President Donald Trump touted a “roaring” economy in his State of the Union address Tuesday night. From investment accounts to record-breaking stock market gains, he made several claims that his policies could directly help Americans grow their personal wealth.We looked into three of the President’s claims to see if the numbers back them up.Trump accountsPresident Donald Trump formally introduced his Trump Account program earlier this year. The tax-advantaged accounts would deposit $1,000 of government seed money into individual accounts of children born between 2025 and 2028. “With modest additional contributions, accounts could grow to $100,000 or more by the time children turn 18,” Trump claimed in his speech Tuesday night.Hearst’s Get the Facts Data Team dug into the numbers and found that the initial $1,000 investment could grow to around $5,559.92 over 18 years, with no additional contributions and assuming a historical 10% average gain. Another analysis from PolitiFact showed contributions made by parents could still fall short and says the claim largely weighs on the interpretation of a “modest contribution.””Even if you put in $9,000 of your own money, which probably a lot of Americans can’t afford to do, it still only gets you at the end of 18 years to about $60,000 instead of $100,000,” PolitiFact’s Louis Jacobson said. “At the end of that period, when you take out the money, you will be responsible for taxes. Inflation will be eating away a portion of those gains.”Stock market highsPresident Trump also made this claim about the stock market:”The stock market has set 53 all-time record highs since the election, boosting pensions, 401ks, and retirement accounts for millions and millions of Americans,” he said.Hearst’s National Investigative Unit counted 52 record highs in the S&P 500 since President Trump’s election, with similar trends appearing in other major indexes, like the Nasdaq and Dow Jones. That means more gains in American retirement accounts, though financial experts cautioned that the president has little direct control over stock market gains.”That is boosting wealth in this country, particularly those who are fortunate enough to possess those assets,” Bankrate’s Mark Hamrick said. “More broadly, what I would say is that the president really doesn’t have an immense amount of control over the performance of the stock market that is at the intersection of profitability.”The “Stop Insider Trading Act”In his address, President Trump also urged Congress to pass the “Stop Insider Trading Act,” legislation meant to prevent lawmakers from profiting from non-public information on stocks. “As we ensure that all Americans can profit from a rising stock market, let’s also ensure that members of Congress cannot corruptly profit using inside information,” he said. The bill would restrict lawmakers and their families from buying certain investments while in office and require notice before selling existing stocks, with penalties for noncompliance. The bill has gained bipartisan support, although past attempts to regulate lawmaker stock trading have fallen short.Gas pricesPresident Trump also touted falling gas prices.”Gasoline, which reached a peak of over $6 a gallon in some states under my predecessor, it was quite honestly a disaster, is now below $2.30,” the President claimed. “A gallon in most states and in some places is $1.99 a gallon.”But the president’s numbers are not entirely accurate. PolitiFact found no states with statewide averages at or below $2.30, with Oklahoma having the lowest average at $2.37. Factcheckers also found that only 6 to 8 stations out of 150,000 nationwide offer gas at $1.99 a gallon. Still, the president has a largely good story to tell when it comes to gas prices. The national average is $2.97, according to AAA, lower than the $3.11 average when he was sworn into office for his second term.Watch the latest coverage on the president’s State of the Union address:
President Donald Trump touted a “roaring” economy in his State of the Union address Tuesday night. From investment accounts to record-breaking stock market gains, he made several claims that his policies could directly help Americans grow their personal wealth.
We looked into three of the President’s claims to see if the numbers back them up.
Trump accounts
President Donald Trump formally introduced his Trump Account program earlier this year. The tax-advantaged accounts would deposit $1,000 of government seed money into individual accounts of children born between 2025 and 2028.
“With modest additional contributions, accounts could grow to $100,000 or more by the time children turn 18,” Trump claimed in his speech Tuesday night.
Hearst’s Get the Facts Data Team dug into the numbers and found that the initial $1,000 investment could grow to around $5,559.92 over 18 years, with no additional contributions and assuming a historical 10% average gain.
Another analysis from PolitiFact showed contributions made by parents could still fall short and says the claim largely weighs on the interpretation of a “modest contribution.”
“Even if you put in $9,000 of your own money, which probably a lot of Americans can’t afford to do, it still only gets you at the end of 18 years to about $60,000 instead of $100,000,” PolitiFact’s Louis Jacobson said. “At the end of that period, when you take out the money, you will be responsible for taxes. Inflation will be eating away a portion of those gains.”
Stock market highs
President Trump also made this claim about the stock market:
“The stock market has set 53 all-time record highs since the election, boosting pensions, 401ks, and retirement accounts for millions and millions of Americans,” he said.
Hearst’s National Investigative Unit counted 52 record highs in the S&P 500 since President Trump’s election, with similar trends appearing in other major indexes, like the Nasdaq and Dow Jones. That means more gains in American retirement accounts, though financial experts cautioned that the president has little direct control over stock market gains.
“That is boosting wealth in this country, particularly those who are fortunate enough to possess those assets,” Bankrate’s Mark Hamrick said. “More broadly, what I would say is that the president really doesn’t have an immense amount of control over the performance of the stock market that is at the intersection of profitability.”
The “Stop Insider Trading Act”
In his address, President Trump also urged Congress to pass the “Stop Insider Trading Act,” legislation meant to prevent lawmakers from profiting from non-public information on stocks.
“As we ensure that all Americans can profit from a rising stock market, let’s also ensure that members of Congress cannot corruptly profit using inside information,” he said.
The bill would restrict lawmakers and their families from buying certain investments while in office and require notice before selling existing stocks, with penalties for noncompliance.
The bill has gained bipartisan support, although past attempts to regulate lawmaker stock trading have fallen short.
Gas prices
President Trump also touted falling gas prices.
“Gasoline, which reached a peak of over $6 a gallon in some states under my predecessor, it was quite honestly a disaster, is now below $2.30,” the President claimed. “A gallon in most states and in some places is $1.99 a gallon.”
But the president’s numbers are not entirely accurate. PolitiFact found no states with statewide averages at or below $2.30, with Oklahoma having the lowest average at $2.37.
Factcheckers also found that only 6 to 8 stations out of 150,000 nationwide offer gas at $1.99 a gallon.
Still, the president has a largely good story to tell when it comes to gas prices. The national average is $2.97, according to AAA, lower than the $3.11 average when he was sworn into office for his second term.
Watch the latest coverage on the president’s State of the Union address:
