WASHINGTON—President Donald Trump held a Cabinet meeting on Dec. 2 at the White House during which he defended his administration’s efforts to address the issue of affordability after he was criticized for not doing so.

Trump blamed the prior administration, saying that he “inherited the worst inflation in history.”

“The Democrats talk about affordability. They just say the word. It doesn’t mean anything to anybody,” Trump said.

High prices remain a significant concern for households nationwide. In a Yahoo/YouGov poll last month, 49 percent of respondents said Trump has contributed to higher prices, 24 percent said he has lowered prices, and 17 percent said he has done about the same.

At the Cabinet meeting, Trump highlighted his administration’s efforts to bring more jobs and slash costs, contrasting them with the last administration.

He said the Biden administration secured $1 trillion in investment over 4 years, while he has secured more than $18 trillion in investment within the first 10 months of his second term.

Trump also noted that he has used most-favored-nation status to lower drug prices, putting the United States on par with countries such as the UK, where people have historically paid far less for drugs compared to the United States.

The U.S. government has also taken an ownership percentage in a couple of companies.

In August, the Trump administration announced the purchase of a 10 percent stake in struggling chip giant Intel. During the Cabinet meeting, Commerce Secretary Howard Lutnick revealed that the United States has made $40 billion in three months from that deal.

Vance Touts Progress

During the cabinet meeting, Vice President JD Vance said that the administration has made “incredible progress” in addressing affordability in the country.

“It’s absurd that Democrats talk about an affordability crisis that they created,” Vance said.

He said that under the last administration, the average American family lost more than $3,000 in household income, while under Trump, they’ve gained more than $1,000.

Vance went on to give an example of the affordability crisis by citing the cost of housing. He blamed the millions of illegal immigrants allowed into the United States for contributing to the issue.

He also blamed the money invested in renewable projects for being behind the increasing food costs.

Vance said it is unrealistic to fix these problems in less than a year.

“I think we’ve made incredible progress, but it would be preposterous to fix every problem caused over the last four years in just 10 months,” he said.

However, Vance predicted that 2026 will be the year the U.S. economy “takes off.”

Tax Cuts and Deregulation

Trump noted that the One Big Beautiful Bill Act, which he signed in July, includes no taxes on tips, overtime, and Social Security. He said that it was the “biggest tax cut ever signed.”

Single taxpayers can deduct up to $25,000 in tips and $12,500 in overtime. For joint filers, it is $25,000 in overtime.

Treasury Secretary Scott Bessent remarked that “next year is projected to be the largest tax refund season ever,” noting that the more money Americans have, the more they can afford.

“We’re going to see real wage increases,” he said. “I think next year is going to be a fantastic year.”

Bessent also cited deregulation as a factor in improving Americans’ economic well-being. He also said that the bond market has been at its best since 2020.

Trump also cited his deregulation agenda in helping Americans economically.

“We’ve slashed $1 trillion in costly job-killing regulations, saving Americans an estimated $2,100 for a family of four,” he said.

Office of Management and Budget Director Russ Vought said that for every regulation created, 48 are cut, an increase from 30.

“Your goal had been 10 to one, which was in excess of six to one in the first term,” he told Trump during the meeting. “It’s actually much higher than that.”

Agriculture and Housing

Agriculture Secretary Brooke Rollins said there will be an announcement next week about assistance for farmers.

Rollins said Trump has opened overseas markets to make farmers less dependent on government aid.

She did not say how much the payment would be.

On the Housing end, Housing and Urban Development (HUD) Secretary Scott Turner said his department has supported more than a million Americans when it comes to home ownership and affordability. He said that more than 560,000 people are first-time home buyers.

“A million people are able to own a home and to refinance their homes,” he said.

Turner also said that HUD is moving its headquarters from Washington to Alexandria, Virginia, saving taxpayers $500 million in deferred maintenance costs plus another $56 million annually for operations and maintenance.