Biden’s policies. Since he took office, total energy costs have increased by 36%, gasoline by 41%, home energy by 30%, electricity bills by 29% and those of gas by 34%.
- After averaging just $2.77 per gallon under President Trump and $2.33 when he left office, gasoline prices have skyrocketed under President Biden, reaching $3.33 a gallon. year later. It then peaked at $5.00 per gallon and remains high today.
- The illegal regulatory requirement for companies to phase out gasoline-powered vehicles has led to artificial price increases to subsidize electric vehicles, which are largely disfavored by consumers.