President Donald J. Trump signed a ‘Presidential Memorandum’ Wednesday to provide emergency price relief to American families and combat what he calls the “cost-of-living crisis” caused by the Biden administration’s inflationary issues.
The sweeping directive instructs federal agencies to roll back regulatory burdens and policies implemented under Biden, which Trump claims have weakened American production and driven up costs across essential sectors.
“President Trump is ordering all Federal agencies to untangle the American economy from Biden constraints and improve affordability of necessary goods and services and increase the prosperity of the American worker,” said the White House in the order.
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The Presidential Memorandum mandates federal agencies to take immediate steps to:
- Lower the Cost of Housing: Increase the housing supply and eliminate burdensome regulations that drive up construction costs, which President Trump says account for up to 25% of the cost of building a new home.
- Reduce Healthcare Expenses: Target unnecessary administrative costs and eliminate rent-seeking practices in the healthcare industry that contribute to skyrocketing medical bills.
- Ease Home Appliance Costs: Remove what the administration deems as counterproductive environmental regulations that have increased the prices of household appliances.
- Boost Employment Opportunities: Implement measures to encourage workforce participation and draw discouraged workers back into the labor market.
- End Climate Policies Driving Costs Up: Roll back climate-related regulations that have increased the costs of food and fuel, which Trump calls “coercive” and unnecessary.
The Trump administration argues that regulatory overreach and radical policies from the Biden White House contributed to historic inflation levels, impacting the cost of fuel, food, housing, automobiles, and healthcare.
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According to data cited in the memorandum, the Biden administration’s regulatory policies imposed nearly $50,000 in additional costs per household, compared to Trump’s first term, which claimed to have reduced regulatory costs by $11,000 per household.
“Biden’s war on energy has been a war on American consumers,” Trump stated, pointing to the rising energy costs under the previous administration.
The memorandum highlights several economic challenges facing American households, including:
- Energy Costs: American households have been paying an average of $1,200 more annually on energy bills, with electricity costs rising 29% and gasoline prices up 41% since Biden took office.
- Gas Prices: Under Trump, gas prices averaged $2.77 per gallon, compared to Biden’s tenure, where prices peaked at $5.00 per gallon.
- Housing Affordability: Homeownership has become increasingly out of reach for many Americans, with high regulatory compliance costs exacerbating the affordability crisis.
- Electric Vehicle Mandates: Trump’s memorandum calls Biden’s push for electric vehicles “unlawful,” arguing that it forces artificial price hikes on gas-powered vehicles to subsidize EVs that most consumers do not prefer.
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Trump’s executive action marks a significant shift in federal economic policy, focusing on deregulation and expanding domestic production to alleviate the financial burden on Americans.
The administration is expected to follow up with additional executive actions in the coming weeks to restore affordability and reverse policies viewed as detrimental to economic growth.
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