WASHINGTON — President Donald Trump's State of the Union address, delivered on Tuesday, Feb. 24, 2026, as transcribed by The Associated Press:
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Speaker Johnson, Vice President Vance, first lady of the United States, second lady of the United States, members of Congress and my fellow Americans, our nation is back: Bigger, better, richer and stronger than ever before.
Less than five months from now, our country will celebrate an epic milestone in American history, the 250th anniversary of our glorious American independence. This July 4th, we will mark two and a half centuries of liberty and triumph, progress and freedom in the most incredible and exceptional nation ever to exist on the face of the earth. And we've seen nothing yet. We're going to do better and better and better. This is the golden age of America.
When I spoke in this chamber 12 months ago, I had just inherited a nation in crisis, with a stagnant economy, inflation at record levels, a wide-open border, horrendous recruitment for military and police, rampant crime at home and wars and chaos all over the world. But tonight, after just one year, I can say with dignity and pride that we have achieved a transformation like no one has ever seen before and a turnaround for the ages. It is, indeed, a turnaround for the ages. And we will never go back to where we were just a very short time ago. We're not going back.
Today our border is secure. Today our border is secure, our spirit is restored, inflation is plummeting, incomes are rising fast, the roaring economy is roaring like never before, our enemies are scared, our military and police are stacked, and America is respected again, perhaps like never before. After four years in which millions and millions of illegal aliens poured across our borders totally unfettered and unchecked, we now have the strongest and most secure border in American history, by far. In the past nine months, zero illegal aliens have been admitted to the United States. But we will always allow people to come in legally, people that will love our country and will work hard to maintain our country. Deadly fentanyl across our border is down by a record 56% in one year. In the last year, the murder rate saw its single largest decline in recorded history. This is the biggest decline, think of it, in recorded history, the lowest number in over 125 years. In 1900, in fact, substantially before my wonderful father — I had a wonderful father, Fred — before he was born, substantially before he was born, that's a long time ago, he wouldn't like me to say that, but that's a long time ago.
The Biden administration and its allies in Congress gave us the worst inflation in the history of our country. But in 12 months, my administration has driven core inflation down to the lowest level in more than five years. And in the last three months of 2025, it was down to 1.7%. Gasoline, which reached a peak of over $6 a gallon in some states under my predecessor and was, quite honestly, a disaster, is now below $2.30 a gallon in most states, and in some places $1.99 a gallon. And when I visited the great state of Iowa just a few weeks ago, I even saw $1.85 a gallon for gasoline, the lowest in four years, and falling fast.
And the annual cost of a typical new mortgage is down almost $5,000 just since I took office, one year. And lower interest rates will solve the Biden-created housing problem, while at the same time protecting the values of those people who already own a house that really feel rich for the first time in their lives. We want to protect those values. We want to keep those values up. We're going to do both — and keep it that way. The stock market has set 53 all-time record highs since the election. Think of that, one year, boosting pensions, 401Ks and retirement accounts for the millions and the millions of Americans, they're all gaining. Everybody is up, way up. In four long years, the last administration got less than $1 trillion in new investment in the United States. And when I say less, substantially less. In 12 months, I secured commitments for more than $18 trillion pouring in from all over the globe.