Oct 14, 2020
Donald Trump Addresses Economic Club of New York Transcript October 14
President Donald Trump addressed the Economic Club of New York on October 14. Read the transcript of his remarks here.
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Donald Trump: (00:00)
We’re right outside the Oval Office in the Rose Garden, very special place. And it’s an honor to once again, address the Economic Club of New York, as well as the economic clubs of Chicago, Florida, Pittsburgh, Sheboygan, and Washington D.C. I know so many people that are proud members and they’re great people. And it’s a great honor to be with you, especially in this very strange kind of a year with what we have to do communication-wise. To be doing it, really, it’s quite nice. It’s a quite nice way to do it. The choice facing America is simple. It’s the choice between historic prosperity under my pro-American policies, or very crippling poverty and a steep depression under the radical left. And that’s what you’ll have is a depression. I will deliver optimism, opportunity, and growth. They will deliver pessimism, stagnation, decline, and very high taxes. Simply put it’s a choice between a socialist nightmare and the American dream.
Donald Trump: (01:06)
Under my leadership, we will have a safe and effective vaccine before the end of the year, we will swiftly defeat the China virus, end the pandemic, bring back our critical supply chains, and lift our economy to unprecedented new heights. If the left gains power they will shut down the economy, close our schools, delay the vaccine, prolong the pandemic, and impose the most extreme policies in the history of our country. Let’s review the record. When I joined you in-person last year, our nation was enjoying the greatest economy in history. There was nothing like it. This was a stark contrast to the prior administration, which delivered the weakest recovery since the Great Depression. It was weak, and it was sad. In my first three years, real income for the typical family increased $6,000, more than five times the gains during the entire previous administration. Think of that. Five times the gains. Income for black Americans grew nine times more under my leadership, than during the eight years before I took office.
Donald Trump: (02:18)
Their policies punish American workers, my policies promote American workers. At the end of the last administration, the Congressional Budget Office projected fewer than 2 million jobs would be created in three years. Well, we did a little bit better than that. We created 7 million, and actually it’ll be close to 8 million jobs by the time the final numbers came in. We lifted 6.6 million people out of poverty, achieving the largest poverty reduction in modern U.S history. Poverty rates for our African Americans and Hispanic Americans reached record lows. Inequality declined dramatically, a complete reversal of the Obama years. My policies that benefited those who need it the most. The bottom 50% of households saw an astonishing 40% increase in net worth. Wages rose the fastest for blue collar workers, African American, Hispanic American, Asian American. Unemployment all reached their lowest levels ever recorded.
Donald Trump: (03:24)
The last administration sold out American workers like never before, and they sold them to donors, special interests, and globalists. And if you take a look, we have probably plenty of them watching right now, and I understand where you’re coming from, but it didn’t work out too well with me. We succeeded by reversing those cruel and heartless betrayals. Instead of rewarding companies for outsourcing jobs, I implemented massive tax cuts and regulation cuts to keep jobs, opportunity, and wealth in America. The tax cuts and the regulation cuts were the biggest ever recorded in the history of our country. Instead of waging war on the American Energy, we unleashed American Energy to make the United States the number one producer of oil and natural gas on earth. Instead of corrupt and horrendous trade deals written by lobbyists and special interests, again, some of you, I negotiated pro-American trade deals based on the principles of fairness and reciprocity. Very important.
Donald Trump: (04:30)
I ended the NAFTA nightmare and signed the brand new U.S-Mexico-Canada Agreement into law. I’ve taken the toughest ever action against China’s chronic trade abuses that we all know so well. I immediately canceled the last administration’s job killing transpacific partnership. And I renegotiated the South Korea deal, which was a disaster. China unleashed the virus onto the world, and only a Trump administration will hold them accountable. And if this administration, if I don’t get elected in a little while, 20 days, China will own the United States. I can tell you that. When the China virus arrived, we launched the largest mobilization since World War II. To defeat the virus I’m breaking through every obstacle, cutting every piece of red tape, and moving heaven and earth. The FDA has been fantastic. They’re approving things in one week that would have taken two years. I’m not interested in making friends in the corrupt media, and it is corrupt. My sole focus is protecting American lives and making lives good for American people.
Donald Trump: (05:45)
We’ll beat this virus and we’ll eradicate this pestilence and all of the things that happened to our country, our lives and our planet. Our aggressive and early action saved up to 2 million lives. If you look at the original numbers, it was projected at 2.2 million lives. We’re at 210,000. And one is too many, it should’ve never happened, should have never been allowed to happen by China. Thanks to advances in treatment we pioneered in record time, we’ve reduced the fatality rate 85% since April. And that number is now gone even better. I’m also working to get emergency approval for the powerful antibody treatment I received that has shown extraordinary promise. As you know, a week ago, I wasn’t feeling so hot, and I had a drug, Regeneron, that it made me feel very good, very fast. They call it therapeutic, but I don’t think it was therapeutic. I think it was a cure. For me, it was something that was very good. Now who knows, maybe that would have happened anyway. Maybe I would have recovered beautifully anyway. All I know is once I had Regeneron, it worked out very well.
Donald Trump: (06:55)
Under Operation Warp Speed, we’re on track to deliver at least 100 million doses of a vaccine before the end of the year, with hundreds of millions more to quickly follow. Our military will be delivering it. We have the best people on earth in our military, and we will deliver the drug, we will deliver the vaccine rapidly. Unfortunately, the media’s constant efforts to stoke panic and hysteria, and to probably change an election, that’s what they really want to do, have undermined our public health efforts and put innocent lives in danger. They will not have success in changing the election. They tried that four years ago, that didn’t work out too well. Americans should be trusted with the facts, the data, and the truth. For the young and healthy, the risk is exceedingly low. 99.98% of those under the age of 50 survive. The average age of those who succumb to the virus is 78. And usually that is a person who’s 78, but has bad heart, diabetes, has other problems. That’s why we’re so focused on protecting elderly, and higher risk Americans.
Donald Trump: (08:09)
Our groundbreaking therapies have significantly improved outcomes for elderly patients. But I will not rest and I will not relent until all American seniors are safe. That is my sacred obligation. I love our seniors. I love our country. At the same time, we must allow lower risk Americans to resume normal activity. The unscientific lockdowns pushed by left wing Politicians are needlessly destroying millions of lives. They decimate livelihoods and lead to suicide, drug, overdose, depression, heart disease, delayed medical treatments, and reduced life expectancy. The cure can not be worse than the problem itself. And that’s what a lot of run by Democrats have done to their people, and it’s turning out very, very bad for them. These lives must be protected as well. The recent months, I have also acted swiftly to rescue the U.S economy with an unprecedented $2.5 trillion in aid. We delivered over $160 million in relief payments for our hardworking Americans through our Paycheck Protection Program that all of you are familiar with.
Donald Trump: (09:26)
My administration has approved over $650 billion in forgivable loans to more than 5.2 million small businesses. It’s been a savior. This action has saved and supported 50 million jobs, and we think that number is going to be, when it’s finally put down in actual fact, we think it’s going to be even more than that. We increased unemployment benefits by $600. When Democrats fail to extend this assistance, I provided up to $400 a month in continued relief. I froze student loan payments, stopped evictions, suspended payroll taxes, and delivered $500 billion to save major U.S employers, including airlines. As a result of these decisive actions, the U.S has been both the smallest economic contraction it has seen. Think of that. With all that we’ve done and all the countries out there, some great and not so great, we’ve seen the smallest economic contraction and the fastest recovery of any major Western country. I hope people are taking note of that. And it’s not even close. We’ve created a record 11.4 million American jobs since May. That’s another record.
Donald Trump: (10:47)
Under the previous administration, it took 30 months to recover more than half the jobs lost in the crisis. We surpassed that milestone in fewer than five months. Just a few months ago, most experts were projecting unemployment well over 10% through the end of 2020. Instead we’ve already cut unemployment below 8%. Something that it took the last administration over three years to do. Jobs have been recovering 23 times faster than the Obama recovery. Remember that. 23 times faster. And I know these numbers must be true because they were given to me by the great Larry Kudlow, who sitting on my left. Consumer spending is almost 10% higher today than before the pandemic, and automobile production has recovered 100%. Home sales are at their highest reading since December, 2006. And home builder sentiment is the highest in recorded history. Think of that. The highest home builder sentiment in recorded history and we’re in a pandemic. And I will tell you we’re rounding that final turn.
Donald Trump: (12:01)
If the left gains power, the recovery will be terminated and the economy will be destroyed. They’ve told us their exact plans. Left wing politicians have pledged a $4 trillion tax hike, which will destroy our country. And this will raise taxes on 80% of our taxpayers, cut the child tax credit in half, which is $1000 per child, and punished working families. The highest business tax rate in the developed world would be created, sending millions and millions of jobs out of America, into China and various other countries. They’ll be thrilled if we do what Joe Biden wants to do. But it’s not really him that wants to do it, it’s other people that are at a much higher level than Joe. Reentering the job rec in Paris, climate accord, eliminating fossil fuels, shutting down fracking. All over the country they want to shut down fracking. We are right now energy independent. They want to close up, shut down fracking. And enacting the ridiculous Green New Deal, which will cost 100 trillion dollars, which is more money than this country can make in 100 years if everything went perfectly.
Donald Trump: (13:17)
Democrat lawmakers sponsored legislation that would outlaw the private health insurance plans for 180 million Americans. So you have these private plans that people love, they’ve negotiated, they fought for, they went to different companies, all great companies. They have plans that they love. 180 million plans, 180 million people. And you know what happens to them? It’s over. They take it away. The Democrat platform would suspend all immigration enforcement and give free healthcare and mass amnesty to illegal aliens. The problem is our country can’t afford it. And as soon as you announce that, millions and millions of people, despite the wall, which is almost finished and by the way, paid for by Mexico, despite all of these things that we’ve done, millions of people would flood into our country. This would obliterate Medicare and would totally demolish your social security.
Donald Trump: (14:15)
Democrats in Washington are also pushing a plan to abolish the suburbs by eliminating single family zoning and linking federal highway grants to a federal takeover of local zoning. Your suburbs will be gone. The American dream will be gone. This plan will devastate the property values of millions of middle-class homeowners, including the majority of African-American Hispanic, American and Asian American households who live in the suburbs. The policies of the left would unleash a lasting economic catastrophe of unimaginable proportions. And I know I’m speaking to some Democrats, and some of you are friends of mine, you will see things happen that will not make you happy. I don’t understand your thinking. I don’t understand how you can be backing such policies, but you’re wrong. I can only assume it’s habit. You’ve been there for a long time and it’s habit. Because they will destroy this country. Our country will go into a depression, the likes of which we have not seen since 1929 and maybe worse. So keep backing them, but you know it’s wrong. And I really do believe it’s only habit, that’s the only reason you can be doing it.
Donald Trump: (15:37)
Under my continued leadership, we will continue our V-shaped recovery and launch a record smashing economic boom. We will end the pandemic with a safe and effective vaccine, create 10 million jobs in the first 10 months of 2021, where we’re going to have a phenomenal year, and we will soon be announcing in my opinion, a phenomenal, a phenomenal record setting Third quarter and quickly returned to full employment. I will implement a middle class tax cut, reduce regulations that stifle small businesses. And we’ve already cut regulations more than any president in history, whether it’s four years, eight years or in one case more, I have cut regulations far more than any president in the history of our country. A highway that would take 21 years to get approved, we can get done now in one year. And it may be rejected for safety or environmental reasons, but you’re going to know in one year we brought it down to a level that nobody could even believe. It may get rejected, but it’s going to get rejected fast, but most likely it’ll get built fast.
Donald Trump: (16:46)
And we also are expanding opportunities zones, which have been fantastic. We will launch a bold initiative to reassure our medical and pharmaceutical supply chains. As part of this effort, I’ll revive Puerto Rico’s pharmaceutical industry. We will keep taxes low for companies and move jobs to America. And we’ll impose steep tariffs on any company that leaves. They want to leave, they want to make our product and then sell it back after firing everybody, not going to happen. They will be tariffed. We will strip federal contracts from companies that outsource critical industries. We will, and this is just has to do, negotiate more fair and reciprocal trade deals. We want reciprocal deals. If you look at Europe and if you look at what Europe has done to us over many, many years, and we’re bringing it back into balance, but it’s way unbalanced. We protect them militarily and then they take advantage of us on trade with tariffs and non-monetary tariffs, which are worse. We have to put America first, like other countries should put themselves first, but we’re putting America first.
Donald Trump: (17:56)
We will make America into the manufacturing superpower of the world, ending reliance on China once and for all. We will ensure that America remains the world’s number one energy producer. We will end surprise medical billing, require price transparency, which goes into effect already on January 1st, and further reduce the cost of prescribe prescription drugs as you probably know. Those of you that are in the drug industry, you’re not a big fan of Donald Trump I can tell you, but I instituted a favored nations clause. So if Germany or another nation is buying the drug for one 20th of what we pay, believe it or not, in some cases you have price discrepancies like that, we go to the lowest price anywhere in the world. We’re the largest purchaser of drugs, we go to the lowest price. So if somebody’s selling a pill for 25 cents and we’re paying $2.50 cents, we go to 25 cents. And the 25 cents will come up a little bit, but your drug prices will be reduced by 50, 60, 70, 80, 90%. That’s the way it is.
Donald Trump: (19:04)
We will strongly protect Medicare, social security and patients with pre-existing conditions. And as far as the middleman is concerned, the middleman is out. As far as purchasing drugs from other countries until everything else kicks in, Canada pays 50% what we pay. I’ve given governor’s permission to go to Canada and buy drugs directly from Canada, saving as an example, Ron DeSantis the State of Florida, approximately 50% and more on the purchase of drugs. So they’ll buy the same exact drug from the same exact plant or lab for 50% less. I’ve also outlined a new plan to provide historic prosperity, and this is really so important, to the black community known as the Platinum Plan, creating new wealth, new access to capital and school choice as a civil right for every American family. We need school choice. The Democrats will never give you school choice. They will never give you charter schools that have worked so well.
Donald Trump: (20:09)
We’re lifting up citizens of every race, color, religion, and creed. We’re delivering a future of fairness, justice, and dignity for every community in our land. And we’re defending our values, our principles, and our cherished way of life. And guided by these timeless convictions, we will make next year one of the single greatest years in the history of our country. It’s an honor to be with you. I think I’ll be with you next year again, but we’ll have to see because if I don’t win the election, you probably won’t want me. And that’s okay with me too. But I think we’re going to have a tremendous success. We’re having lines of people, 30, 40, 50,000 people lining up to see a speech with one day notice. And my opponent is getting 22 people with working very hard to get them. So I don’t know. I think we’re going to have a tremendous success. I hope so. But next year will be one of the greatest years in the history of our country. You’re going to see growth like we haven’t seen before, and it’s an honor to be with you. God bless you all.