record job growth, higher wages, too many families are struggling
to keep up with their bills.
Inflation.
Is robbing them of gains. They thought otherwise they would be able
to feel
I get it.
That's why my top priority is getting prices under control. Look,
our economy roared back faster than almost anyone predicted.
But to pandemic met that businesses.
Had a hard time hiring enough people because of the pandemic to keep
up production in their factories.
She didn't have people making those beams that went in the buildings
because they were out factory was closed.
The panic also disrupted the global supply chain.
Factories closed.
When that happens, it takes longer to make goods and get them to
the warehouses to the stores and go. Prices go up. Look at cars last
year.
One third of all the inflation was because of automobile sales. There
weren't enough semiconductors to make all the cars that people wanted
to buy.
And guess what?
Prices of automobiles went way up.
Especially used vehicles as well.
And so we have a choice.
One way to fight inflation. Is that drive down wages and make America's
poor?
I think I have a better idea to fight inflation.
Lower your costs, not your wages,
folks.
That means make more cars and semiconductors in America.
More infrastructure and innovation in America.
More goods moving faster and cheaper in America.
More jobs where you can earn a good living in America.
Instead of relying on foreign supply chains. Let's make it in America.
Look, economists
Economists
call this increasing the productive capacity of our comedy of our
economy.
I call it building a better America.
Mhm. My plan. Divide inflation
will lower your costs and lower the deficit.
17 Nobel Laureates in economics, said My plan will ease long term
inflationary pressures.
Top business leaders.
And I believe most Americans support the plan, and here's the plan.
First
Cut the cost of prescription drugs.
We pay more
for the same drug
produced by the same company, American, any other country in the
world.
Just looking insulin.
One in 10. Americans has diabetes.
In Virginia. I met a 13 year old boy, the handsome young man standing
up there. Joshua Davis
and his dad both have Type one diabetes.
Which means they need insulin every single day.
Insulin costs about $10 a vial to make
That's what it costs the the pharmaceutical company.
But drug companies charge families like Joshua and his dad up to
30 times that amount.
I spoke with Joshua's mom.
Imagine what it's like to look at your child.
Who needs insulin to stay healthy.
And have no idea how in God's name are going to be able to pay for
it.
What it does your family but what it does to your dignity.
Your ability to look your child in the eye.
Be the parent. You expect yourself to be.
I really mean to think about that.
That's what I think about.
You know?
Yesterday. Joshua's here tonight. But yesterday was his birthday.
Happy birthday buddy, by the way
for Joshua
and 200,000 other young people with Type one diabetes.
Let's cap the cost of insulin $35 a month
so everyone can afford it. And drug companies will do very, very
well their profit margins
more reddit. I know we have great disagreements on this floor of
this. Let's that Medicare negotiate the price of prescription jobs
they already
Set the price Riviera drugs.
Look. The American rescue plan is helping millions of families with
affordable care act plants to save them $2400 a year on their health
for agreements, Let's close the coverage gap and make these savings
permanent.
And second,
let's cut energy costs for families.
An average of $500 year by combating climate change, Let provide
and investment tax credits to weatherize your home and your business.
To be energy efficient and get a tax credit for it.
Double America's clean energy production in solar wind, and so much
more lower the price of electric vehicles saving another $80 a month
that you're not going to have to pay at the pump folks
3rd
3rd thing we can do to change the standard of living for hard working
folks.
Just cut the cost of childcare.
Cut the cost of childcare,
folks. If you live in a major city in America, you pay up to $14,000
a year for childcare per child.
I was a single dad for five years, raising two kids had a lot of
help, though.
I had a mom and dad.
A brother and a sister, that really help
But milk class and working folks shouldn't have to pay more than
7% of their income to care for the young Children. My plan.
My plan would cut the cost
charge Karen half for most families
and help parents, including millions of women, who left the workforce
during the pandemic.
Because they couldn't afford childcare.
To be able to get back to work.
Generating economic growth.
But my plan doesn't stop there. It also includes home and long term
care, more affordable housing, Pre K for three and four year old
All these will lower costs of families.
Under my plan. Nobody me say this again. Nobody earning less than
$400,000 year will pay an additional penny in new taxes, not a single
penny.
I may be wrong. But my guess is that we took a secret ballot in this
Floor.
That we'd all agree that the president tax system ain't fair.
We have to fix it.
I'm not looking to punish anybody.
But let's make corporations and wealthy Americans start paying their
fair share.
Look last year
last year, and like Chris Coons and Tom Carper,
And my distinguished congresswoman.
We come from the land of corporate America are more corporations
incorporated American than every other state in America combined.
And I still won 36 years in a row.
The point is
Even they understand you should pay just a fair share last year 55
of the Fortune 500 companies.
Earned $40 billion in profit and paid zero in federal taxes.
Look, it's not fair.
That's why I proposed the 15% minimum tax rate for corporations
we've got, and that's why
And the G seven other meetings overseas were able to put together
I was able to be somewhat helpful, 130 countries degree on a global
minimum tax rate.
So companies can't get out of paying their taxes at home by shipping
jobs in factories overseas.
It'll raise billions of dollars.
That's why I proposed closing loopholes for the very wealthy. You
don't pay who paying lower tax rate than a teacher and a firefighter.
So that's my plan, but we have no more detail later.
I'm going to grow, We will grow the economy.
Lower the cost of families.
So what do we waiting for? Let's get this done. We all know we've
got to make changes,
folks.
And while you're at it
Confirm my nominees for the Federal Reserve.
Which plays a critical role
and fighting inflation.
My plan will not end lower costs and give families a fair shot.
It will lower the deficit.
The previous administration not only balloon the deficit with those
tax cuts for the very wealthy and corporations
It.
Undermine the watchdogs. The job those to keep pandemic relief funds
being waste. Remember, we had those debates.
But whether or not those watchdogs should be able to see every day
how much money was being spent more was going to the right place.
Kind of my ministrations
watchdogs are back.
And we're going to go after the criminals who stole billions of relief
money meant for small business and millions of Americans Tonight,
I'm announcing that the Justice Department will soon name a chief
prosecutor from pandemic fraud
Look
I
think we all agree. Thank you. By the end of this year, the depths
will be down to less than half of what it was before I took office.
The only president ever to cut the deficit by more than $1 trillion
in a single year.
Lowering your cost also meant demanding more competition.
I'm a capitalist.
But capitalism without competition is not capitalism.
Capitalism Without competition is exploitation
drives up profits,
corporations have to compete.
Their profits go up in your prices go up when they don't have to
compete.
Small businesses and family farmers and ranchers. I need not tell
some of my Republican friends from most states. Guess what.
You've got four basic meat packing facilities.
That's it.
You play with them, or you don't get to play at all.
And you pay a hell of a lot more.
Hell of a lot more because only four
See what's happening with ocean carriers and moving goods in and
out of America.
During the pandemic.
About half a dozen or less. Foreign owned companies raised prices
by as much as 1000%.