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US PRESIDENT - Joe Biden:
Hello, hello, hello, hello. (Applause.) Thank you, thank you, thank you. (Applause.) If you have a seat, take it. (Laughter.)
Hello, Wisconsin. (Applause.) And from across the bay, hello, Minnesota. (Applause.) Tim, thank you for the introduction.
I had to meet his twins and his wife. And no wonder he's here. Let me tell you something, they're keeping him here.
Look, I'm honored to be here today with two of the best governors in America - in the United States of America - (applause) - Wisconsin Governor Tony Evers - Tony, stand up - and also Minnesota Governor Tim Walz. (Applause.)
And thank you to the excellent senators: Tammy Baldwin from Wisconsin - (applause) - Tammy (inaudible) - and Amy Klobuchar and Tina Smith from the state of Minnesota. (Applause.) With all three on my side, I have nothing to worry about. (Laughter and applause.)
And two great mayors: Mayor Paine of Superior, Wisconsin - (applause) - and Mayor Reinert of Duluth, Minnesota. (Applause.) Stand up, gentlemen. (Applause.)
Friends, I am here today to talk about something that doesn't get enough attention: the progress we are making in investing in America - in American workers, in American products - investing in America. That's what we're doing: bringing jobs, opportunity and hope to people and communities across this country.
Just last week, we saw the biggest jump in 30 years in how positively consumers view the economy. Things are finally starting to calm down.
We have passed a lot of really good legislation. We knew that it would take some time before they were enforced. But now they are taking hold and turning the economy around.
We also just learned that since I became President, America has filed 16 million new business applications. That's a record. (Applause.)
And the reason I mention this - when someone submits a new business application, it's - it's - it's an example of hope, something they believe in. They believe that they can make a difference and that there will be consequences. You know, and Tim's business here is also such an act of hope - started a while ago.
And just today we learned that the United States economy grew by 3.1 percent last year. I don't want to bore you with the details, but, you know, the experts have insisted since I was elected that a recession was around the corner. There was supposed to be a recession every month.
Well, you know, we've got really strong growth. I'm listening - here's this mo- - the headlines this morning, from the Wall Street Journal and other papers. Quote: "U.S. [growth] beat expectations." The other headline, "U.S. Economy Booms in 2023." The third: "The U.S. economy grew at a shocking rate." (Laughs.) I love the "shocking rate" article. (Laughs.) But my favorite is from the Wall Street Journal. Quote: "What recession? Growth ended [only] in 2023 by accelerating." (Applause.)
Folks, look -- and by the way, economic growth has been stronger than we've had under the Trump administration.
Our - my predecessor recently said that he actually hoped that the economy would collapse. His quote. He hoped the economy would collapse. And would you believe that? Well - well, he said he hoped - because he hoped it would happen soon, while I'm still president. That's what he hopes.
Well, thanks to the American people, America now has the strongest growth and lowest inflation rate of any major economy in the world. (Applause.) It's because of you.
Of course, we have a lot of work to do, but we are making real progress, building the economy from the middle out and from the bottom up, not from the top down.
I grew up in a household where there were - we had a three-bedroom - it was a nice house - a three-bedroom two-story house in a new development of 40 houses in the suburbs with four - four children and a grandfather who lived with us. And - but trickle-down economics didn't really make it to my ga- - dad's kitchen table.
Because when - when - when we work from the middle out and from the bottom up, the poor have a chance, the middle class does really well and - and the rich still do well. But everybody has a chance. We're all doing well.
You know, as Treasury Secretary Jan- - Janet Yellen said today, and I quote: "The story of the middle class is not separate from the st- - state of the economy. It is at its core." She went on to say, "I'm talking about workers across industries and professions - from firefighters to nurses to factory workers." That is very important.
That's middle class. At least where I come from. And that's what it's all about.
I am here to announce more progress that shows that we can do great things in America if we start believing in ourselves again and if we start investing in America again.
People, look, our infrastructure used to be the best in the world - the most - rated as the best in the world. But for a period of time, we stopped investing in America. We stopped. We stopped investing in ourselves and we slipped. Now we're 13th in the ranking of the best infrastructure in the world. The United States of America, 13th in the world.
How on earth can we have the strongest economy in the world if we don't have the strongest and best infrastructure in the world? It's not possible.
That's why we are determined to change that. We're determined to change it in a big way. And that's exactly - (applause) - and that's actually what we're doing.
Two years ago, I came to Wisconsin - it was almost to this point - to talk about the historic bipartisan infrastructure bill that I signed with the support of your elected representatives - the largest investment in American recovery in American history.
We've invested $6.1 billion in Wisconsin so far, $5.7 billion in Minnesota - (applause) - $5.7 billion. (Applause.)
Two years later I returned to the Blatnicky Bridge. I was here two years ago.
Well, the last time I was here, I came with Tammy, and now we came back this time because we know - we knew this bridge needed - had - needed a lot of work. Tammy didn't let me - she didn't let me forget it either. (Laughter.)
You know, that bridge was opened in 1961 and it connects Minnesota to Wisconsin - you know that better than anybody in the world - and across the [St.] Bay.
It is an important link in our national economy. Each year, 950,000 trucks cross the bridge, transporting 3.4 billion tons of goods across America to Canada. 33,000 vehicles cross this bridge every day.
This flow of people is so important to small businesses that rely on it to get customers, employers [employees], goods to businesses - it's critical - and local businesses like this brewery at the base of the bridge.
Think about what Tim just told us. Tim's family has lived here for four generations. His great-grandparents moved here from Scandinavia and built a bakery just four blocks away.
And as Tim just said, the bridge is crucial to his business, his employees, his customers, the entire local economy. And so it is in other parts of the country.
This bridge is also critical to the largest port on the Great Lakes, which serves important industries such as forestry, agriculture, and clean energy, supporting many communities. I mean, it's really a consequence.
But you also know that this bridge is in a very corroded state. It is dangerous for trucks, which can carry excessive loads on it, causing drivers lengthy detours, increased costs and delays.
It is structurally obsolete. Tight turns lead to above average accident rates and traffic jams.
There has been talk for decades about replacing this bridge, but it never happened until today. (Applause.) Until today. I'm serious.
And I'm proud to announce that $1 billion from the bipartisan infrastructure bill will be used to build this new bridge, a new bridge that will increase capacity for large trucks and oversize loads; a new bridge with a modern design, wider shoulders, smoother on- and off-ramps; a new bridge with a shared path for pedestrians and cyclists. (Applause.)
I want to commend your governors - and I mean this sincerely - and your state legislatures for coming up with the matching funds to invest in this bridge. Otherwise, it would not have been done with - with your own funds.
This investment will make a huge difference: less traffic, fewer accidents, faster commutes to work and school, faster response by fire trucks and first responders when every minute counts.
Goods will move faster and trade will flow more freely instead of having to circle up to 10 miles.
Here's what else it means. It means that 10 000 new construction jobs - union jobs - will be created (applause).
We are investing in America, in jobs for American workers that will be built with American products.
And that - with the help of your congressional delegation, especially Senator Tammy Baldwin, we will make sure that the iron, the steel, the building material for this bridge is made in America.
And this funding is part of a larger $5 billion investment led by the Department of Transportation for 37 major projects across America, including bridges, highways, ports, airports. To date, 40,000 infrastructure problems - projects - have been announced across America. And with the support of these great governors and congressional delegation, we're doing more great things.
For example, we are ensuring that every American, including all of you here, has access to affordable high-speed Internet. (Applause.) I want to thank Amy for her leadership on this issue. She has been tireless. (Applause.)
High-speed internet is essential for today's economy. It is as essential as electricity was when Franklin Roosevelt was president. This is no joke.
That's why Franklin Roosevelt signed the Rural Electrification Act nearly a century ago. I know it sounds like it doesn't matter - it doesn't matter, but it matters a lot. He signed it so that electricity would reach almost every home and every farm in America because it had become a necessary - a necessary part of the country's economic growth, a necessary way to access modern life. And so is high-speed internet today.
In Wisconsin and Minnesota, we're investing $2.5 billion - $2.5 billion in high-speed Internet. And we're going to save - (applause) - and save more than 600,000 families in those two states up to $30 a month on their Internet bills. That's important to the household that I come from. That extra $30 at the end of the month - the bills add up when you're living on a fixed salary.
We are also investing $1.1 billion in your state to provide clean water and replace toxic lead pipes. (Applause.) Every lead pipe will be removed so you can turn on the tap and drink clean water without getting sick.
You see, a recent study showed that reducing children's exposure to lead has the same effect on student test scores as reducing class size from 22 to 15 - a tenth of the cost. It matters. It affects the brain's ability to function.
That's why we're going to remove all lead pipes in America. And I promise you this. We have the money to do it. (Applause.)
And that's on top of another billion dollars to clean up the Great Lakes, which supply drinking water to 20 million people - (applause) - 20 million people. And by the way, it's used to make the beer that's brewed here - (laughter) - it's used to make the beer that's brewed here in this refinery - oh, Earthshine, thanks for the Great Lakes. I was wondering why (unintelligible) - (laughter).
What we're doing in Wisconsin and Minnesota is just one piece of a much bigger story. Look, 14 million new jobs since I became president - (applause); 169 [thousand] new jobs in Wisconsin, 200,000 in Minnesota; almost 800,000 new manufacturing jobs across the country - good-paying jobs.
And [non]employment was the lowest - it was below 4 percent for the longest time in 50 years. (Applause.) And it's even lower in Wisconsin and Minnesota, where it's 3.3 and 2.9 percent, respectively.
That's our economic plan: invest in America, invest in American products, build in America. That's what we call Bidenomics.
My professor - well, I won't talk about him. (Laughter.)
But look, my predecessor, though, he chose a different course: trickle-down economics, tax cuts for the very rich and large corporations, a significant increase in the deficit. That's exactly what happened. That's exactly what happened.
And the fact is that - well, I'm not going to get into it, but - I don't want to get into it. (Laughter.)
He took away good paying jobs and sent them overseas. Why? Cheaper labor. Rather than pay a fair wage, he'd rather send it overseas, lower the labor costs, and then import the product, putting Americans out of work. He has reduced public investment in infrastructure and education. And then the process - in the process, he emptied communities, closed factories, and left too many Americans behind.
Look, I grew up in neighborhoods where many - many of you, in regions where they had a factory that - maybe only employed 600 or 800 people, but it was the heart of the community.
And then one day the corporate owners decided it was cheaper to send the factory overseas because the labor was cheaper there. So they sent - they closed the factory, sent it overseas, imported the product from overseas, paid more money for it, and didn't have to pay as much for labor. That's what happened. So we started hollowing out American labor. Really. That's not a joke.
You know, any rate -
He was talking about infrastructure. Every week when - for four years he was going to increase infr- - "We are on "Infrastructure Week". Well - (Laughs) - we have an Infra- - Year of Infrastructure. (Laughter.) He didn't get - under my tenure, America has had a Decade of Infrastructure instead of Infrastructure Week. (Applause.)
Look, we're rebuilding factories and jobs are coming back to America.
For example, you know, when we - you know that little computer chip that everybody needs for everything from a watch to a car? Well, guess what? We used to make them - we invented them. We made them more sophisticated. We had 40 percent of the market. And suddenly, we got nothing. You know that - and so, guess what? I got on a plane and flew to South Korea.
My staff asked me, "What the hell are you doing?" I said, "What are you doing?" I was talking to the - the prime minister - the leader of South Korea. I said to him, "You have a thing called 'Samsung'. You make a lot of computer chips. Come to America."
Well, not only did they come, but a total of $50 billion - (applause) - coming to America, building factories in America - in America.
There's a place not far from Columbus, Ohio. They call it the Field of Dreams. They're building two of these - these fa- - these "fabs," they say - factories. They're like giant football fields. And guess what? They employ a lot of people who not only build, but work.
Do you know what the average salary is? A hundred and ten thousand dollars a year, and you don't need a college degree to get that job. (Applause.)
The Midwest is coming back. And these senators who are here before you have brought it. Amy brought it. Tammy did. Tina did it. I mean that sincerely. (Applause.) And you, the American people, have supported it.
Now I have worked with some Republicans to get this bipartisan bill passed. And we did. But I'm sorry to say that the overwhelming majority voted against it. But you know what? That's okay, because we're building projects everywhere whether they voted for it or not.
I promised to be a president for all Americans, whether you voted for me or not. (Applause.)
Friends, but we have more - we have more work to do. For example, does anyone think the tax code in America is fair? Raise your hand if you think the tax code is fair.
In 2020, 55 Fortune 500 companies paid zero taxes - zero taxes. You may have heard me harp on this for a while. They paid zero cents in federal taxes on $40 billion in profits.
But not anymore. What I've been able to do is to pro- - secure funding for all these programs by signing - pushing for a tax of just 15 percent. You're paying more. But just getting to 15 percent - a 15 percent tax on these 50 corporations that make $40 billion. And guess what? As a result, we could pay for so many of these investments that we're making across America without increasing the deficit. And we still reduced the deficit by $7 billion.
Look, we need to do more.
One of the other things I want to mention - you know, I'm - I'm - I'll say it politely. I've gone after pharmaceutical corporations throughout my career. The pharmaceutical corporations in America are the best in the world. They make the best products. But whatever prescription you're taking right now, if I give you a prescription - we'll fly to Toronto, Canada, London, England, whatever - Brazil, wherever in the world - I'll fill that prescription from that same company at one-third to one-half the price.
We get paid more than any other country in the world. That's no joke. And you're not only paying for it on the prescription, you're paying for it because a large part of it is covered by Medicare. So I've advocated for Medicare to negotiate and save (unintelligible). (Applause.)
Well, with the help of your Senate and congressional -- congressional delegation, I finally prevailed.
And guess what? Any of you - I'm not asking you to raise your hand - but do you know anyone who has - has a problem with diabetes, needs insulin? Well, it used to be that the average cost of an insulin injection was close to $400 a year. Now they can't charge more than $35. (Applause.)
And by the way, they still have a 350% profit margin. It costs $10 to make it - $10 to make it. And the guy who invented it didn't even want to patent it because he thought it should be available to everybody.
I could walk you through the list.
And starting in 2025, guess what else will happen? Does anyone you know have a parent or grandparent taking a cancer drug? They could be paying anywhere from $6,000 to $13,000 a month for - for that medication. They can't do that.
And guess what? No one will have to -- no senior will have to pay, no matter how much medication they have to take, more than $2,000 a month, period -- period, period, period. (Applause.)
And they will still make money. They'll still make money.
And guys, I've been told it's a terrible thing. It's a terrible thing. Guess what? Not only does it save individuals money, but it means that you as taxpayers are paying billions of dollars less every month because you don't have to spend that money on Medicaid. You don't have to spend that money on Medicaid because it's a fair price.
We're getting so- - look, we - you know, we have - we had - we had - before the recession, before the - the pandemic, we had about 700 billionaires in America. Now there's 1,000 billionaires. Do you know what their average tax rate is? Eight percent.
Raise your hand if you want to change your current tax rate to 8 percent. (Laughter.) No, I'm not kidding. I'm dead serious. You know, it sounds like I'm making this up: 8 percent, what they pay.
That is why I have proposed a minimum tax for billionaires of 25 per cent. That's not even the top rate. (Applause.)
If billionaires and big corporations paid at least roughly their fair share, we could strengthen social and health insurance, and reduce the cost of child and elder care. Working and middle class people would be better off. And it wouldn't cost a penny because they make money - $40 billion would come in.
And - and it's not - I mean, it's just - it's just basic fairness. You know, it's the right thing to do, and we can do it. And I'll be damned if I'm going to do it in the last year of this administration. (Applause.)
Let me close. I've been talking too long. I'm sorry... I'm getting a little confused here.
This bridge is important, but the story we are writing is much bigger.
When you see the shovels in the ground and the cranes in the sky and the people working hard on these projects, I hope you will feel a renewed sense of pride - pride in your community, pride in what we can do, pride in America, pride in knowing that we can still accomplish great things together in America.
We are the only region in the world that has emerged from every crisis we have been in stronger than when we entered it. This is no joke. The only country in the world. For God's sake, it's the United States of America - the United States of America.
And the real heroes of the story, the American people, are beginning to speak out. The American workers, the American people, who are doing the work to bring communities back to their country in a way that is - that was before - in the future.
That's what America does. That's why I've never been more optimistic about the future. We just have to realize who the hell we are. We are the United States of America, and there is nothing - nothing that is beyond us when we do it together.
Let's start working together for God's sake.
God bless you all. And may God protect our soldiers. (Applause.)
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