President-elect Donald Trump and Vice President-elect Mike Pence Deliver... CSPAN December 15, 2016 7:02pm-7:18pm EST
help distinguish us and meet the goals of our district. >> our c-span viewers will see you on the house floor, representative elect darren soto. thank you for your time. darren soto: thank you for having me. >> live now to the giant arena in hershey, pennsylvania. president-elect donald trump and vice president elect mike pence are expected to speak at a victory rally. this is one of several such rallies being held around the country this week by the president-elect and vice president elect. ase coverage here on c-span this event should get started shortly. ♪
trump. we expect to hear from him and vice president-elect, mike pence, at this victory rally, one of many being held across the country by mr. trump and mr. pence ahead of their inauguration in january. as we wait for this rally to get underway we will show you some of today's white house briefing. with the economic adviser, and josh earnest also takes questions.
>> good afternoon everyone, or good morning. before i turn this over to jason our eighthalk about annual and final economic report of the president, i thought i would take a couple minutes to provide context. jason and i will talk a little bit and take a few of your questions, and turn it over to josh to continue with your scheduled programming. as we discussed many times in this room, the incoming president campaigned on a very different approach than president obama. we do not need to rehash all of that here. one way to think about the final economic report, it is an economic scoreboard over the progress over the last eight years. report is 594 page based on facts and data and tells a story of the significant progress that we see and can be used as a benchmark for future administrations. jason will go into all this in greater detail.
a quick primer on how far we have come. first, when the president took office, we were losing nearly 800,000 jobs per month. now, we have added an average of 200,000 jobs per month for more than six years, which is the longest streak of total job growth on record. you will recall in 2012, we had presidential candidates making campaign promises to get the unemployment rate below 6% by 2016. today, we far surpassed that with the rate cut by more than half to 4.6%. meanwhile, middle-class incomes $2800 for the typical household, the number of people in poverty fell by 3.5 million. the largest one-year drop in the proper -- poverty rate since the 1960's. and the s&p 500 has tripled since the lows reached in march of 2009. you have all heard about the
president approach to the economy. this has meant restoring higher tax rates for the wealthy so fairpay more of their share. it has met relentless focus on creating good jobs and raising wages, taking concrete steps to make college more affordable for every college student and their families. it has meant a new cop on the beat, the consumer financial protection bureau to protect consumers from abuse and put money back in their pockets. this report shows that approach is working. i will remind you, there are a number policies the president proposed that would do even more. have historically, many enjoyed bipartisan support, they will go instead down in congress is missed opportunities. tax credit for child care workers, which would have reduced hardship for 13 million low were in -- low
income workers struggling to make and me. another would have boosted incomes by $131 billion, not to mention leadership in the asia-pacific. raising the federal minimum wage to $12 an hour would have boosted wages for 35 million workers, more than one in four working americans. there are many more, but you get the point. and to the final piece of context i would urge you to in going forward as you evaluate the next president, much of this progress is the result of the tough choices the president made early on. he but the country ahead of politics. take for example, the auto industry rescue. there was a lot of opposition to that of the time and it saved more than one million jobs. and of the auto industry has added nearly 700,000 new jobs since mid-2009. domestic auto production has hit record highs. he took action to stabilize our
financial system while securing $1.4 trillion in support of our economy at a time when people were turning stimulus into a dirty word. said wall street reform or kill jobs, but we have the longest streak of jobs on record. they said the president's climate and clean energy policies would drive up gas prices, but we have seen them down. the said raising taxes on wealthy would pressure our economy. instead, the stock market is surging, profits are up, incomes rising across the board. this time it years ago when the president took office, he was facing the worst economy since the great depression. we were teetering on the edge of the abyss. cry from the highly beneficial financial system and situation this president-elect is inheriting.
few years from now, you will be seeing new faces at the podium who will outline for you all of the trump administrations strategy has been in the approach they have taken. you will have an opportunity to of theirthe impact policies and rely on the same economic data and metrics you see now to see how their approaches worked. as you sit here in the future, in the seat you find yourself, we ask you to join your conclusions based on the data and facts. i will turn it over to the chairman with all the data you need to sound smart your holiday parties and to value the next administration. you all for coming here. we are very proud of the 71st economic report of the question. i apologize to all of you come of the longest one ever, but it
took 594 pages to document both what has happened in the last eight years, and to try to understand the direct role the president's policies have played , and what has happened. i understood there would be five, can you advance the flight for me? this is the point we made many times before. i remember sitting in the transition office eight years ago when we were losing hundreds of thousands of jobs a month. the estimates underestimated what we currently learn to be 800,000 jobs per month. then, we saw a record streak of job creation, with more than 15.5 million jobs created. it is all too easy in retrospect to see that is something that just and natural happened. but it was anything but. you, thext slide shows shock that precipitated this job loss was much more severe than
the shock of that led to the great depression. the great depression, 2% of wealth was lost as a result of the crash in the stock market and fallen home prices. in this crisis, it was precipitated by an 18% loss of wealth because homeownership was much more widespread. economists have studied financial crises around the world, and they usually end up looking more like the great toression, with a prolonged of extremely high unemployment, output not returning to its trend. indeed, that is what we saw in the wake of this financial crisis in europe and other countries around the world, that still have not gotten back to where they were before the crisis. the united states has done much than that historical benchmark, better than other countries around the world. and that is because of a range of policies.
one of which i would highlight on the next slide, which is, within a month of taking office on february 17, 2009, the president signed into law the recovery act, which was the single longest fiscal measure the gdp had ever done. other fiscalny measure to respond to the great depression. of people lot realize, we did not finish there. after that, we did 12 subsequent pieces of fiscal legislation, including payroll tax cuts, unemployment insurance, support for homeowners, investments and infrastructure, but together added up to those orange bands, which along with stabilizers, brokered larger fiscal response and a faster response than you saw in other major economies in the world. the monetarynt to
policy response, the financial rescue, which was not popular at the time. but we have gotten every dollar back and more that we put into to thek and saved financial system. and then the loss potential he of the one million manufacturing jobs, not just in the auto industry, but the suppliers and associates. the result of this on the next slide, is the unemployment rate has consistently fallen. it has fallen at or faster than the rate you have ever seen in any country in the wake of a run-up with unemployment of this nature. it has consistently outpaced forecast. the forecast there was made in 2010, thought we would never get to a 5% unemployment rate. we are now at 4.6%. this decline in the unemployment rate has follow the progression
that you expect to see in the growth inou see gdp 2009, unemployment growth in 2010. and in 2013, wage growth really picks up. 18% fastern at an annual rate since 2012, then it 1980he entire time from through 2007. slot --ook at the next wage growth has been faster than any business cycle on record. moreover as we see in the next , slide, this wage growth has been really broadly enjoyed with very strong gains for the typical household. that is the fastest gain ever recorded.
even stronger gains for households at the bottom of the income distribution. a range of policies have contributed to this. it did not automatically happen. one of those policies is what you see on this next slide, which is that when the president called for higher minimum wage in his state of the union address at the beginning of 2013, it was part of a very deliberate strategy that he wanted congress to raise the minimum wage, but also wanted states, cities, businesses to do it. if you look at the blue bar, that shows you the average value of the state and federal minimum, which has actually gone up, because 18 states, the district of columbia, and more than 50 municipalities have followed the president's call. unfortunately the federal one , has continued to be eroded by inflation. you could get that much more wage growth if that was raised. another policy that has been important and will be even more important in the coming years and decades is shown on the next slide, which is the large increase in investments in
college education, which we document in one of the chapters of our report. in addition, as you see in the next slide, we have an entire chapter on inequality, and it documents the commendation of the affordable care act, cutting taxes for low income families, especially those with children, and raising taxes on those most able to afford it. that has resulted in a historic reduction of income tax inequality, the largest under any president on record, with data going back to 1960, and the largest investment in tackling it is payingnce -- dividends. finally, the report includes an extensive analysis of the affordable care act. as you see in the next slide, lots of people are familiar with it. the percentage of people without health insurance. ♪