Key Capitol Hill Hearings CSPAN September 15, 2016 4:07pm-5:00pm EDT
he's elected president, the u.s. economy will add 25,000 new job he promised unbridled economic growth. in remarks today before the economic club of new york. >> the president of the economic club. the economic club of new york is the nation's leading nonpartisan economic, social issues. more than 1,000 prominent guests have appeared before the club over the last years and have established a strong tradition of excellence. we want to personally recognize the now 234 members of the entennial society. these club members continue to make extraordinary contributions to ensure the stability of the club in its second century.
their names are in your program and they are seated in the front. we would also like to welcome the member-sponsored table of students from n.y.u. cern school of business that are in attendance today. after the convention this summer, the economic club and the brd of directors extended an invitation to both of the candidates to come to the club and present their economic platform. this afternoon, we are absolutely honored to be able to welcome our guest speaker, donald j. trump, the republican presidential nominee. [applause] i'm delighted to say that to introduce mr. trump today we are
pleased to welcome indiana governor and vice-presidential candidate mike pence. [applause] gnchor. governor, the podium is yours, sir. [applause] mr. pence: thank you. thank you to members of the ard, honored guests, fellows on -- at the head table. it is a great, great honor for this small town boy to be in the big apple. and to introduce today the next president of the united states of america. [applause]
it's a particular honor for me to be here at the economic club of new york a historic and storied place, a place where men and women who drive not only this great city but much of the dynamic american economy over the decades of our nation's history in so many different ways. each one of you makes an extraordinary difference and i'm honored to be before you today. it's great to be back in new york city. i've beenen the campaign trail for the last couple of months. this is my first time back since i accepted my running mate's invitation to run and serve as the next vice president of the nited states of america. heas humbled to accept that,
is a builder, he is a dreamer and i believe when 4e becomes president he -- when he becomes president he will make america great again. [applause] we find ourselves on this day in the middle of september, 2016, in the midst of the weakest economic recovery since the great recession. at this historic forum, the republican nominee for president of the united states will do what so many other american leaders have done from this very podium. he will take this moment to outline a new economic vision, a vision to make this country great and strong and prosperous again and it is truly my privilege to introduce him today. you all know him well here in new york city. i've just gotten to know him over the last few months. but i got to tell you, i had someone walk up to me the other day and they said, i've known donald trump for the last 30 years and i really like him. i told him, i've known him for
the last 120 days and i really like him. this is a good man who loves his family and loves this country and he will be a great president of the united states. [applause] we've become fast friends. for all the world it seems like i've known him all my life. like so many other builders and entrepreneurs, he's a dreamer, he's a driver, he's a man who speaks his mind. but i have to tell you, what you may not know here in the big apple is that clear-eyed vision and that leadership has literally inspired a movement of people all across this country. i was in scranton, pennsylvania, last night. he was in ohio. everywhere i go campaigning with donald trump or for donald trump i see firsthand that he's given voice to the aspirations and the frustrations of the american people, like no other president in my lifetime since ronald reagan. i think the key is that donald
trump has never forgotten the men and women in this -- who built this country. men and women who worked with their hands, who grow our food, who build our roads and bridges and protect our families. and they know it. this is a challenging time. for working families all across this country. the truth of the matter is, as i stand before you today, not only are we in the midst of the weakest economic recovery since the great depression, but we're -- we also have an economy that in the last quarter only grew by 1.1%. we have the lowest labor participation rate since the 1970's and most heartbreaking of all, from 7 1/2 years ago to today, there's nearly seven million more americans living in poverty than there were in 009. you know, for all the world, these days remind many of us of the 1970's. then as now we had one candidate who spoke of a national malaise and of accepting a status quo.
and then there was another candidate who spoke with confidence of a boundless american future and the american people chose that optimistic future and i believe they will again. [applause] the other party tells us this is the best that we can do. that the american people know better -- but the american people know better. it's nowhere near the best we can do, it's just the best they can do. and when donald trump becomes president of the united states of america, we're going to get this economy moving again for every city and every town and every state in the nation. [applause] today you'll hear donald trump again describe that vision that will unleash the bounledless potential of the american
economy -- boundless potential of the american economy. an american economy that will be driven by empowering working families and businesses large and small. encouraging entrepreneurs to invest, to build and to grow and to produce right here in america again. and so let me say it is a joy for me, it is a privilege for me. but it is also a distinct honor to introduce to you the next president of the united states of america, donald trump. [applause] mr. trump: thank you very much, ladies and gentlemen. it's a great honor to be with you.
we had some really incredible things happen today. the polls are coming out, we're leading in so many polls. i can't tell you, i don't know where to begin. but that's a good feeling. we are, i guess cnn just came out, we're leading nationwide with cnn. we're leading in ohio and we're leading just -- i think it just came out, we're leading in north carolina, florida, we're leading and we're having a lot of fun. we're having a lot of fun on the campaign. nd on the trail. i just wanted to say that -- it's always a lot of fun when you come up and the people don't have the teleprompter working, but that's ok. [laughter] lucky i brought some notes. today i do want to outline a plan more american economic revival. it's a bold and ambitious and
forward-looking plan to massively increase jobs, wages, income and opportunities for the people of our country. great people of our country. i will tell you. my plan will embrace the truth that people flourish under a minimum government burden and will tap into the incredible unrealized potential of our workers and their dreams. right now 92 million americans are on the sideline outside of the work force and they're not a part of our economy. it's a silent nation of jobless americans. and look no further, and i mean no further, all you have to do is look at flint, where i spent a lot of time, the city of flint. and what a disaster has taken place. the jobs have been stripped from the community and its infrastructure has totally collapsed. in 1970 there were more than
80,000 people in flint working for general motors. oday it's less than 8,000. we have 8,000 people and that's going down. and they're making very, very little, and people are trying to o down to that $,000 mark. what we're doing is ford, ford has announced just yesterday that they're moving their small car production facilities to mexico. and i've been talking about this a long while and i think that's aybe one of the reasons that we're doing so well in ohio and michigan and lots of other places where cars and parts are involved. to think that ford is moving its small car division is a disgrace. it's disgraceful. disgraceful that our politicians allow them to get away with it. [applause] really is.
it used to be cars were made in flint and you couldn't drink the water in mexico. now cars are made in mexico and you can't drink the water in flint. [applause] we're going to turn this around . my economic plan rejects the cynicism that says our labor force will keep declining, that our jobs will keep leaving. and that our economy can never row as it did once before. and boy, oh, boy, did it used to row. we reject the pessimism that
says our standard of living can no longer rise and that's all there is really left to divide because frankly we're looking at an economy now of no growth and redistribution of wealth. and that's not going to ork. everything that is broken today can be fixed and every failure can be turned into a truly great success. ust look at the way i just melded into the teleprompter that just went on. [laughter] who else could have pulled that off, ok, who else. [applause] jobs can stop leaving our country and they will just
absolutely start pouring in. failing schools can become flourishing schools. crumbling roads and bridges can become gleaming new infrastructure. inner cities can experience a flood of new jobs and investment and rising crime can give way to safe and prosperous communities. all of these things and so much more are possible. but to accomplish them we must replace the present policy of globalism, which has taken so many jobs out of our ommunities, and so much wealth out of our country and replace it with a new policy of americanism. [applause] america first. remember that. [applause] understand this american system, every policy decision we make must pass a simple test. does it create more jobs and better wages for americans? the test. if we lower our taxes, remove
destructive regulations and we have to do that, unleash the vast treasure of american energy and negotiate trade deals that put america first, then there is no limit to the number of jobs we can create and the amount of prosperity we can unleash. america will truly be the greatest place in the world to invest, hire, grow and to create new jobs, new technologies, and entire new industry. instead -- thank you. [applause] instead of driving jobs and wealth away, america will become the world's great magnet for innovation and job creation. my opponent's plan rejects this optimism. she offers only more taxing and her tax increases are unbelievable. more regulating.
more spending. and more wealth edistribution. a future of slow growth, declining incomes and dwindling rosperity. the only people who get rich under hillary clinton are the donors of the special interests. but bad for our country. and hillary clinton's america, we have surrendered our status as the world's great economy. and we have surrendered our middle class to the whims of foreign countries. we take care of them better than we take care of ourselves. ot one single idea she's got will create one net american job or create one new dollar of american wealth for our workers. the only thing she can offer is a welfare check. that's about it.
our plan will produce paychecks and they're going to be great paychecks for millions of people now unemployed or underemployed. in the course of this campaign, i've traveled all across the country and i've met the most amazing people. every day i've seen the good -- the goodness and character of our country and brave citizens proudly fighting through hard times and difficult circumstances. i have been all over this country, folks, and we have unbelievable people, but they need leadership. the country needs leadership. in many parts of our country, the hard times never seem to end. i visited cities and towns in upstate new york where half of the jobs have left and moved to exico and other countries. the businesses are gone, they've
been taken away, like taking candy from a baby. politicians have abandoned these places all over the country and the people who live there are just there. no hope. worse still, politicians have heaped scorn and disdain on these wonderful americans. my opponent described tens of millions of american citizens as deplorable and irredeemable just last week. so how can hillary clinton seek to lead this country when she considers its citizens, tremendous, tremendous numbers of them, beyond redemption? the hardworking people she calls deplorable are the most admirable people i know. they're cops. [applause]
and soldiers. teachers and firefighters. young and old. moms and dads. blacks and whites. latinos. above everything else, they're americans. some are rich americans, some are poor americans. they're americans. they love their families. they love their country. and they want a better future. these are the forgotten men and women of our country and they have been forgotten. people who work hard but don't have a voice. i'm running to be their voice. [applause] mr. trump: and to bring prosperity to every part of this country. too many of our leaders have forgotten it is their duty to protect the jobs, wages and
well-being of american workers before any consideration. we have to do that. i'm not running to be the president of the world. i'm running to be the president of the united states of america. [applause] and as your president, i will fight for every last american job and every american company, which really a lot of companies in this room, i can tell you. we are going to be fighting for you. [applause] you are bringing the jobs. we are a nation that paved the way, dug out the panama canal and won two world wars and put a man on the moon. it's time to start thinking big once again. that's why i believe it's time to establish a national goal of reaching 4% economic growth. [applause]
and my great economists don't want me to say this, but i think we can do better than that. they're upset, will be very upset. but i think we can substantial -- do substantially better than that. in working with my economic team we put together a plan to put us on track to achieve that goal. over the next 10 years, under our plan, the economy will average .5% growth and create a total of 25 million new jobs. you can visit our website. just look at the math. t works. [applause] this growth means that our jobs and plans, including our child care reform that ivanka trump, my daughter, is so involved in, will be complete -- i like her
too. will be completely paid for in combination with proposed budget savings. it will be deficit neutral. if we reach 4% growth, it will reduce the deficit. it will be accomplished through a complete overhaul of our tax, regulatory, energy and trade policies. [applause] right now, under the obama-clinton policies, the economy grew only 1.1% last quarter a number that was shocking to people that do this professionally and for life. it translates into millions of lost jobs and certainly millions of lost good jobs because we don't have good jobs anymore. those jobs are gone and going.
this is the weakest so-called recovery since the great depression. over the last seven years, the economy grew only 2.1%, the lowest period in 70 years. had the economy grown at the same rate as reagan, it would have meant 10 million more obs. perhaps most shockingly, one in six men aged 18 to 34 are either in jail or out of work. meanwhile, another two million hispanic americans have been added to the ranks of those in poverty. on top of it all, the obama-clinton policy has doubled the national debt. it took more than 230 years for the united states to accumulate its first $10 trillion in debt.
it took president obama less than eight years to add another $10 trillion. now, it will be one thing if that money had been used to completely rebuild our nation, our military, our infrastructure, but that didn't happen. instead, the opposite happened. we doubled our debt and in return, we have dilapidated infrastructure, failing schools, a badly depleted military, greatest people on earth and they have a badly depleted military, its equipment, old and tired. and another 14 million people ho have left the work force. never has so much money been spent so poorly and so unwisely. but we are going to turn that all around and here's how. it begins with bold new tax reform.
[applause] don't worry, they're going down, not up. they're going down. you were concerned they were going up. as outlined in detroit, our tax plan will greatly simplify the code and reduce the number of brackets from seven to three. the new brackets will be 12%, 25%, and 33%. low income americans will pay no income tax at all. in fact, our plan will remove millions and millions of workers from the income tax roll entirely so that all of that ork that we do in washington can be discontinued. they'll pay tax, they'll pay tax but they'll pay tax when they start making a certain amount of income. by lowering rates, streamlining
deductions and simplifying the process, we will add millions and millions of new jobs. in addition, because we have strongly capped deductions for the wealthy and closed special interest loopholes, the tax relief will be concentrated on the working and middle class taxpayer. they will receive the biggest benefit and it won't even been close. they have been forgotten. we are not going to forget them. they have built our country. we will not forget. thank you. [applause] this is a working and middle class tax relief proposal. the tax relief for these workers will be expanded by my child care proposals that i have worked on with my daughter ivanka. these proposals are central and are very, very powerful central element of our comprehensive tax reform and economic growth plan.
families will be able to fully deduct the average cost of child care from their taxes, including stay-at-home parents. because the deduction is capped, it will be disproportionately and it will benefit working and middle class families. got to take care of our middle lass families. the less you make, the larger the share of your income you can exclude from taxation. parents will also be able to enroll in a tax-free dependent care savings account for their children or elderly relatives. low income households will benefit from both an expanded earned income tax credit in the form of child care rebates and a matching $500 contribution for their savings account.
a married couple earning $50,000 per year with two children and $8,000 in child care expenses will save 35% from their current tax bill. that's a tremendous savings. [applause] and they'll have a better life. a married couple earning $75,000 per year with two children and $10,000 in child care, expenses will receive a 30% reduction in their tax bill from what they are paying right now. by contrast, someone earning $5 million, like the people in this room, will receive virtually no change in their tax bill at all. one of our greatest job creation measures is going to be our 15% business tax rate, down from the current 35% rate, a reduction of more than 40%. [applause]
i know that's what you people have been waiting for. an explosion of new businesses and new jobs will be created. it will be amazing to watch. you watch and it will happen. we will also allow united states-based manufacturers to fully expense the cost of new plants and equipment. big, big deal. [applause] on top of that, we will bring back trillions in business wealth and this is wealth that costs overseas, nobody knows how much it is. they say it's $2.5 trillion. i have people who think it's $5 trillion. we'll bring them back and it'll be taxed only at the rate of 10% instead of 35%. who would bring it back at 35%? obviously nobody because nobody is doing it. i think it's going to be
something that will be so phenomenal, far beyond what people even think. by taxing it at 10% instead of 35%, all of this money will come roaring back into our country and lots of good things will start to happen. we will turn america into a new magnet with new jobs and that means jobs in our poorest communities. so important. and right now, we have companies leaving the country because taxes are too high, but we actually have companies leaving the country to get their money. that's a first. nobody has ever heard of that one before but believe me that's appened. next comes regulation. we have to scale back years disastrous regulations, unilaterally imposed by out of control bureaucrats. regulations have grown into a
massive job-killing industry and the regulation industry is one business i will absolutely put to an end day one. [applause] in 2015 alone, federal agencies issued over 3,300 final rules and regulations, up from 2,400 the prior year. every year, overregulation costs our economy $2 trillion a year and reduces household wealth by lmost $15,000. i propose a moratorium on new federal regulations that are not compelled by congress or
public safety. and i will eliminate all needless and job-killing regulations on the books, and there are plenty of them. [applause]
this includes eliminating some of our most intrusive regulations, like the watt orse the u.s. rule,
and it means scrapping the e.p.a.'s so-called clean power plan, which the government itself estimates will ost $7.2 billion a year. this obama-clinton directive will shut down most if not all coal-powered electricity plants. all over the country, they are shutting down. remember what hillary clinton said. she wants to shut down the miners, just like she wants to shut down the steel mills and steelworkers and we're not going o let that happen. [applause] we're going to put our great miners and steelworkers back to work. energy reform is central to our plan as well. according to heritage foundation, by 2030, president
obama's energy restrictions will eliminate half a million manufacturing jobs, reduce economic output by $2.5 trillion and reduce incomes by $7,000 per person. and today, you have workers, and i see them all the time and i meet them all the time and they are part of this massive group of people that have just come on to this movement. but you have workers making less money today than they made 18 years ago in real wages. they are working much harder ftentimes because of the disastrous obamacare that we are going to repeal and replace. oftentimes, they're working two jobs. so they are working harder, they're older and they're making less, like me. i'm working harder than i ever worked also. but these are minor, nobody cares about that. who cares about that? hillary clinton wants to go even further and her plan could cost the economy $5 trillion.
a trump administration will lift restrictions on all sources of merican energy production. according to the institute for american energy resources, this will increase the g.d.p. by more han $100 billion annually. add over 500,000 new jobs annually. increase annual wages by more than $30 billion over the next seven years. increase federal, state, local tax revenues by almost $6 trillion over four decades. increase total economic activity by more than $20 trillion over a 40-year period. in addition, we will streamline the permitting process to all energy infrastructure projects which are desperately needed, including the billions of
dollars in projects held up by president obama currently being held up. they just won't approve anything. creating countless more jobs in the process. finally comes trade. the foundation for everything. america's annual trade deficit with the world is now almost $800 billion a year. who are negotiating these deals? anybody in this room negotiating these wonderful deals? think of it, we have a trade deficit of almost $800 billion a year. that's going to change so fast. between world war i and the year 2000, the united states averaged a 3.5% growth rate. but after china joined the world trade organization, our average growth rate has been reduced to only 2%. predatory trade practices, product dumping, currency manipulation, which is a big one
and intellectual property theft ave taken millions of jobs and trillions of dollars in wealth right out of hour hands, right out of our country. so sad that we allowed this to happen. our incompetent politicians were not watching. and the ones that were watching, were taken care of in some form, because this should have never been allowed to have happened. it is no great secret that many of the special interests funding my opponent's campaign are the same people profitting from these terrible trade deals. they are terrible. terrible for everybody. the same so-called experts advising hillary clinton are the same people who gave us nafta. china's entry into the world trade organization, the job-killing trade deal with south korea, another disaster. and now the transpacific partnership that they are
pushing so strongly. the verdict is in. all of the special interests that the media raced, which they raced to get comment from have been proven wrong over such a long period of time. every single deal they promoted, every lie and every prediction has crashed. just crashed. they've been so absolutely wrong, and they've been so bad for our country. our manufacturing base has crumbled. communities have been hollowed out. wages have declined. and households are making less today than they were in the year 2000. i propose a detailed plan to reform our trade policy and bring vast new jobs and wealth to america. we need our welfare. we don't have wealth.
we are a debtor nation. this includes the following steps. i'm going to direct the secretary of commerce to identify every violation of trade agreements that a foreign country is using to harm our country, and our workers. that's what's happening. they're being harmed and our country is being harmed. i will use every tool under american and international law to end these abuses and i will use our greatest business leaders and finest negotiators and i will tell you, some of them are in this room right now, not all of them, but some of them. nd i know who you are. and honestly, we're going to be calling on you because we have people negotiating the biggest deals in the world, far bigger than your company deals. your company deals are like ittle deals by comparison.
take some of these big companies and look at some of these trade deals, hate to say it but companies are peanuts. but we are going to use our best. right now we have political hacks negotiating the biggest most important por -- most important deals in the world. we are going to start with nafta, which is causing so much damage to our country. we will entirely renegotiate nafta into a deal that will either be a good one for us as a country and our workers, or we will terminate it until a brand new and productive deal can be signed. [applause] we'll also -- and we have to -- we're going to keep america out of transpacific partnership unless we can do something that's phenomenal and i'm not seeing it right now. i can tell you that. i'm not seeing it. [applause]
next, i'm going to instruct my treasury secretary to label china -- i like china, they're my tenant and they buy condos all the time. they're just fine. but you know what? they are a currency manipulator. and we are ging to apply tariffs to any country that devalues its currency to gain an unfair advantage over the united states. they are a manipulator, grand laster level. we can't -- grand master level. we can't allow it to happen. how are people and our representatives and politicians, don't have even a little clue as to how to play the game. we have a trade deficit this year with china of approximately $500 billion. what kind of a deal is that? and this has been going on for years. $200 billion, $300 billion, $400 billion for years.
i'm going to instruct the united states trade representative to bring trade cases against china. china's unfair subsidy behavior is prohibited by the terms of its entrance into the w.t.o. and i intend to enforce the rules. and i'm sure we'll make a deal somewhere along the way. but they're not playing fairly and our politicians don't understand how to play the game. [applause] if china does not stop its illegal activities including theft of american trade secrets and intellectual properties, i will apply countervailing duties until china ceases and desists. you know what that means? a single action of enforcing intellectual property rules alone would add millions of new
american jobs. according to the united states' international trade commission, improved protection of america's -- think of this. improved protection of america's intellectual property in china would add two million jobs a year within the united states every single year. and we do nothing. we allow them to get away with it. who can blame them? i don't blame them at all. if you can get away with it, get away wit. we are going to stop the outflow of jobs from our country and open a new highway of jobs back nto our country. here's how the plan adds up. we are proposing a $4.4 trillion tax cut that will score as a $2.6 trillion under dynamic growth models, which is how taxes should be scored. [applause]
this includes the child care plan that we announced the other day. our economic team has further modeled that the growth induced based from trade, energy and regulation reform will shave another $1.8 trillion off of the remaining debt. that leaves around $800 billion. this money can all be saved through simple, commonsense reforms. if we just save one penny of each federal dollar spent on nondefense and nonentitlement programs, we could save almost $1 trillion over the next decade. one penny. we can all do that. [applause] mr. trump: save over a trillion. again this is spending that does not touch defense, because we have to buildup our military, which is so terribly depleted
and that does not touch entitlements. if our plan exceeds the $3.5% 10-year growth average that our jobs proposed will actually reduce and start really strongly educing the deficit. savings will be compounded by the fact that people who are currently receiving unemployment or welfare will finally be able to find jobs. this is the most pro-growth, pro--jobs, pro-families' lan. perhaps in the history of our country. this is what our new future will look like. i'm going to low you are your taxes very, very substantially. i'm going to get rid of massive amounts of unnecessary regulation. all of these regulations on your business and in your life, i'm going to unleash america's energy.
i'm going to repeal and replace obamacare. i'm going to appoint justices of the supreme court who will follow the constitution. [applause] i'm going to rebuild our depleted military and take care of our vets who are treat sod badly. [applause] in many cases, our vets are treated not nearly as well as people who come into our country illegally. we can't have that. i'm going to save your second amendment, which is under siege. i'm going to stop illegal immigration and drugs from pouring into our country and totally poisoning our youth and others. [applause] a tremendous problem. and yes, we will build the wall. the wall will be built. and just in case you are worried about who is going to pay for
it, mexico will pay for it. being totally serious about that. mexico will pay for it. and you understand, mexico, by the way, will look at the trade deficit we have with mexico, it's massive. the wall is peanuts compared to what we're talking about. exico will pay for the wall. and i'm going to renegotiate our disastrous trade deals especially nafta and we will only make great trade deals that put the american worker first and put the american worker back to work. [applause] that includes our miners and steelworkers. they're going back to work. we will rebuild our roads, our bridges, our tunnels, our highways, our airports, schools, hospitals. we'll rebuild everything. american cars will travel the world. americans planes will soar the skies. and american ships will patrol the seas.
american steel will send new skyscrapers into the clouds. american hands will rebuild this nation. and america's energy harvested from american sources will power this nation. american workers will be hired to do the jobs. we will put new american metal and new american steel into the spine of this country. jobs will return. incomes will rise. new factories will come rushing back to our shores. we will make america wealthy again. we will make america strong again. and we will make america great again. thank you very much. god bless you. thank you. thank you very much. [applause] thank you.
[captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2016] >> thank you, sir. we will now move to our fireside chat format, where we're pleased to have as our interviewer john paulsen, a member of the economic club of new york board, and president of paulsen company. we would also like to thank those members who took the time to share their thoughts and ideas on topics and questions from mr. -- for mr. paulsen online so that they could be perhaps used in this conversation. i think we also had some members
of the board and others provide some input directly to mr. paulsen so thank everyone for that. the chairs, i think, are ready, gentlemen. please take your seats and let he conversation begin. [applause] mr. trump: what happened with the teleprompter? he's a little late, right? i had nothing to to with it. mr. paulsen: first let me thank you for speaking with us today. i think many of us found your economic plan very bold and ambitious. mr. trump: thank you. mr. paulsen: i was talking with marty feld steen -- excuse me, with glen hubbard, dean of columbia's business school. and we're talking about how many
economists have resigned themselves to low growth, 1.5% or 2% range for the u.s. you believe with your economic policies we can grow 3.5% plus. could you summarize the key components of that plan and if possible quantify the contribution to the increased growth? mr. trump: certainly, i think that i watch the world and i look at china and other countries and if china goes down with g.d.p. to 7% or even 8%, it's likely to have a revolution. what do they do? they start devaluing, do valuing, they get it back on track one way or the other. i've had friends come to me that have been devastated, people that are manufacturers, good manufacturers, very successful people. but they become less and less successful because they can't beat the system.
in this way too, it's a rigged system. and they almost do well and then boom, a massive devaluation in china or other countries and there are plenty of other countries out there, some are actually hurting china now. but the fact is, when they have 7% and you see it, they start dropping to 7% or 8% and they consider that to be a disaster, yet we're stuck at 1%, probably the real number is 1% but certainly no more than 2%. and then you try to learn to live with it. we can't do that anymore. so we're going to unleash tremendous opportunity, we're bringing back the trillions of dollars that come into this country. i said in my remarks that brings a lot of companies back. they leave not because taxes are too high but they leave to get their money. we're going to unleash a lot with the regulations. the thing that most surprised me in going around, because i've
been to, i mean, i've been everywhere. i have been working, this started on june 16, who knew this was going to happen, right? but it started on june 16 and it's been amazing thing. but what's really amazing from a business standpoint, i speak to big businesses, the biggest businesses in the world and i also speak to the small business people and the farmers and -- if they had their choice between this massive tax cut from 35% down to 15% or regulation relief, they would take, almost 100% of the time, regulation relief. the regulations are a disaster. they're killing people. they're killing the farmers. they're kill thinking energy folks. they've killed the mines. and you know, we need regulations for safety, for environment, for certain reasons but it's gone so crazy, it's gotten so excessive. but they would take that over taxes. so we're going to unleash a tremendous number of jobs coming
in, plus growth, cutting waste, fraud, and abuse. think of that word waste. if the penny plan, just a penny out of every dollar. i know you can do that. but we have to appoint people to head these massive agencies. if they were companies, they would be very large companies and some would be bigger than any other companies. but you you take a penny, a penny off the dollar and do that for a number of years and all of a sudden, great things start to happen. in addition to that, we spend a tremendous amount of military, which we are going to increase. but we also defend other countries.