State of the Union speech prepared.
US Capitol
Sir. VP. Lady and Gentleman.
Congress and Cabinet. Military leaders.
Mr. Chief Justice, Associate and Retired Supreme Court Justices.
Americans.
Tonight, I congratulate the 118th Congress and Kevin McCarthy, the new House Speaker.
Sir, I’m excited to collaborate.
Hakeem Jeffries, the first Black House Minority Leader, is the next House Democratic leader.
Congratulations, Mitch McConnell, the longest-serving Senate leader.
Congratulations to Chuck Schumer for another term as Senate Majority Leader with a greater majority.
I also want to honor Nancy Pelosi, who I believe will be the greatest American speaker.
Progress and perseverance define US history. progress. perseverance.
A remarkable tale.
Only we have emerged stronger from every disaster.
Repetition.
Our economy struggled two years ago.
We’ve produced a record 12 million jobs in two years, more than any president has created in four.
Two years ago, COVID-19 ruined our companies, schools, and lives.
COVID no longer rules us.
Our democracy was threatened two years ago.
Though battered, our democracy is still strong.
We’re writing the next chapter of America’s development and resilience tonight. When international leaders ask me to characterize America, I say possibilities.
We’re told Democrats and Republicans can’t cooperate.
We’ve defied cynics and critics in the last two years.
Definitely. Yes, Democrats sometimes went it alone.
Democrats and Republicans rallied repeatedly.
Defended a stronger Europe.
Built bridges between our country and people by passing a once-in-a-generation infrastructure bill.
Passed a landmark measure aiding soldiers exposed to hazardous burn pits.
In reality, since becoming president, I have signed into law more than 300 bills that were supported by both major political parties. Respect for Marriage Act, which safeguards the freedom to marry one’s partner of choice, and reauthorization of the Violence Against Women Act are just a few examples.
If we were able to cooperate in the last Congress, I see no reason why we can’t do so again.
There was no mistaking the people’s message to us. War as an end in itself, power for power’s sake, or conflict for conflict’s sake, leads to nothing but more war and more conflict.
That’s always been my hope for America.
In order to revive the spirit of the country.
In order to strengthen the middle class once again in the United States.
To bring the nation together.
This is a mission we’ve been assigned to complete.
The middle class has been steadily eroding for decades.
It’s a problem that too many high-paying manufacturing jobs have relocated offshore. Plants in the home country ceased operations.
Cities and villages that were once bustling are now mere ruins.
Moreover, another loss occurred along the road.
Pride. You know, that feeling of value you have in yourself.
I sought the presidency because I want to see fundamental changes made, and I want to make sure that everyone benefits from the economy so that we can all take pride in our job.
To construct an economy not from the top down but from the bottom up and the center out. For the simple reason that when the middle class thrives, the poor have a chance to improve their lot, and the affluent may continue to live well. As a group, we succeed.
A job is about a lot more than just being paid, as my father always stressed to me while I was growing up. It’s important that you keep your dignity. It all comes down to respect. It’s about being able to look your child in the eye and say, “Honey –it’s going to be OK,” while really believing those words yourself.
Now, let’s have a look at the outcomes. The unemployment rate is at 3.4%, which is at a 50-year low. The unemployment rate for Black and Hispanic employees is close to historic lows.
Already, we have produced 800,000 high-paying manufacturing jobs, representing the sector’s most rapid employment expansion in the last four decades.
Why can’t America dominate manufacturing again?
We imported goods and exported employment for decades.
We’re exporting American goods and generating employment owing to our efforts.
The epidemic and Putin’s war caused worldwide inflation.
We’re the best-positioned nation on Earth.
However, inflation is falling at home.
Since peaking, gas costs at home have dropped $1.50 a gallon.
Lower food prices.
We’re the best-positioned nation on Earth.
However, inflation is falling at home.
Since peaking, gas costs at home have dropped $1.50 a gallon.
Lower food prices.
Starting a small company is hopeful.
The Vice President will continue to help small companies access funding and our historic laws.
Last year, I told you about American talent and opportunity here.
Semiconductors, fingertip-sized computer chips that power phones, cars, and more. America created these chips.
America produced roughly 40% of the world’s chips.
In recent decades, we’ve lost our edge and now produce merely 10%. Chip manufacturing stopped down during the outbreak.
American manufacturers couldn’t produce enough vehicles because there weren’t enough semiconductors.
Car costs rose. Refrigerators and smartphones did too.
Never again.
That’s why we passed the bipartisan CHIPS and Science Act.
We’re starting America’s supply chain in America.
Without this legislation, we’ve produced 800,000 manufacturing jobs.
This measure will produce hundreds of thousands of employment nationwide.
Companies that invested over $300 billion in American manufacturing in the last two years will provide that.
Intel is developing 1,000-acre semiconductor facilities outside Columbus, Ohio.
10,000 jobs. 7,000 construction jobs. 3,000 factory jobs.
Many $130,000-a-year jobs don’t need education.
Home-based jobs.
It’s beginning.
Consider the new residences, small companies, and more that will emerge.
Talk to mayors and Governors, Democrats and Republicans, and they’ll tell you what this means to their communities.
We’re seeing these fields of dreams transform the heartland.
But to maintain the strongest economy in the world,
Don’t worry, Republican pals who voted against it yet want funding for their districts.
I vowed to be the president for all Americans.
We’ll sponsor your initiatives. And I’ll see you at the ground-breaking.
This measure will help further unify all of America.
Major constructions include the Brent Spence bridge between Kentucky and Ohio across the Ohio River. Built 60 years ago. Badly in need of repairs.
One of the nation’s most congested freight routes transporting $2 billion worth of freight per day. Folks have been talking about mending it for decades, but we’re finally going to get it done.
Earlier past month, a group of Democrats and Republicans from both states and I traveled to that location to hand over $1.6 billion for this project.
During my time there, I became acquainted with an ironworker by the name of Sara, who is here here tonight.
She has been a proud member of Ironworkers Local 44, also known as the “cowboys of the sky,” who are credited with building the skyline of Cincinnati, for the last 30 years.
Sara expressed her excitement at the prospect of working ten floors above the Ohio River on the construction of the new bridge. That’s a proud moment.
That’s what we’re also constructing – Pride.
We’re also replacing toxic lead pipes that run into 10 million homes and 400,000 schools and daycare facilities, so every kid in America can drink safe water.
We’re making sure that every neighborhood has access to cheap, high-speed internet.
No parent should have to travel to a McDonald’s parking lot so their child can complete their schoolwork online.
And when we execute these projects, we’re going to Buy American.
No parent should have to go to McDonald’s to help their kid do homework online.
Buy American for these projects.
since 1933. Past administrations have circumvented it for too long.
No more.
Tonight, I’m also introducing new requirements requiring all federal infrastructure building materials to be manufactured in America.
American timber, glass, drywall, fiber optic cables.
American-made roads, bridges, and highways will be built under my watch.
My economic strategy invests on neglected areas and individuals. Too many individuals have been left behind or ignored throughout the previous four decades’ economic turmoil.
Maybe you’re viewing at home.
You recall lost employment. You question whether you and your children can still succeed without relocating.
Understand.
We’re establishing a no-one-left-behind economy.
Because of our actions in the previous two years, jobs and pride are returning. This blue-collar plan will restore America and improve your life.
Too many of you lie awake at night thinking what will happen if your spouse gets cancer, your kid becomes sick, or you die.
Can you afford medical care? Sell the house?
Understand. I signed the Inflation Reduction Act to fight strong interests to lower your health care expenses so you can sleep easier.
We spend the most for prescription medications in the world.
Diabetes affects 10% of Americans.
Millions require insulin daily to survive diabetes. 100 years of insulin. Drugmakers spend $10 every vial.
Big Pharma unjustly charges hundreds of dollars and makes record profits.
No more.
For Medicare seniors, we limited insulin at $35 per month.
Millions of Americans are not on Medicare, including 200,000 Type I diabetic children who require insulin to survive.
Let’s complete it.
Let’s limit insulin at $35 per month for all Americans who require it.
This legislation also places a limit of $2,000 per year on the amount of money seniors on Medicare have to pay out of pocket for prescription pharmaceuticals. However, there are numerous medications, such as pricey cancer treatments, that may cost as much as $10,000, $12,000, or even $14,000.
If the cost of medications increases at a rate that is higher than the rate of inflation, the pharmaceutical industry may be required to reimburse Medicare for the difference.
And Medicare will at long last have the authority to negotiate the pricing of prescription drugs. The reduction in the cost of prescription medications benefits seniors in more ways than one.
It would reduce the federal deficit, which will save taxpayers tens of billions of dollars on the cost of the prescription pharmaceuticals that the government buys for Medicare.
Why on earth wouldn’t we want to go ahead and accomplish that?
At this time, a number of these lawmakers are making threats to repeal the Inflation Reduction Act.
Never doubt that I will reject any effort to increase the expense of medically necessary medications.
I’m happy to report that more people in the United States have health coverage currently than ever before.
With the help of the Affordable Care Act, a historic 16 million individuals now have health insurance.
The bill I passed last year has helped millions of people save an average of $800 on their annual premiums.
However, according the wording of the legislation, this perk will no longer be available after the year 2025.
Get it done, and get those saviors
Using renewable energy sources to reduce pollution and provide employment in underserved areas.
Over the next several years, tens of thousands of IBEW members will construct charging stations for electric vehicles around the nation.
And assisting families in saving more than one thousand dollars annually via the provision of tax credits for the acquisition of electric cars and appliances that are energy-efficient.
Historic conservation initiatives made with the goal of becoming good stewards of our land.
Let us not ignore the facts.
The climatic catastrophe is indifferent to the political affiliation of a state’s residents. It poses a danger to our very existence.
Confronting it is something we need to do because we owe it to our offspring and our grandkids. I am very happy to see that the United States of America is finally rising to the occasion.
But there is a substantial amount of more work.
The task will be completed by us.
In addition, we are able to cover the costs of these investments in our future by mandating that the most prosperous and largest firms finally start contributing their just due.
I’m a capitalist. But simply pay your fair share.
In addition, I believe that many of you at home agree with me that the current structure of our tax system is fundamentally unjust.
The hypothesis that 55 of the largest firms in the United States would together make $40 billion in earnings in 2020 while paying zero dollars in federal income taxes.
That cannot hardly be considered fair.
However, as a result of the legislation that I signed, firms with a revenue of one billion dollars or more are now required to pay a minimum tax rate of fifteen percent.
Just 15%.
That is far lower than what a nurse makes. Permit me to clarify.
No one with an annual income of less than $400,000 will be required to pay any higher taxes as a result of my proposal.
Nobody. Not one single cent.
However, there is more work to be done.
Let’s see this through to the end. Work should be rewarded, not simply riches. Consider implementing my suggestion for a minimal tax on billionaires.
Because it is unfair for a billionaire to pay a tax rate that is lower than that paid by a teacher or a fireman.
It’s possible that you’ve observed that Big Oil just declared record earnings.
Despite the fact that the world is in the middle of an energy crisis, they earned $200 billion last year.
It defies logic and reason.
They only spent a small portion of that earnings in order to maintain or boost local production, which led to higher gas prices.
Instead, they invested those record earnings in the repurchase of their own shares, which was a benefit for both the company’s CEOs and stockholders.
It is necessary for corporations to behave ethically.
Because of this, I suggest that we increase the tax rate on stock buybacks by a factor of four in order to incentivize longer-term investments instead.
They will still bring in a large profit despite this.
Let’s put an end to this and shut the tax loopholes that the really rich use to get out of paying their fair share of taxes.
Instead of reducing the number of audits that are performed on affluent tax payers, I signed a measure that would lower the deficit by $114 billion by cracking down on wealthy tax cheaters. This will be accomplished by increasing the number of audits that are performed.
That demonstrates a prudent approach to finances.
The deficit was reduced by more than $1.7 trillion under my administration’s watch over the last two years, making this reduction the biggest in the annals of American history.
The United States’ budget deficit grew for four consecutive years while the previous government was in office.
Due to such record deficits, my predecessor contributed more to the national debt than any other president in any four-year period in the history of the country.
That government alone was responsible for adding up to 25 percent to the total national debt, which had taken more than two centuries to build.
What kind of reaction did Congress have to all of that debt?
They increased the limit on the loan three times without any prerequisites or precipitating event.
They met America’s financial obligations in order to avert an economic catastrophe for our nation.
Tonight, I’d want to request that this Congress do the same thing.
Let us make a public pledge right now this evening that the United States of America’s complete trust and credit will never, ever be called into doubt.
There are Republicans in my circle who are holding the economy hostage until I accept their economic agenda. Anyone at home should be aware of their intentions.
Some Republicans want Medicare and Social Security to expire every five years rather than tax the rich to pay for them.
That implies such programs will be eliminated if Congress doesn’t decide to continue them.
Some Republicans have threatened to allow America to default on its debt for the first time in our history if Social Security and Medicare are not slashed.
This will not be allowed to occur.
Millions of elderly rely heavily on Social Security and Medicare.
Since they began receiving wages, Americans have been contributing to them regularly.
Let’s make a pact tonight to advocate for our elderly population. Raise your hand if you don’t want Social Security slashed. Medicare will not be slashed.
The American people are entitled to such advantages. The two of them have earned them.
I will fight any effort to reduce Social Security benefits. And I will fight any attempt to reduce funding for Medicare.
They will not be taken from me under any circumstances.
Unfortunately, not today. It won’t be tomorrow. Never, ever, ever.
When I lay out my budget proposal next month, I hope my Republican allies will do the same.
It’s possible for us to get together and talk about both options.
A two trillion dollar deficit reduction is possible with my idea.
I will not reduce anyone’s Medicare or Social Security benefits.
The Medicare Trust Fund will be preserved under my leadership for at least another two decades.
Anyone earning less than $400,000 per year will not see a tax increase from me. And I will fund the ideas I’ve shared tonight by getting the rich and businesses to pay their fair share.
Okay, here’s the scoop. Big businesses are doing more than simply gaming the system when it comes to taxes. You, the American customer, are being exploited.
This is the message I want everyone to hear: I’ll always have your back. We’ve already stopped 1 million unexpected medical invoices a month from being sent by insurance companies.
We are clamping down on nursing facilities that perpetrate fraud, put patients in danger, or give patients medication that they do not need in order to safeguard the lives of elderly people as well as their life savings.
Hearing aids are now available without a prescription and over-the-counter, which means that millions of people in the United States may finally save thousands of dollars by purchasing them.
There is no such thing as true capitalism if there is no free market. This is an act of exploitation.
The year before, I took action against international shipping corporations that were driving up the pricing of daily products imported into our country, causing you to pay more.
I helped American farmers, companies, and consumers by signing a law that was supported by both parties and reduced the cost of shipping by 90 percent.
Let’s see this through to the end.
In order to prohibit large web platforms from providing their own goods an unfair advantage, legislation should be passed that is supported by both the Democratic Party and the Republican Party.
My administration is also working to eliminate what we call “junk” fees, which are sneaky surcharges that far too many companies add on to your bill.
For instance, we are mandating that airlines display the whole cost of your ticket up front and provide a refund in the event that your flight is either cancelled or significantly delayed.
Overdraft costs at banks have been brought down from their outrageous levels, saving customers over one billion dollars annually.
We are decreasing the late fees for credit cards by 75%, from $30 down to $8.
The really rich may not be affected by junk fees, but the vast majority of people living in houses similar to the one I grew up in are affected by them. They build up to several hundred dollars every single month.
They make it more difficult for you to pay the bills or take that vacation with your family that you had planned.
When a business takes advantage of you by charging excessive prices and then getting away with it, I understand how unfair it may seem.
No more, though.
To put a halt to all of it, we have drafted a law. The official title of this bill is the Junk Fee Prevention Act.
We will make it illegal for hotels to charge unforeseen “resort fees” and add them to your bill. There are certain hotels that do not even qualify as resorts that will charge you up to $90 per night for these fees.
We will see to it that cable internet and cellular providers no longer charge you up to $200 or more if you decide to move to a different provider.
We will place a ceiling on service costs for concert and athletic event tickets, and we will require businesses to disclose all of their prices up front.
In addition, we will make it illegal for airlines to charge families up to $50 for a round-trip ticket just so they may sit together.
It’s bad enough that they charge you for your baggage; they can’t simply treat your kid like another piece of luggage.
The American people are sick and weary of being taken like fools.
Please vote yes on the Junk Fee Prevention Act so that corporations will stop taking advantage of us.
Workers have been stiffed for an excessively lengthy period of time.
No more, though.
We are getting closer and closer to bringing back the dignity that labor once had.
For instance, prior to starting a new job, thirty million employees were required to sign non-compete agreements. Therefore, a cashier at one burger joint is unable to go across the street and accept the identical job at another burger joint in order to bring in a few more dollars of income.
No more, though.
We are outlawing such contracts so that businesses will be forced to compete for jobs and pay them what they are really worth.
I have had it up to here with employers that violate the law in order to stop their employees from forming unions.
employees have a legal right to organize a union, therefore workers’ rights are protected by the PRO Act. And let’s make sure everyone gets a pay that allows them to make ends meet.
Let’s also make sure that working parents are able to afford to raise a family by providing them with paid sick days, paid family and medical leave, and cheap child care, which will allow millions of more individuals to find employment.
Let’s also bring back the whole Child Tax Credit, which helped tens of millions of families have a little more breathing space and reduced the rate of child poverty in half, bringing it to its all-time lowest level.
Also, another benefit of doing all of these tasks is that they boost our overall productivity. We contribute to a rise in economic growth.
Let’s also get the job done and ensure that more families have access to housing that is both cheap and of high quality.
Let’s make sure that seniors who wish to age in place have access to the care they need so they may do so. And please make life a bit easier on the millions of family caregivers who are doing their best to take care of their loved ones.
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Vote for my idea so that we may provide the elderly and persons with disabilities who are in need with the home care services they need and help those who are working to further the kingdom of God.
These plans have been completely paid for, and we have the money to carry them out.
Restoring the dignity of labor requires making education more accessible and less expensive so that more people may enter the middle class.
When we mandated that all children get a public education for a total of 12 years.
