Well before the election so please stay tuned for a further announcement. Wed like to extend a special welcome to the diplomatic corps as well as the 2020 class on the Economic Club of new york fellows and students joining from the club and business schools. Now it is our honor and a privilege to introduce the 45th president of the United States, donald trump. A graduate of the university of pennsylvanias school of finance and followed his fathers footsteps and the role of Real Estate Development egging his mark in new york on the way to develop a will a worldwide brand. He won the presidency in 2016 and first ever run for any political office. Over the last four years, his economic agenda included personal income and tax cuts, reduction of regulatory politics, replacing nafta with the Canada Agreement and negotiating comprehensive trade reform with trading partners notably china. Prior to the pandemic, the administration of the economy grew steadily. Unemployment was the lowest in 50 years and inflation was controlled. Stock market achieved record highs and energy independence. We would like now to invite the president following his address we will take questions from two of the club chairs. As a reminder, the conversation is on the record and we have major Media Presence covering the event. Mr. President , the microphone is yours. Thank you very much. After that introduction, i have nothing to say. I think i can leave right now. That was beautiful. We have done those things and more. We are outside of the oval office in the rose garden, very special place and its wonderful to address the Economic Club of new york as well as the Economic Club of chicago, pittsburgh, sheboygan and washington, d. C. I know so many people that are about members and great people and its a great honor to be with you especially in this very strange kind of year with what we have to do communication wise. Its quite nice. Its a nice way to do it. The choice facing america is simple. Its the choice between historic prosperity and microeconomic policies or crippling poverty and steep depression under the radical left and that is what you will have. I will deliver optimism, opportunity and growth. They will deliver pessimism, stagnation, decline and high taxes. Simply put, its a choice between a socialist nightmare and the American Dream. Under my leadership we will have a safe or effective vaccine before the end of the year and swiftly defeat the virus and bring back our critical supply chains and left our economy to unprecedented new heights. If the left gains power they will shut down the economy, close the schools, delay the vaccine. Lets review the record. When i joined in person last year, the nation was enjoying the greatest economy in history. There was nothing like it. This was a contrast to the Prior Administration that delivered the weakest recovery since the depression. It was weak and sand. Isad. In my first three years, ie increased 6,000, more than five times during the entire Previous Administration. Think of that. Five times to be gained. Incomes grew nine times more under my leadership then under r the eight years before i took office. The policies punish American Workers and line promote. At the end of the last administration, the Congressional Budget Office rejected fewer than 2 million jobs to be created. We created a 7 million and it will be close to 8 million. Poverty rates for hispanic americans reached record lows. Any quality jew declined dramatically. By policies have benefited those who needed the most and the bottom 50 are the astonishing 40 increase in net worth with the wages for bluecollar workers, africanamerican, hispanic american, Asian American, unemployment all reached the lowest levels ever recorded. The last administration sold out American Workers like never before and to the special interests and globalists. We succeeded by reversing those betrayals instead of Rewarding Companies for outsourcing jobs, i implemented regulation cuts to keep jobs, opportunity and wealth in america. The tax cuts were the biggest recorded in the history of the country. Instead of waging a war we unleashed to be the number one. I ended the nightmare that signed the agreement into law and the toughest overt action against the abuses that we all know so well i canceled the last Transpacific Partnership and if this Administration China will own the United States i can tell you that. Breaking through every obstacle and moving heaven and earth the fda has been fantastic approving things that would have taken two years. Im not interested in making friends in the corrupt media my focus is protecting and making lives good for american people. Our early action saved up to 2 million lives if you look at the original numbers it was rejected 2. 2 million we are at 210,001 is too many. It should have never happened. We pioneered in record time to reduce the fatality rate 85 since april and the number has gotten even better a week ago i wasnt feeling so hot and i had a drug that made me feel very good very fast. Maybe it would have happened anyway. All i know is once i had it, it worked out very well. Under operation warp speed we are on track to deliver at least 100 million doses of the vaccine by the end of the year we will deliver the vaccine rapidly. Unfortunately the constant efforts to undermine the Public Health and put innocent lives in danger. They will not have success changing the election. They tried that four years ago. Americans should be trusted with the facts, the data and the truth. The young and healthy the risk is exceedingly low, 99. 8 under the age of 50 survive. The average age of those that succumb to the virus is 78 and usually that is a person who has a bad heart, diabetes, other problems. Thats why we are so focused on protecting elderly and higher risk americans. Our groundbreaking therapies have significantly improved outcomes for elderly patients that i will not rest and relent until all american seniors are safe. That is my obligation. I love our seniors and i love our country. Unscientific lockdowns pushed by leftwing politicians are needlessly destroying millions of lives. They decimate livelihoods and lead to suicide, drug overdose, depression, heart disease, delayed medical treatment and reduced life expectancy. The cure cannot be worse than the problem itself and thats what a lot of done to the people and its starting out very bad for them. These lives must be protected as well. Ive acted swiftly to rescue the u. S. Economy with an unprecedented 3. 5 trillion. We delivered over 160 million for hardworking americans with a Paycheck Protection Program all of you are familiar with. My administration approved 650 billion in the forgivable loans and more than 5. 2 million its been a savior. The action is the same to have supported 50 million jobs and we think that number is going to be put down an actual fact and be even more than that. We increased Unemployment Benefits by 600 when they failed to extend the assistance, i provided up to 400 a month and continued relief. I froze student loan payments, stopped evictions, suspended payroll taxes and delivered 500 million to save major employers. As a result of these actions, the u. S. Has been the smallest economic attraction that its seen. Think of that. With all that weve done and all the countries out there, some great and not so great, weve seen the tallest Economic Contraction and fastest recovery of any major western country. I hope people are taking note of that, and its not even close. We created 11. 4 million american jobs since may. Thats another record. Under the Previous Administration it took 30 months to recover more than half the jobs lost in the crisis. We surpass that milestone and fewer than five months. A few months ago most experts were projecting unemployment. Something 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. Consumer spending is 10 higher today than lead before the pandemic and the production is recovered 100 . Home sales are at their highest, 2006 and ace homebuilder is the highest. Think of that. The highest Homebuilder Sentiment in recorded history and we are in a pandemic. Leftwing politicians have pledged a tax hike that will destroy the country and this will raise taxes on 80 of the taxpayers, it would be created spending millions and millions out of america into china and various other countries that we are thrilled if joe biden wants to do but its not really him that wants to do it. Its other people at a higher level than joe. We are entering the job record Paris Climate Accord eliminating fracking, all over the country they want to shut down. We are right down energy independence. They want to close up, shut down. In that case, the ridiculous Green New Deal that will cost a hundred dollars which is more money than the country could make and 100 years if everything went perfectly. Democrats, lawmakers, the private health. Theyve negotiated and fought for and went to great companies. They got the plans they love, 180 million. The platform gave free healthcare and amnesty to illegal. As soon you announce that, millions of people despite the wall which is almost finished and by the way paid for by mexico, despite all these things weve done, millions would flood into the country and a two demolish Social Security. Democrats in washington are also pushing the plan to abolish the suburbs by eliminating single families earning and making federal highway grants. Your suburbs will be gone. The American Dream will be gone. The Property Values of millions including the majority of africanamerican, hispanic american and Asian American households who live in the suburbs. The policies of the left would unleash a longrunning catastrophe of unimaginable proportions. I know im speaking to some democrats and some of you are friends of mine. You will see things happen that will not make you happy. I dont understand the thinking. They will destroy this country. Our country will go into a recession the likes of which we havent seen since 1929 and may be worse. They will keep backing them, but you know whats wrong and i believe its only habit. We will continue the recovery and launch the economic boom. We will soon be announcing in my opinion a phenomenal recordsetting quickly returned to full unemployment. I will implement a tax cut, reduce regulations that stifle all businesses and we could regulations more than any president in history whether its for years, eight years ive cut regulations far more than any president in the history of the country. A highway that would take years to get approved we could get done now and on in one year. It may be rejected. If they get rejected it will be fast. We also are expanding opportunities to reassure its part of the step but i will revise the pharmaceutical industry. We will keep taxes low for companies and move jobs and impose tariffs that want to make a product and then sell it back. We will strip from those in the Critical Industries and negotiate more. We want reciprocal deals. If you look at europe and what theyve done to us over many years and we will get it back into the balance but its unbalanced. We protect them militarily and with nonmonetary tariffs which frankly are worse. We have to put America First like other countries. We will make america into the manufacturing superpower of the world ending reliance on china wants is foonce and for all. We will ensure america means the worlds Number One Energy producer and supplies medical billing required Price Transparency which goes into effect already on january 1st and reduce the cost of prescription drugs as you probably know those of you in the drug industry you are not a big fan of donald trump i can tell you, but i interviewed at the drug for one 20th of what we pay believe it or not. We go to the lowest price anywhere in the world where the largest purchaser of drugs we go to the list price. Somebody selling a pill for ten cents and we are paying 2. 50, we go to ten cents and the ten cents will come up a little bit about your drug prices will be reduced by 50, 60, 70, 80, 90 . Thats the way it is. We will strongly protect medicare, Social Security and patients with preexisting conditions and as far as the middleman is concerned, the middleman is out as far as purchasing drugs from other countries or until Everything Else kicks in. Canada pays 50 what we pay. Ive given governors permission to go to canada and buy drugs directly from canada stating as an example the state of florida approximately 50 and more. So the same drug from the same exact plant or lab but 50 less. I also outlined a new plan for historic and this is so important to the black community creating new wealth, 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 or Charter Schools that have worked so well. We are lifting up citizens of every race and color and defending our values and principles and way of life and guided by these convictions we will make next year one of the greatest in the country. Its an honor to be with you. I think i will be with you next year again but its hard to see because if i dont win, you probably wont want me and thats okay but i think we will have a tremendous success. We have lines of people, 40, 50,000 people to see a speech with a one day notice and my opponent is getting 22. I think we will have tremendous success. Next year will be one of the greatest in the country. You will see growth like we havent seen before and it is an honor to be with you. God bless you all. I think we will take a few questions, please. Thank you, mr. President. I will say this, you are certainly looking very fit and that is all for the good. Our questioners are the chair of the economic and david rubenstein. Each will be asking two questions and alternating order. Chair mcconnell you have the first. Thank you so much and thank you mr. President on behalf of the Sunshine State we are so honored to be with you today. How important is funding for the projects like airports, bridges, roads to National Security and how do these figure into the next term . We have a plan now but we are going to make it much bigger. We are having a hard time getting things through. The wall is one of the biggest. Its a massive highly technical, highly expensive wall and its given a tremendous border. Weve actually shut down the illegals coming in virtually. We dont have the drug traffickers. Everything is way down and we consider that infrastructure. One of the largest Infrastructure Projects ever but we want to redo the roads and highways, tunnels, bridges. If you look at the list, by the way, take a look at the list you will see like 25 of the bridges. They call them on the safe. It cant be that unsafe or how they let them open. But we are going to be redoing the tunnels and bridges and its going to be an absolute priority. Could have happened but the democrats didnt want to do it because they want to make things look bad. But you know what, it is all going to happen. I was telling somebody before they said can the country ever come together. I said it was coming together prior to the plague coming in from china that should have never happened. Prior to the plague coming in, people were telling me, not calling republicans for years, and people called and wanted to make deals and get together. They saw what was happening and basically success is going to bring us together and we will have even greater success now. We had to spend money to get there but relatively speaking, not much. We will have even greater success now. Its going to bring us together and infrastructure is a big part of it. Thank you for speaking to us. I have a question about the federal debt. We have 27 trillion in federal debt now. If we have another stimulus bill out of congress, are you worried that the entire amount of federal debt will be too large for us to pay off in a sensible way . You and i talk about the federal debt a lot. Its on our mind. The one thing i will say is we were starting to get that number down. We were getting that number the Interest Rates were so low and we were seeing things on a positive scale and then really we had no choice but to put money in otherwise you had to force money in because of the pandemic. But we were starting to focus on that very deeply. We were making it long term and getting ready to pay off interest and a lot of good things were happening and then all of a sudden youre running a country and its going beautifully, you have the greatest economy and history and in the position to start thinking about paying off large chunks of debt and Something Like the pandemic happens. Its concerning to me and i think you are going to see tremendous growth, david, and its going to get it done. Its very much on my mind as it is yours. Thats one of the first questions you ask me and first questions i talk to you about. The said thing is we were at the point of getting able to do it and then have to wait a little bit longer. We will have an economy that will be just as good or better and there will b that will be n. Thank you. Mr. President , how will taxpayers here and around the country be better off financially with the four more years of a Trump Administration . The big thing is the taxes are much lower. David can tell you because we talked about this. Many companies have come to the country that wouldnt be here if we didnt pay taxes. But we also cut middle income taxes and we are going again for the middle income tax cut. They want to raise taxes and the Green New Deal if you look at the individual points of the Green New Deal, its insane, its absolutely ridiculous. Lets build buildings with smaller window because they are environmentally more efficient. If the whole thing is insane and at first i thought it was just a political hoax, but they actually want to do it and will destroy the country, so we are low taxes. We are going to continue to be low taxes. Low regulation and not where it takes 21 years to get a highway approved. I believe it takes one year or two years and that is why we have it down. So we have low taxes. One of the things i spoke with farmers today, we take it for granted, but the escape tax on small farms and businesses, we got rid of it. The democrats want to raise taxes to a level quadruple basically, but to a level nobodys ever seen before, and thats fair but whats worse they didnt want to take all that money and they want to squander it on this Green New Deal nonsense that has no sense, period. Its purely political. We are going to be cutting taxes further and that includes business taxes and especially middle income taxes. We had a point during this incredible run we had prior to the plague coming in where families were saving 9,000 a year when you add energy into it over one obama ad. That was something but still, the numbers are a fantastically big number. Big difference. A final question. Some industries have been hit by the pandemic like the cruise industry, the airline industry, the Hotel Industry and restaurant. When do you think they will be able to recover and where will they be before the pandemic . Its one of the toughest questions because this was a vicious pandemic and a vicious disease, especially if you are of a certain age et cetera, et cetera. I know people in the cruise industry sailing high without a problem in the world and all of a sudden they are fighting for their lives, facing with hotels and other industries. We are trying to help them. Its going to happen. Its also rounding the term with or without. It will get back. We are not trying to help and we are trying to get stimulus money which is important for the industries, the airline business. People are not exactly hopping into airplanes to travel and then you go to europe and have to quarantine. Is there anybody in the world thats going to do that. Working with other countries its all going to come back. But in the meantime id like to see the democrats loosen up a little bit. All they want today do is bailout the cities and states, they dont care about the worker or the people. They want bailout money and trillions of dollars so they can bailout new york, california, all these states that need more help than that. Thats why we are going to do this election and other places. But david, i can tell you those industries were great and now they are suffering but they will be back and i think that it will be much thorough to thank david also because im looking at the Washington Monument and the lincoln memorial, im sitting here saying i always think of david now sometimes more than washington because he really did a fantastic job. He saved it. Nobody is even getting close to it. Thank you. Thank you so much for giving a great overview. And thanks to you for a good time. It is an honor. Thank you. Good afternoon. Welcome to you all. We will have the second hearing next tuesday on the Affordable Care act on the oversight committee. Thank you, everyone for joining us today. For the regulations for