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President Donald Trump used his record-length State of the Union address to defend his economic record and introduce proposals aimed at lowering everyday costs for Americans, including relief on housing, power bills, and retirement.During the address, Trump framed the economy as a success story, stating, “The roaring economy is roaring like never before.” He pitched new promises, including a call for Congress to limit large investors from buying up single-family homes, saying, “We want homes for people, not for corporations.”Some studies show major investment firms own less than 3% of homes, but the share is growing.Economists say the bigger issue is supply, with Mark Hamrick from Bankrate.com saying, “What we really need in this country is more homes being built.”Hamrick said the administration’s description of a “roaring economy” is “at odds with the official data,” pointing to what he called a “K-shaped” economy, where some sectors, particularly artificial intelligence, are doing well while others lag behind.The president also unveiled a “Rate Payer Protection Pledge,” urging tech companies to secure their own power for rapidly growing AI data centers. Trump said, “It will ensure the company’s ability to get electricity while at the same time lowering prices of electricity for you.”The White House says major tech companies will join Trump in Washington next week to formally sign the pledge. In a statement, spokeswoman Taylor Rogers said the companies will “build, bring, or buy their own power supply for new AI data centers,” ensuring that “Americans’ electricity bills will not increase as demand grows,” while supporting “American AI dominance.”January data shows electricity prices in the U.S. are rising nearly three times faster than overall inflation.Additionally, Trump proposed expanding access to a federal-style retirement plan with a government match for private workers.”Half of all of working Americans still do not have access to a retirement plan with matching contributions from an employer,” Trump said. “To remedy this gross disparity, I’m announcing that next year my administration will give these oft-forgotten American workers, great people, the people that built our country, access to the same type of retirement plan offered to every federal worker. We will match your contribution with up to $1,000 each year, as we ensure that all Americans can profit from a rising stock market.”Administration officials say the plan would make it so that 56 million previously uncovered workers would be eligible for a low-cost, portable retirement account, similar to the federal Thrift Savings Plan, that would follow workers from job to job and offer diversified, index-based investment options.Officials say the effort would build on the existing “Saver’s Match” created under the bipartisan Secure 2.0 law signed in 2022, which allows eligible low-income workers to receive a federal matching contribution of up to $1,000 annually.They also add that much of the framework could be implemented using existing authority, though broader expansion would require congressional action. Additional details are expected in the coming weeks.Hamrick said broader access to savings accounts could help some workers over time, but warned that many low-income Americans struggle to set aside money at all.He also noted that the president did not address deeper retirement challenges.”There’s no proposal to directly engage with the funding shortfall of Social Security,” Hamrick said.Related video below: Fact-checking President Trump’s claims on Trump Accounts
President Donald Trump used his record-length State of the Union address to defend his economic record and introduce proposals aimed at lowering everyday costs for Americans, including relief on housing, power bills, and retirement.
During the address, Trump framed the economy as a success story, stating, “The roaring economy is roaring like never before.” He pitched new promises, including a call for Congress to limit large investors from buying up single-family homes, saying, “We want homes for people, not for corporations.”
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Some studies show major investment firms own less than 3% of homes, but the share is growing.
Economists say the bigger issue is supply, with Mark Hamrick from Bankrate.com saying, “What we really need in this country is more homes being built.”
Hamrick said the administration’s description of a “roaring economy” is “at odds with the official data,” pointing to what he called a “K-shaped” economy, where some sectors, particularly artificial intelligence, are doing well while others lag behind.
The president also unveiled a “Rate Payer Protection Pledge,” urging tech companies to secure their own power for rapidly growing AI data centers. Trump said, “It will ensure the company’s ability to get electricity while at the same time lowering prices of electricity for you.”
The White House says major tech companies will join Trump in Washington next week to formally sign the pledge.
In a statement, spokeswoman Taylor Rogers said the companies will “build, bring, or buy their own power supply for new AI data centers,” ensuring that “Americans’ electricity bills will not increase as demand grows,” while supporting “American AI dominance.”
January data shows electricity prices in the U.S. are rising nearly three times faster than overall inflation.
Additionally, Trump proposed expanding access to a federal-style retirement plan with a government match for private workers.
“Half of all of working Americans still do not have access to a retirement plan with matching contributions from an employer,” Trump said. “To remedy this gross disparity, I’m announcing that next year my administration will give these oft-forgotten American workers, great people, the people that built our country, access to the same type of retirement plan offered to every federal worker. We will match your contribution with up to $1,000 each year, as we ensure that all Americans can profit from a rising stock market.”
Administration officials say the plan would make it so that 56 million previously uncovered workers would be eligible for a low-cost, portable retirement account, similar to the federal Thrift Savings Plan, that would follow workers from job to job and offer diversified, index-based investment options.
Officials say the effort would build on the existing “Saver’s Match” created under the bipartisan Secure 2.0 law signed in 2022, which allows eligible low-income workers to receive a federal matching contribution of up to $1,000 annually.
They also add that much of the framework could be implemented using existing authority, though broader expansion would require congressional action. Additional details are expected in the coming weeks.
Hamrick said broader access to savings accounts could help some workers over time, but warned that many low-income Americans struggle to set aside money at all.
He also noted that the president did not address deeper retirement challenges.
“There’s no proposal to directly engage with the funding shortfall of Social Security,” Hamrick said.
Related video below: Fact-checking President Trump’s claims on Trump Accounts
