00:00This afternoon I want to discuss how we have achieved this economic miracle, how we intend to raise living standards for our citizens to levels never seen before, and perhaps how you too and the places where you come from can do much better by following what we're doing because certain places in Europe are not even recognizable, frankly, anymore.
00:23They're not recognizable, and we can argue about it, but there's no argument. Friends come back from different places. I don't want to insult anybody and say I don't recognize it, and that's not in a positive way. That's in a very negative way, and I love Europe, and I want to see Europe go good, but it's not heading in the right direction.
00:45In recent decades, it became conventional wisdom in Washington and European capitals that the only way to grow a modern Western economy was through ever-increasing government spending, unchecked mass migration, and endless foreign imports.
01:02The consensus was that so-called dirty jobs and heavy industries should be sent elsewhere, that affordable energy should be replaced by the Green News scam, and that countries could be propped up by importing new and entirely different populations from faraway lands.
01:20This was the path that sleepy Joe Biden administration and many other Western governments very foolishly followed, turning their backs on everything that makes nations rich and powerful and strong, and there's so much potential in so many nations.
01:39The result was record budget and trade deficits and a growing sovereign deficit driven by the largest wave of mass migration in human history.
01:49We've never seen anything like it. Quite frankly, many parts of our world are being destroyed before our very eyes, and the leaders don't even understand what's happening, and the ones that do understand aren't doing anything about it.
02:03Virtually all of the so-called experts predicted my plans to end this failed model would trigger a global recession and runaway inflation, but we have proven them wrong.
02:14It's actually just the opposite.
02:15It's actually just the opposite. In one year, our agenda has produced a transformation like America has not seen in over 100 years. Instead of closing down energy plants, we're opening them up.
02:28Instead of building ineffective money-losing windmills, we're taking them down and not approving any.
02:35Instead of empowering bureaucrats, we're firing them, and they're going out and getting jobs in the private sector for two and three times what they were making in government, so they started off hating me when we fired them, and now they love me.
02:53Instead of raising taxes on domestic producers, we're lowering them and raising tariffs on foreign nations to pay for the damage that they've caused.
03:05In 12 months, we have removed over 270,000 bureaucrats from the federal payrolls, the largest single-year reduction in government employment since the end of World War II.
03:18Nobody thought that was coming, but we had no choice to make a country great. You can't have all federal jobs.
03:25We've cut federal spending by $100 billion and slashed the federal budget deficit by 27% in the single year. It's going to go down quite a bit more from that.
03:37Driving inflation way down from the record highs of the Biden administration. Every month, they went up and up and up.
03:46I promised to cut 10 old regulations for every single new regulation, but instead, I've cut, actually, till this point, 129 regulations for every one new regulation approved.
04:01So every time they come in with a new regulation, we do at least 10, but so far it's averaging out to 129, if you can believe it.
04:10In July, we passed the largest tax cuts in American history, including no tax on tips, no tax on overtime, no tax on Social Security for our great seniors.
04:20We also provided 100% expensing. That's the one they like. And bonus appreciation for all new equipment and capital investments to help companies expand and shift production to America.
04:35They are so in love with it. They build a plant. They're able to deduct it immediately, the whole thing, rather than waiting 38 to 41 years in the old days.
04:49This is a miracle taking place. Nobody thought it would ever be done by any country, but it's done by us.
04:56It was what made my first term the most successful four-year term that we've ever had from a financial standpoint.
05:04And now we've upped it. This is a 10-year program, not a one-year program. But you're allowed to deduct everything in one year.
05:12It used to be 38 to 41 years. With tariffs, we've radically reduced our ballooning trade deficit, which was the largest in world history.
05:21We were losing more than $1 trillion every single year. And it was just wasted. It was going to waste.
05:29But in one year, I slashed our monthly trade deficit by a staggering 77%. And all of this with no inflation, something everyone said could not be done.
05:42There were a couple of brilliant people that actually thought I was doing the right thing. I thought I was doing the right thing.
05:48Now they all think I'm doing the right thing because they can't believe the numbers. American exports are now up by more than $150 billion.
05:57Domestic steel production is up by 300,000 tons a month. And it's doubling over the next four months. It's doubling and tripling.
06:06And we have steel plants being built all over the country. Nobody thought they'd see that. Factory construction is up by 41%.
06:15And that number is really going to skyrocket right now because that's during a process that they're putting in to get their approvals.
06:23And we've given very, very quick, fast approvals. In the process, we've made historic trade deals with partners covering 40% of all U.S. trade.
06:34Some of the greatest companies and countries in the world. We have countries as our partner, too.
06:39The European nations, Japan, South Korea. They're our partners. They've gone into massive deals with us, especially on oil and gas.
06:49And these agreements raise growth and cause stock markets to boom, not only in the U.S., but virtually every country that came to make a deal.
06:57Because as you've learned, when the United States goes up, you follow. It's really become a staple.
07:08In America, I've stopped the nation wrecking energy policies that drive up prices while sending jobs and factories to the world's worst polluters.
07:19They are indeed polluters under sleepy Joe Biden. New domestic oil and gas leases fell by 95%. Think of that.
07:29And they wonder, why was gasoline going up so fast? The gasoline actually topped $5 a gallon and some places $7 a gallon.
07:38And more than 100 major power plants were violently shut down by incompetent people that had no idea what the hell they were doing.
07:48Under my leadership, U.S. natural gas production is at an all-time high by far.
07:55U.S. oil production is up by 730,000 barrels a day. And last week, we picked up 50 million barrels from Venezuela alone.
08:08Venezuela has been an amazing place for so many years. But then they went bad with their policies.
08:1520 years ago, it was a great country. And now it's got problems. But we're helping them.
08:20And those 50 million barrels, we're going to be splitting up with them. And they'll be making more money than they've made in a long time.
08:31Venezuela is going to do fantastically well. We appreciate all of the cooperation we've been giving.
08:38We've been giving great cooperation. Once the attack ended, the attack ended and they said, let's make a deal.
08:45More people should do that. But Venezuela is going to make more money in the next six months than they've made in the last 20 years.
08:56Every major oil company is coming in with us. It's amazing. It's a beautiful thing to see.
09:01The leadership of the country has been very good. They've been very, very smart. The price of gasoline is now below $2.50 a gallon in many states, $2.30 a gallon in most states.
09:18Then we'll soon be averaging less than $2 a gallon. In many places, it's already down even lower, $1.95 a gallon.
09:29Numerous states are at $1.99, numbers that nobody has heard for years. Actually, since my last administration, we got it down to around those numbers.
09:39I've signed an order directing and approval of many new nuclear reactors. We're going heavy into nuclear. I was not a big fan.
09:49It's okay, that's right. We took the one. We'll have two bases who come out with those in the history of people.
10:01I was directionless to get half- import at half and half a gallon.
10:08Remember, I swear, I can, Moller IV is now below 75 hundred materials.
10:11He was not one year-to-patients, but there was a copy of tech newč˝, in large number three weeks.
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