tv President Delivers Remarks on Economy CSPAN July 27, 2018 1:40pm-2:02pm EDT
>> you can watch this program later today available on our website at c-span.org. earlier today on the south lawn of the white house, president trump spoke about the u.s. economy emma gross domestic growth of 4.1 percent for the second quarter of 2018. the president also commented on north korea's return of remains of 55 serviceman killed during the korean war.
were on track to hit the highest annual average growth rates in over 13 years, and i will say this right now and i will say it strongly, as the trade deals come in one by one, we are going to go a lot higher than these numbers, and these are great numbers. during the two previous administrations, we averaged just over 1.8% gdp growth. by contrast, we are now on track to hit an average gdp annual growth of over 3%, and it could be substantially over 3%. meansoint, by the way, approximately $3 trillion and 10 million jobs. think of that. you go up one point, and it itsn't sound like much, but is a lot. it is $3 trillion and 10 million jobs.
if economic growth continues at this pace, the united states economy will have doubled in size within 10 years faster than it would have under either president or president obama. perhaps where the biggest wins in the report, and it is indeed a big one, is that the trade deficit, very dear to my heart because we have been ripped off by the world, has dropped by more than $50 billion, $52 billion to be exact. the trade deficit has dropped by more than $2 billion. that is -- $50 billion. that is adding 1.2 gdp. that is a tremendous drop. we have not had a drop like that for a long time. 3% overasing growth to the next 10 years, that would
mean 12 million new american jobs and $10 trillion of new american wealth at least. that is not including the fact that since i was elected, we have created approximately $7 trillion of new wealth. the year before i came into office, private business investment group at only 1.8%. last year, it jumped to 6.3%. that was my first full year. we had to do a lot to get it to grow. this year it is growing at 9.4%. that is a very tremendous increase. there hasn't been an increase like that in many years, decades. i think the most important thing and larry kudlow just confirmed to me that these numbers are very sustainable. a one-time shot.
i happen to think we will do extraordinarily well in our next report next quarter. it is going to be outstanding. i want to strong because benefits not quite as good, you will not let me forget it. but i think the numbers are going to be outstanding. accomplished an economic turnaround of historic proportions. when i came in to office, 1.5 fewer americans were working than eight years before. we had lost almost 200,000 manufacturing jobs under the previous administration, and you all know, they say you have to lose manufacturing jobs. it will get worse and worse. manufacturing jobs are obsolete. no, they're not obsolete. a are the greatest jobs we have. more than $10 million have been added in past years. we have turned it all around. once again, we are the economic
envy of the entire world. when i leave the leaders of countries, the first things they say invariably is, mr. president, so nice to meet you. congratulations on your economy. you are leading the entire world. they say it's almost each and every time. again becausening we are finally putting america first. everywhere we look we are seeing the effects of the american economic merit. we have added 3.7 million new jobs since the election. a number that is unthinkable if you go back to the campaign. nobody would have said it and no one would have rejected it in an optimistic way. longestooking at the positive job growth streak in history. claims havelymouth reached their lowest levels in
half a century. the african-american -- the unemployment claims have reached their lowest levels in half a century. the african-american unemployment is the best it has ever been in the history of our country. the hispanic unemployment rate has reached the lowest rate, likewise, in history. the asian unemployment rate has recently reached the lowest likewise, in history. women unemployment rate recently reached the lowest level in 65 years. soon that will be in history. give it another two or three weeks. veterans unemployment is at us -- at its lowest level in 18 years, and that is rapidly going up, on top of which we just received and one from congress choice where veterans can go out
and see a doctor if they connected the service that they deserve very unemployment -- deserve. unemployment for disabled americans has hit the record low, lowest in history. more than 3.5 million americans have been lifted off of stance, something you haven't seen in decades. 3.5 million americans have been lifted off stamps. that is because they are able to go out and get a job, and they are going to love their jobs. 95% of american manufacturers are optimistic about the company's outlook, and that is the highest level also in history. that is an old survey and then time. a long manufacturing wages are expected to rise at the fastest rate in over 17 years. business and consumer confidence has reached historic ties -- highs.
so far this year, american experts are up -- exports are up nearly 20%. i have only been here a little more than a year and a half erie over the same period when i took office, we have become a net exporter of natural gas for the first time since 1957. we have gotten rid of tremendous amounts of regulations which allows us to do things. we still have tremendous regulations on clean air, clean water, and the environment. it is important to me and important to everybody. we had unnecessary regulations hurting our economy and our country. we have eliminated a record number of job killing regulations, and with the help of republicans in congress, we passed without one democrat vote, the biggest tax cuts and reform in our history.
and as you know, the democrats want to and that and race everyone's taxes. that would be a disaster for our economy. more than 6 million americans are now enjoying new bonuses, better jobs, and far bigger paychecks. yet every single democrat voted against the tax cuts, every single one. we did not get one vote. they voted against working families and against small businesses. not good. in the first three months after tax cuts, over $300 billion poured back into the united states from overseas. we think it will be in the end when completed over for $20 will be back into our country. in $230one is bringing billion, and they are building new plants and a magnificent campus. they will spend the money wisely , but in our country not some other country. that was made possible by the new tax cut and reform plan.
at the same time, we are finally cracking down on decades of abusive foreign trade crack this. .- practice we were abused by companies in countries, but in particular, we were abused by countries themselves, including allies. abused like no nation has ever been abused entree before because we had nobody -- abused on trade before because we had nobody watching. they stole our jobs and plundered our wealth. that ended. yesterday i was in illinois, and it was an incredible site. we had an audience of steelworkers, some of the roughest, toughest people you have ever seen. half of them had tears coming down their face. i don't know if these people ever cried in their life, half of them had tears coming down
because we opened a tremendous united states steel plant. they are opening up seven other plants and the steel industry is back. they are open for business. but we need the steel industry. the tariffs did it. nobody mentions the fact that these plants are creating tremendous numbers of jobs. billions of dollars are pouring into the united states, billions of dollars. we are getting jobs, we are getting money coming in, we are respected, and eventually the steel prices will really start to go down because all of the new plants will compete against each other. we won't have foreign countries dumping, that is the use they were -- that is the word they
use, dumping all over and destroying our companies and plan and our jobs. elected, we have added 400,000 new manufacturing jobs. remember, that was the obsolete deal. i used to say why is it obsolete? we have to make things. manufacturing jobs are among our best jobs, and we are just getting started. we have also liberated millions of americans from the crushing burdens of obamacare, the cruel individual mandate penalty is gone. that is where you pay a lot of money for the privilege of not having to buy that health care and pay for it. it is gone. nobody felt we could get rid of it. that was the most unpopular provision by far probably on anything, but certainly in obamacare. it is now on its last legs, fortunately. through associated health plans, we are given americans the
and millions of going to sign up. we are giving americans the ability to purchase much better and more affordable of care -- health care, and insurance bidding across state lines. all insurance companies are going wild. we are going to have great health care at a much lower price. it will cost the united states nothing, think of that. it will cost us nothing. secretary acosta and azar is coming up with much better health care at a lower rice across our country. we finally taking care of our people. finally there is another matter that is of profound importance to me, and i wish to discuss it
right now for relief. -- we leave. what we nothing like have been working on, so important for the lives of americans and all over the world. at this moment, a plane is carrying the remains of some great fallen heroes from america that from the korean war. they are coming back to the united states. mike pence, our wonderful vice president, will be there to greet the families and the remains. i want to thank chairman kim for keeping his word. we have many others coming. inant to thank chairman kim
front of the media for for filling a promise he made to me and i'm sure he will continue to fulfill that promise as they search and search and search . these heroes will be laid to rest on sacred american soil. during the campaign, people come up to me, along time ago and many decades ago, oftentimes they were older and some younger, great-grandfather and my grandfather and my father he asked if i could do something about it. i would look at it and say we don't yet along too well with that country. the said whatever you could do, and it was something very important to me. many people have asked. i have asked the vice president and others to pay special tribute, and they will do that. we honor the state.
-- sacred memory of every american patriot who fought and died in that war. everything we do in every action we take, we are fighting for , patriotic-working citizens of our blessed nation. we are making our country great again and we are respected again all over the world. our military person be stronger than it has ever been by far. that in itself will produce thousands and thousands of jobs. nobody makes equipment like we do not nobody. whether it is planes or missiles or any form of military equipment, we make the best in the world i far. we are making it possible -- by far. we are making a possible for our allies to buy it quickly. we are doing great. i am very honored to see that 4.1% number.
perhaps i am more honored to see that deficit shrink, the trade deficit shrink. to askat, i would like the chairman of the council of economic advisers and my very good friend, larry kudlow, to step forward and say a few words. thank you all very much. it is a great day. thank you very much, mr. president. thank you for your leadership any faith you put in me when you offered me this job. thank you for standing up for our veterans, i father and uncle both fought in the korean war and you don't know what it means for their forgotten comrades. it is my duty to remind that we should not make too much of one number. how many times to be here congress say that? when i met back to the first time i met you in the oval and we talked about your vision to make america great again, you
may recall that i in the end agreed. if we look at the data today we can see the proof in the pudding that the president's policies are working. it is not just the top line, but the details. he said if we deregulate the economy and have tax reform refa capital spending boom because the factories will come back to america. if you look back to the data, the factories are booming again. the president said if we emphasize energy production here in the u.s. we could become a even an energy economy, energy export. if you look at the dated today, one of the reasons why they are so strong is drilling and mining activity skyrocketed in an unprecedented way. finally, this is a time you have looked at me and smiled about whether i really agree with you. the trade deficit proves that you stand up for america's workers and let our allies know
then you can make a lot of progress. thank you for your leadership. warm out here, so i will be as quick as i can. i want to reiterate what the president said. growth agenda, it has been in place for a short while, it's already beginning to work. energy and trade reform to fix a broken trading system. is becoming a trend, business investment is booming. nine to 10% growth in the first half of this year. i believe that's going to continue. why do i talk about business investment? that's the key to productivity, which is the key to growth, which is the key to rising real
jobs, a pointng that kevin and i make. these tax cuts particularly in the business and investment side are going to be boosting wages, livelihood and jobs for middle america ordinary working folks. this is a boom that will be sustainable. no one-shot effort. thank you, appreciated. >> are you going to go to moscow?