WASHINGTON (AP) — President Donald Trump mischaracterized core elements of the U.S. economy and stretched the facts in claiming to have toppled Iran’s government as he addressed the nation Wednesday night in a time of soaring gas prices and persistent inflation.

Here’s a look at some of his statements:

‘No inflation’

CLAIM: “We were a dead and crippled country after the last administration and made it the hottest country anywhere in the world by far, with no inflation.’’

THE FACTS: This is a standard Trump claim. But the economy he inherited was far from weak. In 2024, the last year of Joe Biden’s presidency, American gross domestic product grew 2.8%, adjusted for inflation, faster than any wealthy country in the world except Spain. It also expanded at a healthy rate from 2021 through 2023. Last year, in fact, U.S. economic growth decelerated under Trump to a still-respectable 2.1%, partly because the 43-day federal government shutdown slashed growth from October through December.

Nor has inflation vanished. The Labor Department’s consumer price index was up 2.4% in February compared with a year earlier. It’s still above the Federal Reserve’s 2% target.