Investing.com -- Today, President Donald Trump signed a Presidential Memorandum aimed at providing emergency price relief for American families and addressing the cost-of-living crisis. The action is viewed as a response to the perceived regulatory burdens and policies of the Biden Administration that are believed to have hindered American production.
The Memorandum orders all Federal agencies to free the American economy from these constraints, with the aim of improving the affordability of necessary goods and services, and boosting the prosperity of American workers. The plan includes a series of actions:
- Lowering the cost of housing and increasing its supply.
- Eliminating administrative expenses and practices that escalate healthcare costs.
- Removing requirements that increase the costs of home appliances.
- Creating employment opportunities for American workers, including those currently not in the labor force.
- Ending policies related to climate change that are believed to raise the costs of food and fuel.
The Memorandum accuses the Biden Administration of causing an inflation crisis through its policies, which have reportedly added nearly $50,000 in costs to the average American household. In contrast, it is claimed that Trump's first-term agenda reduced regulatory costs by almost $11,000 per household.
The Memorandum further criticizes the Biden Administration for its energy policies, which it claims have led to increased costs for transportation and manufacturing. American households are reportedly 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 risen by 36%, gasoline by 41%, home energy costs by 30%, electricity bills by 29%, and gas bills by 34%.
The price of gasoline, which averaged $2.77 per gallon under President Trump and was $2.33 when he left office, has risen under President Biden, reaching $3.33 a year later. It further increased to a peak of $5.00 per gallon and remains high today.
The Memorandum also criticizes the Biden Administration's mandate for companies to phase out gas-powered vehicles, which it claims has led to artificial price increases to subsidize electric vehicles, a move it says is largely unpopular with consumers.
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