JUST IN: President Biden Delivers Major Address On 'Bidenomics' In Chicago

thank you all very much and Bob thank you for that introduction Bob's been helping me for a long time I guess he doesn't know any better and uh speaking to help from a long time brand new guy in town a guy who uh I told him that being married I think is the toughest job in America and know where you live and every time you walk in the grocery store you get questions but uh congratulations Mr Mayor and I think we should be doing a good job mayor Brandon Johnson look uh you know uh there's a guy that helped me more than I can say this without equivocation helped me more than anybody in America got elected last time single person you're Governor he stepped up he raised money he raised support Governor you're the best thank you for being such a good friend I really need it I like hanging around with heroines like Tammy Duckworth Tammy God love you you're the best too I tell you but you know what uh my good friend Dick Durbin and he is a good friend we've worked together a long long time in the United States Senate he's the single most effective senator in getting things done that's not a joke it's not just judicial committee he's made sure that we've got more judges appointed that we we've appointed more African-American women to the exactly to the to the federal bench and any other every other president combined and he got the first and brightest Justice katanji Brown you got I said I was going to put a black woman on the court and he put her on the court for me he put her on the court for me dick you really are the best man and by the way when I have questions about just about any anything at all beyond the Judiciary can I still call him anyway for his advice so thank you and uh representative Danny Davis Danny you've been a good friend for a long time he's always there and to all the elected officials member of Congress elected officials here today thank you thank you for the welcome and welcome me to Chicago you know first quarter of the 20th century the poet Carl Sandburg described Chicago as a city of big shoulders city of big shoulders he was describing the big shoulders of the working class American town who were building this city same time building the middle class I'm here in Chicago today for the first quarter of the 21st century to talk about the economic vision for this country economy that grows the economy from the middle out the bottom up instead of just the top down when that happens everybody does well the wealthy still do it everybody does well the forever Ladder Up and the wealthy still do well we all do well this vision is a fundamental break of the economic theory that has failed America's middle class for decades now it's called trickle-down economics fundamental economics trickle down the idea was it's believe that we should cut taxes for the wealthy and big corporations and I know some of big corporations there's more corporations in Delaware Incorporated than every other state in the Union combined I want them to do well but I'm tired of waiting for the trickle down it doesn't come very quickly not much trickle down in my Dad's kitchen table growing up and it's a belief that we should shrink public investment in infrastructure and public education shrink it that we should let good jobs get shipped overseas and we actually have a tax policy that encourages them to go overseas to save money we should let big corporations amass more power while making it harder to join a union I meant what I said when I said I'm going to be the pro most pro-union president of American history and I make no apologies for it [Applause] my predecessor if my mom are here God bless his soul my predecessor enacted the latest iteration of a fail of the failed Theory tax cuts for the wealthy it wasn't paid for and an estimated cost of his tax cut was two trillion dollars two trillion dollars now Republicans are at it again pushing tax cuts for large corporations and the wealthy and adding trillions of dollars to the deficit trillions folks let me say it as clearly as I can trickle-down approach failed the middle class it failed America it blew up the deficit it increased inequity and a week in our infrastructure it stripped to dignity pride and hope out of communities one after another particularly through the Midwest Western Pennsylvania and west people working as hard as ever couldn't get ahead because it's harder to buy a home pay for college education start a business retire with dignity first time in the generation the path of middle class seemed Out Of Reach and I don't think it's hyperbole I think it's a fact no matter whether you're a Democrat Republican or independent I know we couldn't go back to the same failed policies when I ran so I came into office determined to change the economic direction of this country to move from trickle-down economics to everyone on Wall Street Journal and Financial Times began to call vynomics I didn't come up with the name I really did I now claim it but they're the ones who used it first I got asked by a press person this morning getting on the helicopter in Washington why when I asked about bidenomics a long time you said you didn't know what it was I said I didn't name it by economics I didn't realize the economist in the Wall Street Journal did but I think it's a plan that I was I'm happy to call pionomics and guess what Dynamics is working when I took office the pandemic was raging and our economy was reeling Supply chains were broken millions of people unemployed hundreds of thousands of small business on the verge of closing after so many had already closed literally hundreds of thousands on the verge of closing today the U.S has the highest economic growth rate leading the world economies since the pandemic the highest in the world [Applause] as dick said it is up we've created 13.4 million new jobs more jobs in two years than any president has ever made in four and two folks it's no accident that's by Dynamics in action bidenomics is about building an economy from the middle out and the bottom up not the top down and the three fundamental changes that we decided to make with help the Congress have been able to do it first making smart investments in America second educated and empowering American workers to grow the middle class and third promoting competition to lower costs to help small businesses here's what I mean by all this under trickle-down economics it didn't matter whether you made things as long as you help the company's bottom line even if that meant seeing jobs and industries go overseas for cheaper labor Supply chains and Key Products moved overseas like China and much of Asia the entire towns and communities from where I live all the way out there and through the Midwest were shut down hollowed out I mean literally hollowed out all over the country parents have to say that many of you all elected officials heard people tell you this had to say to their children honey I lost my job I can't live here anymore we got to move trickle down also meant slashing public investment on things that help Drive long-term growth and helped America lead the world into Innovation we used to invest two percent of our gross domestic product and research and development by the time I came to office that was down to 0.7 percent we used to be number one in the world in research and development that's what we're known for now we rank number nine in the world China decades ago was number eight in the world now it's number two in the world and other nations are closing in fast we used to have the best infrastructure in the world roads Bridges Etc but then we felt a third grade 13th best inner investment in infrastructure two to thirteen how can you have the best economy in the world without the best infrastructure in the world how do you get product from one place to another I was out in Pittsburgh recently the city of Bridges bridges collapsing all over that Nation you've seen on television railroad bridge is collapsing five nomics were turning this around or supporting targeted Investments or strengthening America's Economic Security our national security our energy security and our climate security I designed and we signed a bipartisan infrastructure law it's already announced I heard some of the speakers before touting some of it it's already announced 35 000 projects across the country think of it this way nearly a century ago Franklin Roosevelt's rural electrification Act through electrification for all electricity to millions of Americans in Rural America 70 years ago Dwight Eisenhower launched the interstate highway system a large infrastructure project to date in history that's what the bipartisan infrastructure law does it will be for our kids and grandkids only bigger just last week we announced our plan to bring affordable high-speed internet to end a decade of that of unaffordable and unaccessible internet to every home in America every small business in America and so no one's surprise [Applause] it's no one's surprise let's bring along some converts people strenuously opposed voting against it when we had this going on they were this was going to bankrupt America well there's a guy named tuberville from Alabama from Alabama who announced a strongly opposed the legislation now he's healing his passage here's what he said quote it's great to see Alabama receive critical funds to boost ongoing Broadband efforts [Applause] we're replacing every single lead pipe in this country and put in our hazards our children's health back directly 400 000 schools 10 million homes they're fixing crumbling Bridges upgrading our power grid renovating our airports and ports and Dick everyone one of you talked about that how how important that is for the Great Lakes as well last week we were opened I-95 back where I live and you go up the East Coast it's a one of the most important links in the entire East Coast well guess what less than we a guy driving a truck hit a but anyway knocked down a whole bridge and the whole box four lanes of the highway I went up there I said we're going to get this the number one project to get done within one week of my being there two weeks of happening tanker trucks that crashed and caused this overpass that that has a hundred and fifty thousand Vehicles travel on every day and 14 000 trucks it's critical our economy we did it with union workers we closed all the loopholes we used all American products All American Materials we use federal infrastructure projects made in America made in America not a slogan it's actually happening you know when Roosevelt passed the legislation in the 30s about unions being able to be engaged everything to just legalize unions it said we should encourage unions there was a little provision there that very few presidents paid attention to it said buy America that meant that if a president was given money by the Congress to build say a new decadent aircraft carrier whatever it was he or she was supposed to use 100 American labor and 100 American Products it hardly happened they get exceptions down to 30 percent and so I changed all that we're all now investing in key industries of the future making targeted Investments to promote domestic production of semiconductors batteries electric cars clean energy under the trickle-down economic theory was that public investment would discourage private investment give me a break we want to see a whole lot of major corporations said are you more or less likely to invest in the government best overwhelmingly they had it backwards they said no we're more likely invest the government invest public investment declined here at home indices that we invented started to move overseas like semiconductors I want to remind you America invented these chips small computer chips the size of the tip of your finger that effectively everything in your life from whether your cell phone functions your automobiles can be built refrigerators work it goes on and on into sophisticated weapon system it's all in that little without that computer chip we got a real problem but over time we went from producing 40 percent of those World chips down to 10 percent not anymore find economics being Industries the future is going to grow right here at home at home I mean it not a joke under five nomics we've already had over 490 billion dollars in private investment commitments 490 billion from U.S companies and companies around the world coming to the United States of America working with our Global Partners Americans investments in clean energy technology I could reduce carbon emissions continue to lower the cost of when you talked about the wind farm you're talking about you know it's already cheaper wind and solar already significantly cheaper than coal and oil you're not going to see anybody building a new coal-fired plant in America not just because I'd like to pass a law to say that it's too expensive it doesn't work anymore solar power is not just here but around the world and we used to be the center of building these solar panels we're coming back and doing it again America is going to lead again look it's a win for the United States and a win for the world that builds on my decision to rejoin the Paris climate agreement on the first day I came to office first day by the way my predecessor talked a lot about increasing manufacturing member infrastructure week infrastructure we became infrastructure week and week and week and week and week never happened we got infrastructure decade done right off the bat but in reality construction of manufacturing facilities here on u.soil will grow only two percent on my predecessor's watch in four years two percent my watch has grown nearly 100 percent in two years 100 percent [Applause] with help of all the members of Congress are here and I'm not being solicitous look Weirton West Virginia Houston we're still Mill closed and the beginning of this century and 2001 or two in that range and employed thousands and had thousands of good paying jobs they were lost but today with the help of inflection reduction at the inflation reduction act a new plant is being built building iron air batteries but you're going to help store energy and these batteries are going to help store energy and it's being built on the same exact site bringing back 750 good paying jobs bringing back a sense of Pride and hope for the future for all the people who wear it and surrounding areas I believe every American willing to work hard should be able to say where they grew up and stay where they grew up that's binomics you know my dad used to have an expression to Joey and I would give my word as you say my dad was a well-read guy never got to go to college in a hard-working gentleman we had dinner at where we incidentally had conversation and incidentally ate my dad you say remember jobs about a lot more than a paycheck and I mean is to give my word you would say the jobs but Lord a lot more than a paycheck Joey it's about your dignity it's about Pride it's about being able to look your kidney eye and say honey it's going to be okay think about it I mean literal sense think about that it's about your dignity how you're treated and being able to make the living you can tell your kids it's going to be okay the second big part of Dynamics and empowering American workers when I took office unemployment was over six percent but the American Rescue plan we provide a relief and support directly to working class families our economy came roaring back unemployment did below four percent by the end of my first year in office now it's been below four percent for the longest stretch in 50 years of American history [Applause] and I must admit I concentrated not but we've seen with the help of Jesse Jackson's Legacy and a lot of other people here we've seen record low unemployment for African Americans record low unemployment for African Americans and Hispanic workers with disabilities the lowest unemployment rate in 70 years for American women and you make up half the economy and probably two-thirds of the grade oh really think about [Applause] pause for a second when I was trying to get name me a time when you thought any Democrat would get the endorsement everything within a week every single Environmental Group out there the AFL-CIO to women's groups I mean here's the deal when I sat with the AFL-CIO when I sat with the ibw starting when I ran last time I said here's the deal though I'm going to be the most pro-american of most pro-union president history but you've got to employ more women you got to attract more African Americans than you got to attract more minorities they have they're going around it's beginning to change in every industry from anywhere I've go to these sites where they're trained and by the way the other thing I've told labor guys you got to brag a little bit more about what you do you realize to get a license to be an electrician in this town or any other you got to essentially go to four years of college you have to go through an apprenticeship that takes you four years to five depending or you can't get a job you get paid a little bit but you can't get your license to be an electrician a labor electrician until that happens look pay for low-wage workers have grown in the fastest Pace in over two decades full employment means workers especially low wage workers having more bargaining power to demand good pay to secure secure good jobs and this is a thing that inconsistent with whether people think that we're moving in the right direction job satisfaction based on every poll is at a 36-year high more people are satisfied with their jobs at any time in 36 years and the shame of working age Americans in the workforce the share of that the share of them is the highest it's been in 20 years remember what we're saying Biden policy isn't working he's just paying people not to work people on the sidelines well guess what every single day in four years before I took office you may remember took a lot of criticism in my presidency Republicans charge me we're encouraging people to stay home not work well they were wrong the evidence is clear Americans are back to work or been in the sidelines and they want to come back we're going to continue this progress and make sure every American has the training education to participate in this new economy we've increased Pell Grants made Landmark investments in historic black universities we've invested more in registered apprenticeships and centered and career technology education program than any previous administration in American history because of this new economy we don't need everyone to have a four-year degree it's great if you can get one we're trying to make it easier to get one but you don't need it to get a good paying job anymore think of this how many of you remember going back to high school and they had shop class and they had classes where people can learn if they were interested in working with their hands they don't have them very much anywhere around the country well my wife teaches at a community college full-time still she has an expression she said any country that out competes us that our excuse me out educates us well out-compete us we're not going to let that happen that's why we're investing significantly in education I'm determined to keep fighting for Universal Pre-K and free Community College we're also fighting to make [Applause] we're also trying to make child care more affordable because we know one benefit is that it opens up significant opportunities for parents to be able to go back and join the workforce [Applause] we're also making it easier to empower workers by making it easier to join a union as I said I promise to mean those pro-union president history and I tell Business Leaders all the time our union workers are the best in the world it takes four to five years on that apprenticeship it's like going to college they'll do the right job on time long-term cost of business is less you know addressing the 40-year decline in unionization by supporting project labor agreements collective bargaining prevailing wage laws that's the reason today America's support Union is higher than it's been in 60 years 60 years by the way I met with the Business Roundtable mothers they said why am I so pro-union I said because it helps you it really does think about it total cost of a major project goes down when you have the best workers in the world doing it not a joke it's true last longer you don't have to worry about whether that that socket's going to work look young people are organizing new companies and industries you know I've I've indicated labor to labor leaders they must expand their ranks as I said more women more minorities that's what you got to do third part of Biden economics is from promoting competition is when companies have to compete on Level Playing Field they have to work harder to attract customers and recruit and retrain workers some of you can show business people in here know that well but under the trickle-down economic theory three-quarters of U.S Industries grew more consecrated I mean excuse me consecrated thinking I didn't go to Mass [Applause] they were moving to diminished competition well that may have been things that made things easier for big corporations but for everybody else made it harder more expensive got Carter for business small businesses to compete it's stifle integration to reduce wages for for workers and it made our supply chains more vulnerable so folks that's been the Republican plan so far good for big business bad for everybody else it's not even that good for big business anymore when I came to office with a very different plan a limited conservation of power at the expense of consumers the cops are back in the beat forcing antitrust laws my Administration is working to crack down on what we used to call non-compete agreements we still call them that these prevent 30 million Americans from security guards to retail workers from walking across the street to the same kind of business and getting a higher pay getting five bucks more a week or 10 bucks more a week non-compete agreements it's one thing to have non-compete agreements you're dealing with Trade Secrets it's another thing when you're doing the same thing or flipping a hamburger and then you get five cents support by walking across the street to a different place we also we've promoted or supporting small businesses you know vice president Harris has prioritized providing support and capital for small business owners including for Rural minorities and women entrepreneurs including through a brand new program that's already helping deliver billions of dollars in growth capital small business in every state we've seen a record 10.5 million applications 10.5 million applications folks looking to start a small business just in the last two years 10.5 every one of those applications is an application of Hope hope competition also means lowering costs for consumers bringing down inflation remains one of my top priorities today inflation is less than half of it less than half of what it was a year ago and that inflation caused by Russia and by the war in Ukraine and by what's going on but we knew we had to do more there's more than one way to bring down costs another expression my dad used to use for real he'd say Joey he said at the end of the month the question is after you pay all your bills do you have just a little left for breathing room a little less for breathing room all your bills paid do you have anything left well inflation eats into that obviously but guess what Bringing Down the cost of medication goes a long way to giving you a little more that's why through the inflation reduction act we finally gave Medicare the power to negotiate lower prescription drug prices like the VA does now they've been trying to get this done and Dick and I for decades in the Senate this time we finally beat big Farmer for the first time you know you know same drug made by the same American company sold in Chicago is more expensive than that same drug sold in Toronto Great Britain in uh France Germany any any City you can name for real now seniors on Medicare are paying as much as 400 less for who are paying 400 a month for insulin last year are now paying 35 dollars a month because guess what you know how much it cost to make that insulin 10 t-e-n dollars package it maybe 12 total and the guy who invented this one didn't even ask for a patent because he wanted everybody to have access to we're just finishing the first round of negotiating drug crisis and we'll say the taxpayers this year 160 billion dollars that's like a tax cut lowers across the positioning jobs and the lowers the federal deficit as well we're expanding Health Care coverage for more Americans building on barack's Affordable Care Act you know why we're doing that I'm proud to strengthen that act saving average families 800 a year on their health care premiums we're also fighting in junk fees most people don't think of it that well here's a junk fee is they can add up to 100 and hundreds of dollars a month for family like that extra fee when you say I want my child to sit next to me when I take him to see Grandpa on the West Coast it's not listening now hotel resort fees you don't realize you're not told they're going to be you know that ad in television mine is two hundred dollars his is 180. well guess what or the one that bothers me the most is overdraft fees for banks the banks made 7.7 billion dollars a year on overdraft fees you overdrafted a check you get a penalty it's one of the leading Bank presidents God love me has passed away but he had a he had a yacht a name of the yacht was overdraft swear to God well guess what they're gonna be no more overdraft fees folks they're doing this doing all this reducing the deficit at the same time just in my first two years in office my team and I have reduced the deficit by 1.7 trillion dollars only any president just in two years and the budget agreement I negotiate without having to give away anything of consequence reduce the deficit by another trillion dollars you know reversing 40 Years of Republican trickle-down economics that helped a few but hurt the middle class it's going to take some time or what we're in a place or some big pieces and we're moving in a Direction Where We can get some more done and people will see it what I'm doing and I knew I'd have to do this all those major legislations be passed people go that's great but it takes time to get it out in the field takes time for them to see it and I'm not here to declare Victory on the economy I'm here to say we have a plan that's turning things around incredibly quickly we have more work to do for example does anyone here think the federal tax system is fair raise your hand no matter how much money you make we're going to make it fair by eliminating loopholes or crypto Traders hedge fund managers big oil made 200 billion dollars last year and got a 30 000 tax break 30 billion dollar tax break we're going to get billionaires to pay up a little bit at least the minimum tax you know when we when we began there were 750 before the pandemic 750 billionaires in America now there are a thousand you know how much your average tax is they pay federal tax eight percent taxes no billionaires should pay lower tax rate than a school teacher a firefighter a cop I mean this is [Applause] I'm not talking about the old old days of 70 tax I'm talking about a fair shot if they just paid the type the top tax rate that exists now it says 130 percent we've raised billions and billions of dollars lowering the deficit allowing us to pay for so much more we have to do that's the next phase of this fight making the tax code fair for everyone making them wealthy the super wealthy and big corporations begin to pay their fair share without raising taxes at all on the middle class I made a commitment when I got elected no one in America making under four hundred thousand dollars to ever have to pay a single penny more in federal taxes as long as I'm president and I've kept that promise and four hundred thousand dollars a lot of money where I come from let me close to this I came when I came to office I had a fundamental decision to make we're going to continue to trickle down economic as a policy that's failed time and again and grew in an inequality and saw Jobs go overseas that Shaw and you've seen it out here towns hollowed out I ran in the promise I was going to end this and then I began to build an economy from the middle out and the bottom up we're not going to continue down the trickle-down path as long as I'm president this is the moment we're finally going to make a break and move away from economy that has existed in a fundamentally different direction here's a simple truth about trickle-down economics it did represent the best of American capitalism let alone America it represented a moment where we walked away and how many in this country from how this country was built how this city was built Dynamics is about the future right now it's just another way of saying restore the American dream because it worked before it's rooted in what we've always worked best at in this country investing in America investing in Americans because when we invest in our people we strengthen the middle class we see the economy grow that benefits all Americans that's the American dream 40 Years of trickle down limited that dream for those except for those at the top too many for too long have seemingly suggested that it's only available if you have a four-year college degree you can work at a teacher or work at a tech center these new factories that are open these Fabs they're opening for semiconductors without a college degree you're going to make 100 230 000 a year working those Fab 100 230 thousand dollars a year well I believe that every American willing to work hard should be able to get a job no matter where they are and the Heartland in small towns and every part of this country to raise their kids on a good paycheck and keep the roots where they grew up that's fine knowledge I think the economic philosophy is not going to restore the American dream that we have now that philosophy but there's new and Will it's going to help and I think it's going to help lessen the division of this country by bringing us back together it makes it awful hard to demagogue something when it's working although they do it all the time I've long said and I mean this I was on the Tibetan Plateau with Xi Jinping I travel 17 000 miles I've spoke with him more than any other state because it started when I was vice president and president who was the president and he was the vice president we knew he was going to be successful it was inappropriate for Barack to spend that time but I I spent a lot of time I met alone with him just he and I and a simultaneous interpreter 68 times 68 hours 68 times more than 68 hours by the way I turned in all my notes but it's the gods truth he asked me we're in a Tibetan plateau and he asked me he said can you define America for me I suggest in one word and I meant it possibilities possibilities we're a land of possibilities I told him has never been a good bet to bet against America never electrolysis [Applause] I can honestly say I've never been more optimistic about America's future I swear to God I'm never more optimistic just remember who we are we're the United States of America there is nothing nothing beyond our capacity if we work together so God bless you all and may God protect our troops thank you thank you thank you

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Length: 37min 4sec (2224 seconds)

Published: Wed Jun 28 2023