U.S. President Donald Trump has kicked off his World Economic Forum speech in Davos by declaring that “inflation has been defeated” and promising economic growth “like no country has ever seen before.” Returning to Davos for the first time since 2020, Trump praised his administration’s record while criticising policies of the previous Biden administration. Official data shows inflation at 2.7%, above the Federal Reserve’s 2% target.
00:24It's great to be back in beautiful Davos, Switzerland.
00:30And to address so many respected business leaders, so many friends, few enemies, and all of the distinguished guests.
00:41It's a who's who, I will say that.
00:44I've come to this year's World Economic Forum with truly phenomenal news from America.
00:50Yesterday marked the one-year anniversary of my inauguration.
00:54And today, after 12 months back in the White House, our economy is booming, growth is exploding, productivity is surging, investment is soaring, incomes are rising.
01:08Inflation has been defeated, our previously open and dangerous border is closed and virtually impenetrable.
01:19And the United States is in the midst of the fastest and most dramatic economic turnaround in our country's history.
01:28Under the Biden administration, America was plagued by the nightmare of stagflation, meaning low growth and high inflation, a recipe for misery, failure, and decline.
01:40But now, after just one year of my policies, we are witnessing the exact opposite, virtually no inflation and extraordinarily high economic growth, growth like, I believe, you'll see very shortly, a country has never seen before, perhaps no country has ever seen before.
02:02Over the past three months, core inflation has been just 1.6%.
02:08Meanwhile, fourth quarter growth is projected to be 5.4%, far greater than anybody other than myself and a few others had predicted.
02:18Since the election, the stock market has set 52 all-time high records, so that's in one year, 52 records, adding $9 trillion in value to retirement accounts, 401ks, and people's savings.
02:36People are doing very well.
02:38They're very happy with me.
02:39Since my inauguration, we've lifted more than 1.2 million people off of food stamps, and after four years, in which Biden secured less than $1 trillion of new investment in our country, think of that $1 trillion, substantially less than that, in four years, we've secured commitments for a record-breaking $18 trillion, and we think when the final numbers come out, they'll be closer to $20 trillion of investment.
03:07That's never been done by any country at any time, not even close.
03:13Just over one year ago, under the radical-left Democrats, we were a dead country.
03:19Now we are the hottest country anywhere in the world.
Comments