Short White House event (Aug 7, 2025) where President Trump introduces Heritage Foundation economist Steve Moore to discuss newly released/unpublished economic data. Moore asserts the BLS overestimated job creation by 1.5 million during the last two years of the Biden administration, reports an advanced unpublished Census series showing median household income up $1,174 in Trump’s first five months (Jan–June), and compares 2020 Trump-era gains ($6,400 real increase) to Biden’s first term ($551). Moore and Trump argue all income percentiles fared better under Trump, claim Biden worsened income inequality, and then briefly address trade (India tariffs) and a potential meeting with Putin/Zelensky before moving to a Purple Heart ceremony.
Chapters
Well, thank you very much, everybody. We're going to have just a quick session with Steve Moore. Everybody knows Steve Moore with the Heritage foundation, highly respected, one of the most highly respected economists and people that watch your money and know more about your money and your life than probably anybody I can think of. And I want to thank Steve for being here. I saw this today. They came out. What he puts out gets a lot of coverage. And I saw some of them, and then he had a couple of others. And I'd like to ask Steve maybe to discuss a few of these numbers that were just released. I mean, literally just released. And then we're going over and we're going to do Purple Heart. We have some incredible brave people that I look forward to. So we're going to do that right after this. Steve, could you say a few words about the various charts?
Thank you, Mr. President. So I called the president because I had some very good news from some new data that we've been able to put together that no one has ever seen before. And I'll just very quickly go through these. So I was telling the President that he did the right thing in calling for a new head of the Bureau of Labor Statistics because this shows that over the last two years of the Biden administration, the BLS overestimated job creation by 1.5 million jobs. That's a. Mr. President, that's a gigantic error. And I don't know if she's.
I'm not. It might not have been an error. That's the bad part. If it was an error, it would be one thing. I don't think it's an error. I think they did it purposely.
Whether or not you may well be right, but even if it wasn't purposefully, it's incompetence.
Right. Okay.
So 1.5 million jobs overestimated. We have access to the. We have access to the. Some data that no one else does on what has happened month by month with median household income. This is based on unpublished Census Bureau data. It will be released sometime in the next six months, but we get an advanced look at it. And so I was telling the President, in his first five months in office, starting in January through the end of June, the average median household income, adjusted for inflation for the average family in America is already up $1,174.
That's. That's a huge, incredible number. Just came out. Just.
Just came out. So that's a giant gain.
And if I would have said this, nobody would have believed. There's your number we're doing well.
So the next one compares. We finally have the 2024 data on what happened with real family income in the United States. And so what I did was I compared the record and Donald Trump's first term with the Joe Biden first term. And you can see that, by the way, these dotted lines here, Mr. President, that's Covid. So if it had not been for Covid, these numbers would have been substantially better. But even taking account President Trump's Last year, in 2020, we saw a $6,400 real after inflation gain and income for the average family. And that compares with. With Joe Biden, which was a measly $551. So, Mr. President, you get. You gain 10 times more income for the average family than Joe Biden is because of your policies.
And that's taken into consideration. Covid, which a lot of times you don't have to do that, because we were. I'm very glad you did over almost 8,000 until. Look at that number. Okay.
So then we looked at which families did the best. We have data from the Census Bureau that shows by income percentage. So the 25th percentile is the lowest income. 75th percentile is the highest income. And what I find Fascinating about this, Mr. President, is is every income group did better. The red is President Trump. The blue is President Biden. Every single income group did better under President Trump. But what's really amazing is look what happened under Biden. The lowest income group lost income under Biden. They were poor. Four years after Biden's presidency, no gain virtually whatsoever for the middle class. And the rich was the only group that did better under Biden, which is ironic because Biden keeps saying he was trying to get rid of income inequality. He made income inequality worse, not better. It was President Trump that reduced income inequality.
These numbers just came out, by the way.
Yep. And then finally, these are the numbers I just showed you in percentage terms, Mr. President. These are the numbers in dollar terms. So even the lowest income, 25th percent, gained about $4,000. Income. That's a lot for. For a lower income family, $6,400 for the middle class and almost 10,000 for the richest. So you can see every income group did better under Trump than Biden by a wide margin. That's the story.
I think when you look at them, they're all something. But this one chart really says it better than anything. If you look at this. This is great. But this chart is pretty amazing right here. All new numbers. Okay, so we're going to Go now over to East Room and we're going to celebrate some very brave people with the Purple hearts. Yeah, please.
Mr. President, just to follow up on.
The India tariffs, do you expect increased.
Trade negotiations, you know, since you've announced the 50% tariff?
No, not until we get it resolved.
Mr. President, does your deadline for Vladimir Putin agreeing to a ceasefire still stand tomorrow? Is that fluid now that the talk.
Say it. What?
Is your deadline still standing for Vladimir Putin to agree with ceasefire tomorrow, or is that fluid?
It's going to be up to him. We're going to see what he has to say. It's going to be up to him. Very disappointed. Yeah.
Do you have to meet with. Does Putin have to meet with Zelensky in order and before you and Putin have to meet or, you know.
No.
Are you willing to. That's actually important because the President. President Putin said this morning he was pretty dismissive of this idea of meeting with.
Who was.
President Putin was.
I don't know. I didn't hear.
To meet with him. He doesn't have to agree to meet with Zelensky? Is that what you're saying?
No, he doesn't. No. No.
So when do you think that they.
Would like to meet with me? And I'll do whatever I can to stop the killing? So last month, they lost 14,000 people killed last month. Every week is four or five thousand people. So I don't like long waits. I think it's a shame. And they're mostly soldiers. They're Ukrainian and Russian soldiers and some people from the cities where, you know, missiles are lobbed in, and you'll lose 35, 40 people a night, which is terrible. But, no, mostly it's soldiers. And you're talking about, on average, 20,000amonth. 20,000 people are dying a month. Young. Generally young people. Soldiers. We're going to. Speaking about soldiers. We'll see you over for purple. Thank you. Thank you.
