The president of the United States accompanied by the ceo. [applause] everyone, it is a complete honor to be here today. In the last year, the Inflation Reduction Act has been transformative. I get to see it every day as the ceo of an Energy Company focused, purposebuilt to electrify and decarbonized the world. It is a start. I want to say simply and clearly that the Inflation Reduction Act is working to drive action on climate change, energy security, manufacturing jobs, and american competitiveness. [applause] we are accelerating our investments every day in breakthrough technologies, adding new factories, creating new jobs. If i can give two examples, with its size and legacy, we have invested 50 million this year, 200 new union jobs, to create the first six megawatt wind turbine in the u. S. Pensacola, florida, a place that we rely on heavily, our Navy Veterans growing that business, expanding our pensacola florida facility. As exciting as these things are the best is yet to come. I look at what we have going on in our Nuclear Business out of bloomington, north carolina. We added 650 jobs to deliver a 200 megawatt Small Modular Reactor this decade in north america. [applause] the investments to come in our facilities in pennsylvania and wisconsin to drive the resilience that is needed in the grid. When i look at the work we are doing with our researchers for tomorrows technology, in partnership with the doe with hydrogen and carbon capture, the best is yet to come. When america innovates the world wins. On behalf of our ge vernova employees, on behalf of my nineyearold daughter, my 11yearold son, who i am thankful to have here, and their generation, because that is why we are doing this work, i want to thank the president and the leadership team. It is an honor to welcome you. Thank you, mr. President. [applause] pres. Biden thank you, scott. [applause] thank you, thank you, thank you. Please, thank you. I think your patience exceed your good judgment. I want to say one good thing to your children. I know some really good ice cream places around here, and your dad owes you. Talk to me afterwards. Thank you for the introduction, and scott, thank you. I want to thank Vice President harris, members of the cabinet, administrator reagan. Particularly Chuck Schumer and nancy pelosi who played a pivotal role in getting this bill done. Everyone was telling us there is no possibility with a divided congress the way it was we would get it done, and we got it done without a single vote from the other team, although that began to change at the end. All of the guests, state and local leaders, business leaders, on the trainers business leaders, entrepreneurs, signing the Inflation Reduction Act into law. Taking special interest in winning. [applause] delivering on promises that have long been made to the american people. Lower costs for families, especially healthcare costs. Increasing Americas Energy security. Create good paying jobs here in america. And to address the existential threat of climate crisis. It is part of a much Broader Vision for our country. Growing an economy from the middle out and bottom up, not the top down. If you can make a billion dollars, go make it, im for that. Just pay your taxes. When the middle class does well, everybody does well. Everybody. The poor have a ladder up, the middle class have a good shot, and the wealthy do very well. The Financial Times and wall street journal initially called my plan bidenomics. Im not sure that they meant it complementary at the time, but guess what, its working. [applause] our economic plan, made possible by all of you in this room come not hyperbole, created new jobs since i took office. Nearly 800,000 manufacturing jobs. Where is it written that america cannot create the most vibrant and innovative economy and be the worlds leading manufacturer again . Where is that written . I did not see that anywhere. We created more jobs in two years than any administration in a fouryear term. I am very proud. [applause] i am very proud that unemployment has been below 4 for the longest stretch in over 50 years. Below 4 . And going down. We now have more jobs than we did before the pandemic. Workers are not just finding more jobs, they are finding better jobs, higherpaying, more job satisfaction. Remember what the experts told us. There are traditional economists, smart women and men. They told us, getting inflation under control, we have to lower wages and increase unemployment. Lower wages and increase unemployment. We never thought the problem was too many people are working, or that working people were making too much money. I thought that wasnt the best answer to how to get it down. One reason we have seen inflation fall by two thirds without losing jobs is corporate profits are coming back down to earth. The excesses are being eliminated by the corporations. Inflation is now at the lowest point it has been in two years. When the Inflation Reduction Act was passed a year ago today, 8. 3 . It is now down to 3. 2 . The lowest amount and its going to go lower. It is the lowest among the world leading economies. Every major economy in the world, it is the lowest inflation rate. At the same time, wages are growing faster than inflation. This matters. The way that i think about inflation and the way my dad used to talk about it around the Kitchen Table not a joke. I am being deadly earnest. How much is left after all of the monthly bills are paid . How much do you have left over after you pay them all . At the end of the month, do you have a little bit of breathing room . Just a little bit of breathing room . That is one reason why we work so hard. The overall cost of the average people goes down in addition to inflation. The Inflation Reduction Act is giving people more breathing room, as my dad would say, and supercharging the economic transition in key ways. First, the most aggressive action ever on Climate Energy ever. I have long said, and that is why i think all of the unions have come along, when i think climate, not a joke, i think jobs. I think jobs. [applause] for real. By the way, none of this would have happened had the unions not stepped up and supported us. [applause] would not have happened. This law is one of the biggest drivers of jobs and Economic Growth this country has ever seen. Since i took office, the private sector has announced 240 billion in new Clean Energy Manufacturing investments in the private sector. 240 billion investments. The law has created thousands of clean energy jobs. In one year it was estimated that will grow to 1. 5 million more jobs over the next decade. First is one year, now we are talking about the decade. Just dont take it from me. The ceo of u. S. Steel called the Inflation Reduction Act the manufacturing renaissance act because it is bringing jobs back to america. Manufacturing here in america. Made in america. According to leading wall street firms Morgan Stanley and goldman sachs, our broader investing in america agenda is unleashing a boom of manufacturing investments and we are leaving nobody behind. We are investing in all of america. In the heartland and coasttocoast. I saw a few of my democratic friends not in congress, they said, you are investing more in red states and blue states. This is about all of america. I really mean it. [applause] we are seeing progress across the country from South Carolina to minnesota to new mexico. Yesterday i was in wisconsin at a company that makes clean energy equipment, including wind turbines. Because of the Inflation Reduction Act, they expect their market for wind turbine generators to double next year. By the way, the guy who was the most ardent opponent of all of this was talking about what great benefits are coming to wisconsin. I will be a good boy. I will keep the irish in me down a little bit. We are boosting our Nations Energy security. For years china dominated the clean Energy Supply chains. We let american jobs in factories go overseas. How long have we gone through this where the answer mostly republican but some democratic administrations, the answer was find the cheapest labor in the world, close the factory here and build it over there, wherever that is, and import the product from abroad . Not anymore. We are building it here and sending the product over there. [applause] i mean it. We are bringing critical supply chains and technologies home, electric vehicle batteries, solar panels, wind turbines, critical minerals. Because of the chips and science act, we have generated 231 billion dollars in private investment in making semi conductors. 231 billion. The small computer chips the size the the size of the end of your fingertip that affects everything in our lives from automobiles to the most sophisticated weapon systems. We invented these chips. We use to produce these chips. We stopped. We saw during the pandemic we paid a high price for things that went overseas. We paid a big price. Now we are bringing semi conductors home. In 2030 the Inflation Reduction Act is predicted to triple wind power and increased solar power by eightfold. By 2030, electric electricity deployed through the u. S. Power grid is expected to be powered by 81 clean energy. Do you hear me . 81 clean energy. [applause] imagine the impact on climate and the air that we breathe. Meeting all of my climate goals cutting Carbon Emissions in half. The Inflation Reduction Act, we are investing more than 50 billion to build resilience and impacts of climate change. These supported priorities to addressing historic drought along the Colorado River basin. We had a concern about the Colorado River literally going drive. A lot of you thought i was crazy. I wish i would have been. I was looking at the grand canyon, and guess what. It is coming back. Responding to coastal erosion, sea level rise, reducing the effects of extreme heat by investing 1. 5 billion to plant trees and expand Community Parks and forests. Folks, there is a lot more. You have heard a lot and i wont go into everything, but this law is helping families save thousands of dollars on energy bills every year. The tax credits and rebates to buy new and efficient electric appliances and weatherize their homes, rooftop solar. It is estimated the consumer will save at least 27 billion between now and 2030. [applause] also 7,500 to buy new electric vehicles. I worked it out with the european union. Fuel cells made in america. For the first time we can get a tax credit to buy used electric vehicles. Thanks to the law, electric vehicles, this is a fact if we do this, and we are doing it now, tens of billions of gallons of gasoline between now and 2030. That is a lot less. Im not even going to start to talk to you about amtrak. It is going to say billions of dollars, i really mean it, in energy costs. Let me be clear on this point. I say climate means jobs, goodpaying union jobs. [applause] Clean Energy Products that pay prevailing wage, apprenticeships, and use made in america parts and products and not violate any International Trade agreements. It is all in law. We re Incentivizing Companies to build Clean Energy Projects in the same communities that powered our nation with fossil fuels. We owe them. Whether it is pennsylvania or west virginia. They have supplied the fossil fuels that we needed for generations. The next generation batteries are being made in an old steel mill in west virginia. Solar panels are going to a closed coal plant in new mexico. These incentives will make goodpaying union jobs and ensure the benefits of the Clean Energy Economy reaches communities left behind. When they were left behind they lost their pride and sense of who they were and what was going on. To reach communities too often left behind. Thats the focus. We are already seeing it happen. Laborers and carpenters are building solar farms. Engineers are building wind projects. Electricians are installing solar panels and electric vehicle chargers. 500,000. It will mean a lot. It is a big deal. A Clean Energy Economy should be a winwin for Auto Companies and union workers. The big three automakers, united auto workers, negotiated a new collective Bargaining Agreement to Work Together to reach the agreement. Together we can make this transition to a Clean Energy Future fair and just. That means ensuring that auto jobs continue to be good jobs that can support families. [applause] Auto Companies honor the rights of workers to organize and take steps to avoid painful plant closings. When transitions are needed, they are fair and resigned to retool, reboot, and rehire in the same communities at a competitive wage and existing workers get the first shot at those jobs. It is only fair. It matters. Second, because the Inflation Reduction Act, talking about lifesaving steps to reduce health care costs, Lower Health Care premiums for millions of American Families under the Affordable Care act, saving them an average of 800 a year. I see my friends in congress and the senate, i saw them make that happen. We pay more for our Prescription Drugs than any country, major country in the world. A product made in the United States sold in montreal, paris, or anywhere around the world is cheaper than it is made here where it is produced. For years, we have been trying to give medicare the power to negotiate drug prices. When medicare doesnt have to pay the high price it cuts your taxes. It cuts the amount of money the federal government has to pay. For years, big pharma blocked this, but not this time. [applause] i know i dont look it, but i have been around for 400 years. I have been fighting pharma on this since 1970. Not a joke. This time we finally beat big pharma. Medicare has the power to negotiate Prescription Drug prices. The department of Veterans Affairs has had the power. Thats not all. We have already spoken about insulin. By the way, the guy who invented insulin, he didnt patent it because he wanted it available for everyone. Guess what, it costs 10 to make. Everything including the packaging it can be 12. 50. Companies are charging 30 times that amount. We are paying as much as 400 a month for insulin. Not just 35 a month. We are also capping total outofpocket expenses for seniors and medicare to 2000 a year for even expensive cancer drugs that can cost as much as 14,000 a year. Combine all the costs of the drugs by 2025, they will never have to pay more than 2000. [applause] one in three seniors on medicare is going to save an average of 400 a year. Seniors with the highest drug costs will save 2500 a year. Pharma companies are still going to do very well. Drug companies will raise prices faster than inflation. If they do that, they have to pay the difference to medicare. That will create an incentive to keep prices from skyrocketing. Negotiating drug prices will save the federal government 160 billion. We will lower the federal deficit, because it means what happens here is medicare will be paying less for the Prescription Drugs they deliver to the american people. It not only lowers costs for the person receiving the drug, it lowers the cost for taxpayers. It lowers the cost for taxpayers. We made all the progress without raising taxes on the middle class. I made a commitment, and some thought it was too much of a commitment, too high. No one making less than 400,000 a year would pay a single penny more in federal taxes. It is a commitment that i have made so far and as long as im president i will keep it. Unlike the last president , we actually cut the federal deficit by 1. 7 trillion. The first two years we cut the my first three years in office. We will continue cutting the deficit and cutting subsidies to big pharma and ensuring the healthy began paying their fair share of federal taxes. Does anyone here think the tax system is fair . In 2020, i was a pain in the neck about this, i know. The 20 of the Largest Companies paid 0 in federal taxes. They made 40 billion in profits and did not pay a penny. Not anymore. The log requires a minimum tax of 50 on big corporations. The law also saves money by cracking down on super wealthy tax wealthy groups. Making sure that billionaires by the way, you can be a billionaire. Not a problem. I am a capitalist. But billionaires are the biggest corporations. They should at least pay their taxes. Do you know what the average federal tax for billionaires is right now . 8. 2 . A dinner hunter pays a higher tax than that. This law is transformative. It fell entirely to deliver it. I hope we have seen all the people out here claiming the credit for it who have decided they will join the fight. I took i guess i should not give that. The one congressperson who has been particularly on me. We did. [laughter] [applause] you think i am kidding . Not one single republican voted for it. I know my colleagues know this. I have had seven of my former republican colleagues in the senate come and say they agree. I promised i would never say their names and i never will tell anybody. But the reason they did this was they said, if i vote for xyz, it will cost me my election. Not a lot of political cover political courage. In fact, republicans have repeatedly tried to of the key parts of the Inflation Reduction Act, including the speaker of the house. Taking credit for the billions of dollars of investment and thousands of jobs coming to their state. That is ok. I ran for president and said i would represent all americans. I will see the groundbreaking. [laughter] you think i am kidding . You know i am not. Let me close with this. I am not here to declare victory on the economy. Our economy is stronger and better than any industrial nation in the world, but we have more work to do. We have a plan trying to turn things around. Inflation reduction act is a part of that. Bidenomics is another way of saying we will and store we will restore the american dream. My dad said, joey, jobs are a lot more than a paycheck. It is about dignity, respect, and being able to tell your kids it will be ok and mean it. Any person willing to work hard to be able to get a job no matter where they live, raise their kids, and keep their roots where they grow up. How many of you around border states have been looking for places providing good education. And your son and daughter says, i have to move. How many times did you hear that . One of the best Education Systems in the country. I have to move. There is no job for me. Bidenomics is about what is good for your country, investing in america and americans. When we invest in ourselves, we strengthen the middle class. I am proud of because the written law of my administration has passed. It is not about me. It is about all of you in this room but particularly the american people. Folks like the one standing behind me. The most important thing i want to say is, thank you, america and americans. We have faced tough times in recent years but you, the american people, did not give up. You are the ones getting up every day, going to work, taking risks, opening doors, hiring workers, and fulfilling dreams. And people claim this is what is wrong with america. Let me tell you, they are telling us america is feeling and they are dead wrong. America is not feeling. America is winning. [applause] i said a thousand times, there is no quit it america quit in america. Name a single objective we have ever set out to accomplish and failed. Name a single one in all our history. It has never been a good bet against america ands is still not a good bet today. This is a country that believes in honesty, decency and integrity. Still a country that believes everyone of us is created will. We have never walked away from it. I guarantee we are still be begin for the world. You ought to come to all these International Meetings and listen to the rest of the world, what they say to be president of the United States. Everyday ordinary people who get up and do extraordinary things. That is who we are. This is not about the past, it is about the future we are going to build. I have never been more optimistic about americas future. We are the United States of america and there is nothing beyond our capacity. When we do it together, god protects you all and god protects our troops. Thank you. Thank you. [applause] distinguished guests, please remain in your seats as the president departs. Thank you
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