President Donald J. Trump on Tuesday, Nov. 12, addressed the Economic Club of New York, outlining the mainstay of his 2020 re-election campaign.
His policies have created a boom in growth and jobs, said President Trump.
“We have delivered on our promises and exceeded our expectations by a very wide margin,” President Trump said to guests who gathered at the New York Hilton event.
He spoke about his handling of the economy that is reaping benefits in its fifth year of continuous expansion and showing record-low unemployment, thanks to his trade, tax and deregulation policies.
“We have ended the war on American workers. We have stopped the assault on American industry and we have launched an economic boom, the likes of which we have never seen before,” said President Trump.
“I did this despite a near-record number of rate increases and quantitative tightening by the Federal Reserve since I won the election. Eight increases in total, which were, in my opinion, far too fast, an increase and far too slow a decrease,” said President Trump.
He reminded the audience that America is “actively competing with nations who openly cut interest rates so that now many are actually getting paid when they pay off their loan, known as negative interest.”
“Whoever heard of such a thing? Give me some of that,” he said. “Give me some of that money. I want some of that money. … And the Federal Reserve doesn’t let us play at that game,” continued President Trump.
“It puts us at a competitive disadvantage to other countries,” added President Trump. “Yet in the face of this reality, our economic policies have ushered in an unprecedented tide of prosperity surging all throughout the nation.”
Despite that challenge from the Federal Reserve, the U.S. economy is growing at a 1.9% pace in the third quarter. Government data last week indicated that unemployment is at its lowest in a half-century.
The Trump administration has helped to create at least 6.25 million jobs. The odds of an election-year recession are just 26%, according to a Bloomberg economic model.
President Trump said his administration is doing what it can to reverse policies set in place by his predecessors that restrained the U.S. economy.
The president told his audience that the preceding “political class sold out American workers,” with their faulty regulations and trade deals.
Referring to the 2017 GOP tax cuts that the Democrats complained about were to benefit the wealthiest Americans, President Trump explained that it was enticing American companies and businesses to return to the United States.
President Trump believes that “at the heart of our economic revival is the biggest tax cut and reforms in American history.”
“If we want our families and communities to prosper, America must be the best place on earth to work, invest, innovate, build, pursue a career, hone a craft or start a business,” said the president.
“If we want companies to move to America, stay in America, and hire American workers,” he believes that America has to create an environment for companies to thrive.
“My mission is to put our country on the very best footing to thrive, excel, compete, and to win,” said President Trump, adding, “For many years, our leaders in Washington did the exact opposite.
“They imposed the highest corporate tax rates in the developed world, so high that people couldn’t even understand what they were doing and they would leave very, very smart executives didn’t want to leave, but they would leave, sending our jobs and everything else all a flutter,” said President Trump.
“They waged an unethical regulatory assault on the American people,” he added. “They tried to shut down American energy. And by the way, they’re still trying.”
The president’s address took place against a backdrop of trepidation about his administration’s policies and handling of the trade negotiations with China.
While President Trump spoke on various economic issues, the financial community, like Wall Street, observed the president’s address for signs about the future of the U.S. economy, progress with the Sino-U.S. trade negotiations, or any subtle indication of the president’s concern about a slowdown.
On the Sino-U.S. trade negotiations, President Trump said the Chinese are eager to sort a deal. He reiterated that Phase 1 of the negotiation is close to being finalized.
“We’re close — a significant phase one deal could happen, could happen soon,” said the president.
President Trump said he is not unpopular in some countries because he’s a tough negotiator on trade.
The president also stated that India and China had been taking advantage of the U.S. by being designated as developing countries. “We’re a developing country, too,” President Trump responded.
During his address, President Trump also alluded to his decision to withdraw from the Paris climate agreement, calling the pact unfair to the U.S. and saying that the decision actually boosted the U.S. economy.
“Trillions and trillions of dollars of destruction to our economy would have been done,” said President Trump.
President Trump’s address celebrated a time-honored tradition for U.S. presidents and key policymakers to speak at the Economic Club, as the club attracts membership from major banking and investment corporations, companies, academia, and other prominent nonprofits organizations.
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“We have delivered on our promises and exceeded our expectations” is the heart and gist of President Trump’s message for guests at New York Economic Club.