U.S. Capitol
Washington, D.C.
9:08 P.M. EST
THE PRESIDENT: Mr. Speaker — (applause) —
(Turns to audience members.) Thank you. You can smile. It's okay.
Thank you, thank you, thank you. (Applause.) Thank you. Please.
Mr. Speaker, Madam Vice President, our First Lady and Second Gentleman — good to see you guys up there — (applause) — members of Congress —
And, by the way, Chief Justice, I may need a court order. She gets to go to the game tomorr- — next week. I have to stay home. (Laughter.) We got to work something out here.
Members of the Cabinet, leaders of our military, Chief Justice, Associate Justices, and retired Justices of the Supreme Court, and to you, my fellow Americans:
You know, I start tonight by congratulating the 118th Congress and the new Speaker of the House, Kevin McCarthy. (Applause.)
Speaker, I don't want to ruin your reputation, but I look forward to working with you. (Laughter.)
And I want to congratulate the new Leader of the House Democrats, the first African American Minority Leader in history, Hakeem Jeffries. (Applause.)
He won despite the fact I campaigned for him. (Laughter.)
Congratulations to the longest-serving Leader in the history of the United States Senate, Mitch McConnell. Where are you, Mitch? (Applause.)
And congratulations to Chuck Schumer, another — you know, another term as Senate Minority [Majority] Leader. You know, I think you — only this time you have a slightly bigger majority, Mr. Leader. And you're the Majority Leader. About that much bigger? (Laughter.) Yeah.
Well, I tell you what — I want to give specolec- — special recognition to someone who I think is going to be considered the greatest Speaker in the history of the House of Representatives: Nancy Pelosi. (Applause.)
Folks, the story of America is a story of progress and resilience, of always moving forward, of never, ever giving up. It's a story unique among all nations.
We're the only country that has emerged from every crisis we've ever entered stronger than we got into it.
Look, folks, that's what we're doing again.
Two years ago, the economy was reeling. I stand here tonight, after we've created, with the help of many people in this room, 12 million new jobs — more jobs created in two years than any President has created in four years — because of you all, because of the American people. (Applause.)
Two years ago — and two years ago, COVID had shut down — our businesses were closed, our schools were robbed of so much. And today, COVID no longer controls our lives.
And two years ago, our democracy faced its greatest threat since the Civil War. And today, though bruised, our democracy remains unbowed and unbroken. (Applause.)
As we gather here tonight, we're writing the next chapter
in the great American story — a story of progress and resilience.
When world leaders ask me to define America — and they do, believe it or not — I say I can define it in one word, and I mean this: possibilities. We don't think anything is beyond our capacity. Everything is a possibility.
You know, we're often told that Democrats and Republicans can't work together. But over the past two years, we proved the cynics and naysayers wrong.
Yes, we disagreed plenty. And yes, there were times when Democrats went alone.
But time and again, Democrats and Republicans came together. Came together to defend a stronger and safer Europe. You came together to pass one in a gen- — one-in-a-generation — once-in-a-generation infrastructure law building bridges connecting our nation and our people. We came together to pass one the most significant law ever helping victims exposed to toxic burn pits. And, in fact — (applause) — it's important.
And, in fact, I signed over 300 bipartisan pieces of legislation since becoming President, from reauthorizing the Violence Against Women Act to the Electoral Count Reform Act, the Respect for Marriage Act that protects the right to marry the person you love.
And to my Republican friends, if we could work together in the last Congress, there's no reason we can't work together and find consensus on important things in this Congress as well. (Applause.)
I think — folks, you all are just as informed as I am, but I think the people sent us a clear message: Fighting for the sake of fighting, power for the sake of power, conflict for the sake of conflict gets us nowhere.
That's always been my vision of our country, and I know it's many of yours: to restore the soul of this nation; to rebuild the backbone of America, America's middle class; and to unite the country.
We've been sent here to finish the job, in my view.
For decades, the middle class has been hollowed out in more than — and not in one administration, but for a long time. Too many good-paying manufacturing jobs moved overseas. Factories closed down. Once-thriving cities and towns that many of you represent became shadows of what they used to be. And along the way, something else we lost: pride, our sense of self-worth.
I ran for President to fundamentally change things. To make sure the economy works for everyone so we can all feel that pride in what we do. To build an economy from the bottom up and the middle out, not from the top down. Because when the middle class does well, the poor have a ladder up and the wealthy still do very well. We all do well. (Applause.)
I know a lot of you always kid me for always quoting my dad. But my dad used to say, "Joey, a job is about a lot more than a paycheck." He really would say this. "It's about a lot more than a paycheck. It's about your dignity. It's about respect. It's about being able to look your kid in the eye and say, 'Honey, it's going to be okay' and mean it."
Well, folks, so let's look at the results. We're not finished yet, by any stretch of the imagination. But unemployment rate is at 3.4 percent -- a 50-year low. (Applause.) And near record — and near record unemployment — near record unemployment for Black and Hispanic workers.
We've already created, with your help, 800,000 good-paying manufacturing jobs — the fastest growth in 40 years. (Applause.)
And where is it written — where is it written that America can't lead the world in manufacturing? And I don't know where that's written.
For too many decades, we imported projects and exported jobs. Now, thanks to what you've all done, we're exporting American products and creating American jobs. (Applause.)
Folks, inflation — inflation has been a global problem because the pandemic dirup- — disrupted our supply chains, and Putin's unfair and brutal war in Ukraine disrupted ener- — energy supplied as well as food supplies, blocking all that grain in Ukraine.
But we're better positioned than any country on Earth right now. But we have more to do.
But here at home, inflation is coming down. Here at home, gas prices are down $1.50 from their peak.
Food inflation is coming down — not fast enough, but coming down.
Inflation has fallen every month for the last six months, while take-home pay has gone up.
Additionally, over the last two years, a record 10 million Americans applied to start new businesses. Ten million. (Applause.)
And, by the way, every time — every time someone starts a small business, it's an act of hope.
And, Madam Vice President, I want to thank you for leading that effort to ensure that small businesses have access to capital and the historic laws we enacted that are going to just come into being.
Standing here last year, I shared with you a story of American genius and possibilities.
Semiconductors — small computer chips the size of a fingerprint that power everything from cellphones to automobiles and so much more. These chips were invented in America. Let's get that straight: They were invented in America. (Applause.)
And we used to make 40 percent of the world's chips. In the last several decades, we lost our edge. We're down to only producing 10 percent.
We all saw what happened during the pandemic when chip factories shut down overseas.
Today's automobiles need 3,000 chips — each of those automobiles — but American automobiles [automakers] couldn't make enough cars because there weren't enough chips.
Car prices went up. People got laid off. So did everything from refrigerators to cellphones.
We can never let that happen again.
That's why — (applause) — that's why we came together to pass the bipartisan CHIPS and Science Act. (Applause.)
Folks, I know I've been criticized for saying this, but I'm not changing my view. We're going to make sure the supply chain for America begins in America — the supply chain begins in America. (Applause.)
And we've already created — (applause) — we've already created 800,000 new manufacturing jobs without this law, before the law kicks in.
With this new law, we're going to create hundreds of thousands of new jobs across the country. And I mean all across the country, throughout — not just the coast, but through the middle of the country as well.
That's going to come from companies that have announced more than $300 billion in investments in American manufacturing over the next few years.
Outside of Columbus, Ohio, Intel is building semiconductor factories on a thousand acres — literally a field of dreams.
It's going to create 10,000 jobs, that one investment; 7,000 construction jobs; 3,000 jobs in those factories once they're finished. They call them factors. Jobs paying an average of $130,000 a year, and many do not require a college degree. (Applause.)
Jobs — because we worked together, these jobs where people don't have to leave home to search for opportunity.
And it's just getting started.
Think about the new homes, the small businesses, the big — the medium-sized businesses. So much more that's going to be needed to support those three thou- — those 3,000 permanent jobs and the factories that are going to be built.
Talk to mayors and governors, Democrats and Republicans, and they'll tell you what this means for their communities.
We're seeing these fields of dreams transform the Heartland. But to maintain the strongest economy in the world, we need the best infrastructure in the world. (Applause.)
And, folks, as you all know, we used to be number one in the world in infrastructure. We've sunk to 13th in the world. The United States of America — 13th in the world in infrastructure, modern infrastructure.
But now we're coming back because we came together and passed the Bipartisan Infrastructure Law — the largest investment in infrastructure since President Eisenhower's Interstate Highway System. (Applause.)
Folks, already we've funded over 20,000 projects, including major airports from Boston to Atlanta to Portland — projects that are going to put thousands of people to work rebuilding our highways, our bridges, our railroads, our tunnels, ports, airports, clean water, high-speed Internet all across America — urban, rural, Tribal.
And, folks, we're just getting started. We're just getting started. (Applause.)
And I mean this sincerely: I want to thank my Republican friends who voted for the law. And my Republican friends who voted against it as well — but I'm still — I still get asked to fund the projects in those districts as well, but don't worry. I promised I'd be a President for all Americans. We'll fund these projects. And I'll see you at the groundbreaking. (Applause.)
Look, this law — this law will further unite all of America.
Projects like the Brent Spence Bridge in Kentucky over the Ohio River. Built 60 years ago. Badly in need of repairs. One of the nation's most congested freight routes, carrying $2 billion worth of freight every single day across the Ohio River.
And, folks, we've been talking about fixing it for decades, but we're really finally going to get it done.
I went there last month with Democrats and Republicans in — from both states — to deliver a commitment of $1.6 billion for this project. (Applause.)
And while I was there, I met a young woman named Saria, who's here tonight. I don't know where Saria is. Is she up in the box? I don't know. Saria, how are you? (Applause.)
Well, Saria — for 30 years — for 30 years — I learned — she told me she'd been a proud member of the Iron workers Local 44, known as — (applause) — known as the "Cowboys in the Sky" — (applause) — the folks who built — who built Cincinnati's skyline.
Saria said she can't wait to be 10 stories above the Ohio River building that new bridge. God bless her. (Laughter and applause.) That's pride.
And that's what we're also building — we're building back pride.
Look, we're also replacing poisonous lead pipes that go into 10 million homes in America, 400,000 schools and childcare centers so every child in America — every child in American can drink the water, instead of having permanent damage to their brain. (Applause.)
Look, we're making sure — (applause) — we're making sure that every community — every community in America has access to affordable, high-speed Internet.
No parent should have to drive by a McDonald's parking lot to help their — do their homework online with their kids, which many — thousands were doing across the country.
And when we do these projects — and, again, I get criticized about this, but I make no excuses for it — we're going to buy American. (Applause.) We're going to buy American.
Folks — (applause) — and it's totally — it's totally consistent with international trade rules. Buy American has been the law since 1933. But for too long, past administrations — Democrat and Republican — have fought to get around it. Not anymore.
Tonight, I'm also announcing new standards to require all construction materials used in federal infra- — infrastructure projects to be made in America. (Applause.) Made in America. I mean it. (Applause.) Lumber, glass, drywall, fiber-optic cable.
And on my watch, American roads, bridges, and American highways are going to be made with American products as well.
Folks, my economic plan is about investing in places and people that have been forgotten. So many of you listening tonight, I know you feel it. So many of you felt like you've just simply been forgotten. Amid the economic upheaval of the past four decades, too many people have been left behind and treated like they're invisible.
Maybe that's you, watching from home. You remember the jobs that went away. You remember them, don't you?
The folks at home remember them. You wonder whether the path even exists anymore for your children to get ahead without having to move away.
Well, that's why — I get that. That's why we're building an economy where no one is left behind.
Jobs are coming back, pride is coming back because of choices we made in the last several years.
You know, this is, in my view, a blue-collar blueprint to rebuild America and make a real difference in your lives at home. (Applause.)
For example, too many of you lay in bed at night, like my dad did, staring at the ceiling, wondering what in God's name happens if yo- — if your spouse gets cancer or your child gets deadly ill or if something happens to you. What are you going — are you going to have the money to pay for those medical bills? Are you going to have to sell the house or try to get a second mortgage on it?
I get it. I get it.
With the Inflation Reduction Act that I signed into law, we're taking on powerful interests to bring healthcare costs down so you can sleep better at night with more security.
You know, we pay more for prescription drugs than any nation in the world. Let me say it again: We pay more for prescription drugs than any major nation on Earth.
For example, 1 in 10 Americans has diabetes. Many of you in this chamber do and in the audience. But every day, millions need insulin to control their diabetes so they can literally stay alive. Insulin has been around for over 100 years. The guy who invented it didn't even patent it because he wanted it to be available for everyone.
It costs the drug companies roughly $10 a vial to make that insulin. Package it and all, you may get up to $13. But Big Pharma has been unfairly charging people hundreds of dollars — $4- to $500 a month — making rec- — record profits. Not anymore. (Applause.) Not anymore.
So — so many things that we did are only now coming to fruition. We said we were doing this and we said we'd pass the law to do it, but people didn't know because the law didn't take effect until January 1 of this year.
We capped the cost of insulin at $35 a month for seniors on Medicare. (Applause.) But people are just finding out. I'm sure you're getting the same calls I'm getting.
Look, there are millions of other Americans who do not — are not on Medicare, including 200,000 young people with Type 1 diabetes who need these insulin — need this insulin to stay alive.
Let's finish the job this time. Let's cap the cost of insulin for everybody at $35. (Applause.)
Folks — and Big Pharma is still going to do very well, I promise you all. I promise you they're going to do very well.
This law also — this law also caps — and it won't even go into effect until 2025. It costs [caps] out-of-pocket drug costs for seniors on Medicare at a maximum of $2,000 a year. You don't have to pay more than $2,000 a year, no matter how much your drug costs are. Because you know why? You all know it. (Applause.)
Many of you, like many of my family, have cancer. You know the drugs can range from $10-, $11-, $14-, $15,000 for the cancer drugs.
And if drug prices rise faster than inflation, drug companies are going to have to pay Medicare back the difference. (Applause.)
And we're finally — we're finally giving Medicare the power to negotiate drug prices. (Applause.)
Bringing down — bringing down prescription drug costs doesn't just save seniors money, it cuts the federal deficit by billions of dollars — (applause) — by hundreds of billions of dollars because these prescription drugs are drugs purchased by Medicare to make — keep their commitment to the seniors.
Well, guess what? Instead of paying 4- or 500 bucks a month, you're paying 15. That's a lot of savings for the federal government.
And, by the way, why wouldn't we want that?
Now, some members here are threatening — and I know it's not an official party position, so I'm not going to exaggerate — but threatening to repeal the Inflation Reduction Act. (Applause.)
As my coach — that's okay. That's fair. As my football coach used to say, "Lots of luck in your senior year." (Laughter.)
Make no mistake, if you try anything to raise the cost of prescription drugs, I will veto it. (Applause.)
And, look, I'm pleased to say that more Americans health — have health insurance now than ever in history. A record 16 million people are enrolled in the Affordable Care Act. (Applause.)
And thanks — thanks to the law I signed last year, saving — millions are saving $800 a year on their premiums.
And, by the way, that law was written — and the benefit expires in 2025. So, my plea to some of you, at least in this audience: Let's finish the job and make those savings permanent. (Applause.) Expand coverage on Medicaid. (Applause.)
Look, the Inflation Reduction Act is also the most significant investment ever in climate change — ever. (Applause.) Lowering utility bills, creating American jobs, leading the world to a clean energy future.
I visited the devastating aftermath of record floods, droughts, storms, and wildfires from Arizona to New Mexico to all the way up to the Canadian border.
More timber has been burned that I've observed from helicopters than the entire state of Missouri. And we don't have global warming? Not a problem.
In addition to emergency recovery from Puerto Rico to Florida to Idaho, we're rebuilding for the long term.
New electric grids that are able to weather major storms and not — prevent those fire — forest fires. Roads and water systems to withstand the next big flood. Clean energy to cut pollution and create jobs in communities often left behind.
We're going to build 500,000 electric vehicle charging stations, installed across the country by tens of thousands of IBEW workers. (Applause.)
And we're helping families save more than $1,000 a year with tax credits to purchase of electric vehicles and efficient — and efficient appliances — energy-efficient appliances.
Historic conservation efforts to be responsible stewards of our land.
Let's face reality. The climate crisis doesn't care if you're in a red or a blue state. It's an existential threat.
We have an obligation not to ourselves, but to our children and grandchildren to confront it.
I'm proud of how the — how America, at last, is stepping up to the challenge. We're still going to need oil and gas for a while, but guess what — (applause) — no, we do — but there's so much more to do. We got to finish the job.
And we pay for these investments in our future by finally making the wealthiest and biggest corporations begin to pay their fair share. (Applause.) Just begin.
Look, I'm a capitalist. I'm a capitalist. But pay your fair share.
I think a lot of you at home — a lot of you at home agree with me and many people that you know: The tax system is not fair. It is not fair. (Applause.)
Look, the idea that in 2020, 55 of the largest corporations in America, the Fortune 500, made $40 billion in profits and paid zero in federal taxes? Zero.
AUDIENCE: Booo —
THE PRESIDENT: Folks, it's simply not fair.
But now, because of the law I signed, billion-dollar companies have to pay a minimum of 15 percent. God love them. (Applause.) Fifteen percent. That's less than a nurse pays. (Applause.)
Let me be crystal clear. I said at the very beginning: Under my plans, as long as I'm President, nobody earning less than $400,000 will pay an additional penny in taxes. Nobody. Not one penny. (Applause.)
But let's finish the job. There's more to do. (Applause.)
We have to reward work, not just wealth. Pass my proposal for the billionaire minimum tax. (Applause.) You know, there's a thousand billionaires in America — it's up from about 600 at the beginning of my term — but no billionaire should be paying a lower tax rate than a school teacher or a firefighter. (Applause.) No, I mean it. Think about it.
I mean, look, I know you all aren't enthusiastic about that, but think about it. Think about it.
Have you noticed — Big Oil just reported its profits. Record profits. Last year, they made $200 billion in the midst of a global energy crisis. I think it's outrageous.
Why? They invested too little of that profit to increase domestic production. And when I talked to a couple of them, they say, "We were afraid you were going to shut down all the oil wells and all the oil refineries anyway, so why should we invest in them?" I said, "We're going to need oil for at least another decade, and that's going to exceed…" — (laughter) — and beyond that. We're going to need it. Production.
If they had, in fact, invested in the production to keep gas prices down — instead they used the record profits to buy back their own stock, rewarding their CEOs and shareholders.
Corporations ought to do the right thing.
That's why I propose we quadruple the tax on corporate stock buybacks and encourage long- — (applause) — long-term investments. They'll still make considerable profit.
Let's finish the job and close the loopholes that allow the very wealthy to avoid paying their taxes.
Instead of cutting the number of audits for wealthy taxpayers, I just signed a law to reduce the deficit by $114 billion by cracking down on wealthy tax cheats. (Applause.) That's being fiscally responsible.
In the last two years, my administration has cut the deficit by more than $1.7 trillion -- the largest deficit reduction in American history. (Applause.)
Under the previous administration, the American deficit went up four years in a row.
Because of those record deficits, no President added more to the national debt in any four years than my predecessor.
Nearly 25 percent of the entire national debt that took over 200 years to accumulate was added by just one administration alone — the last one. They're the facts. Check it out. Check it out.
How did Congress respond to that debt? They did the right thing. They lifted the debt ceiling three times without preconditions or crisis. (Applause.) They paid the American bill to prevent an economic disaster of the country.
So, tonight I'm asking the Congress to follow suit. (Applause.) Let us commit here tonight that the full faith and credit of the United States of America will never, ever be questioned.
So my — many of — some of my Republican friends want to take the economy hostage — I get it — unless I agree to their economic plans. All of you at home should know what those plans are.
Instead of making the wealthy pay their fair share, some Republicans — some Republicans want Medicare and Social Security to sunset. I'm not saying it's a majority —
AUDIENCE: Booo —
THE PRESIDENT: Let me give you —
AUDIENCE: No!
