Remarks by President Trump in Press Conference | September 7, 2020
North Portico Washington D.C. September 7, 2020 1:26 EDT
THE PRESIDENT: Thank you very much. Thank you. Happy Labor Day. That was, really, a very special time I had speaking to some of the labor union heads and other people. They're very happy with the way things are going. As you probably see, the numbers are terrific.
So we called some people, wished them a very happy Labor Day, and they told us how they're doing, and we really celebrate the American worker. We are in the midst of the fastest economic recovery in U.S. history. So we have a lot to be thankful for, including this really beautiful day. It's why I thought we'd do this outside as opposed to in your more normal place.
The United States experienced the smallest contraction of any major Western nation. You probably know that. You look around and see how we're doing compared to every other nation, and our rise is spectacular. And we're rebounding much more quickly from the pandemic.
The U.S. economy added 1.4 million jobs last month, and we've have added a record-setting 10.6 million jobs since May. 10.6 million jobs since May. That's a record that is not even close. Second place is a long ways away.
In July, the Congressional Budget Office was projecting unemployment over 10.5 percent through the end of 2020. So they thought 2020, and maybe it would be a lot longer than that. Some projections, where you'd go through the entire year, and that includes a lot of months in the following year, 2021. And instead, the unemployment rate plunged, really, to the surprise of many, all the way down to 8.4 percent in August. And that's the second-largest single month decline on record. And we have the first; we have both of them. So we have the two number-one declines - "decline" meaning positive, not negative.
We're currently witnessing the fastest labor market recovery from an economic crisis in history - world history. By contrast, Biden presided over the worst, the weakest, and slowest economic recovery since the Great Depression. It was a long, slow slog, and it was a very small - very small on growth and very small on every other factor that you need. It was the weakest recovery.
Under my leadership, next year will be the greatest economic year in the history of our country, I project. And some people are starting to agree. We have a "V" shape. It's probably a "super V." And you see what's going on with the stock market, where it's, in certain cases, already setting records. NASDAQ has set 17 records already, and this is as we're, hopefully, rounding the final turn in the pandemic.
First, we'll end the pandemic. Under Operation Warp Speed, we've pioneered groundbreaking therapies, reducing the fatality rate 85 percent since April. You don't hear that from the press very often. They don't like to talk about that. So the fatality rate, 85 percent - think of that - since April.
The United States has experienced among the lowest case fatality rates of any major country in the world. And we are an absolute leader in every way. Under my leadership, we'll produce a vaccine in record time. Biden and his very liberal running mate - the most liberal person in Congress, by the way, who's not a competent person, in my opinion; would destroy this country and would destroy this economy - should immediately apologize for the reckless anti-vaccine rhetoric that they are talking right now, talking about endangering lives. And it undermines science.
And what's happening is, all of a sudden, you'll have this incredible vaccine, and because of that fake rhetoric - it's a politic rhetoric; that's all it is. Just for politics. Because now they see we've done an incredible job, and in speed like nobody has ever seen before. This could've taken two or three years, and instead it's going to be - it's going to be done in a very short of period of time. Could even have it during the month of October.
So, contrary to all of the lies, the vaccine that they're - they politicalize. They'll say anything. And it's so dangerous for our country, what they say. But the vaccine will be very safe and very effective, and it will be delivered very soon. You could - you could have a very big surprise coming up. I'm sure you'll be very happy. But the people will be happy. The people of the world will be happy.
Next, we'll return to unprecedented prosperity through our pro-American policies. We'll pass new tax cuts to boost take-home pay. We're going to be cutting taxes very substantially. We get it back through growth. We had tremendous growth until we got hit with the China virus.
We'll continue our historic regulatory reduction campaign. We've - as you know, in three and a half years, we've cut more regulations than any other administration, no matter how long, no matter what period of time you're talking about. We'll enact fair trade deals, and we're working on seven major fair trade deals right now. And when I say "fair," fair to our country - because our country was ripped off by every nation. Friend, foe, didn't matter: Every nation was ripping us off at a level that it's just unbelievable, to be honest.
We're going to be expanding Opportunity Zones, and we will keep that going. It's been a tremendous - a tremendous program. I want to thank Senator Scott, South Carolina, for coming up with that whole concept, because he came up, and I liked it right away, and it was - it's really turned out to be a tremendous thing, especially for African Americans, Hispanic Americans.
We'll continue to unleash American energy. We're number one in the world. And we're totally energy independent right now. And in 2021, we'll create 10 million jobs, at least, in the first 10 months.
Joe Biden and the radical, socialist Democrats would immediately collapse the economy. If they got in, they would collapse it. You'll have a crash the likes of which you've never seen before. Your stocks, your 401(k)s - remember, it's the people that own these massive, listed companies. A lot of people: rich people and not so rich people and middle-income people. And those stocks will crash like you've never seen before.
The Biden plan begins with a 4-trillion-dollar tax hike. And that will end everything, including growth. There won't be growth. There'll be total contraction.
Biden has also pledged to demolish the U.S. energy industry and implement the same policies causing blackouts in California. He wants to have things lit up with wind. He'll have to talk to China, Russia, India, and lots of other countries, because they're not doing that. And if they're not doing it, it puts us at a tremendous economic disadvantage, and it doesn't work.
You take a look at the blackouts in California; it's really rather amazing what's going on there. They've tried to go, and that's just with a small portion going that route. That doesn't work, and it can't fire up our big plants. We're going to have this great industry that we've created. Can't fire up our big plants.
Biden's plan for the China virus is to shut down the entire U.S. economy. He's going to totally rely on somebody to walk up, "Yes, sir, it's time to shut it down." He'd be laying off tens of millions of workers and causing countless deaths from suicide, substance abuse, depression, heart disease, and other very serious illnesses.
Because when you do a shutdown, there's a problem on the other side; it's not just from the virus. You have a big problem with suicides, with losing your jobs, with all sorts of things. You just take a look. Depression is a massive problem. And what happens is you - they turn to substance abuse, alcohol, drugs. So we can't do that. And then we'd have to give up all of the gains that I've been talking about over the last three months. We've - what we have done is incredible. We're setting records. All over the world, no matter where you go, nobody has done what we've been able to do.
So we're setting records in jobs. We're setting records in numbers. And you're going to see some very big numbers. Third-quarter numbers are coming out right before a very special day, November 3rd. So you have the numbers coming out, and they're, I think, going to be fantastic. You know, I think they're going to be fantastic.
The best numbers of all, if somebody doesn't come along and raise taxes - double, triple, quadruple your taxes - will be the numbers from next year. But you're going to have a good third-quarter number coming out. And I think it's going to be hard for even the media to disparage that number.
Biden wants to surrender our country to the virus, he wants to surrender our families to the violent left-wing mob, and he wants to surrender our jobs to China - our jobs and our economic wellbeing. I've taken in billions and billions of dollars from China. No other President has done what I've done. I've given much of it to the farmers. I've given it to farmers and manufacturers, but I've given most of it to the U.S. Treasury. Nobody has done that. We haven't taken in 10 cents from China ever.
They targeted our farmers, and I targeted them. And I gave $28 billion to our farmers. Our farmers wouldn't be existent right now. Right now, they're very happy. In fact, they're setting records on purchases. China is purchasing more corn than they've ever done. Record purchase of corn and soybeans, beef - because they know I'm not happy with them. They know I'm not happy at all.
And, frankly, I don't want to set the world necessarily to thinking too much about it right now, but there's been no country anywhere, at any time, that's ripped us off like China has. We lose billions and billions of dollars for years and years, decades. We've lost billions and billions and billions of dollars by dealing with China. We get nothing from China. They get nothing, other than loss, other than giving our money. And they take that money, and they build their military. And you see they're building up a powerful military. And it's very lucky that I've been building our up, because otherwise we'd be dwarfed right now by China. We would be a terrible thing. A terrible thing.
We're way ahead on the nuclear front. We've upgraded our nuclear. Hope to God we never have to use it. But we would be in a position that we are not in right now. But China is spending the money we give them to build up their military. So when you mention the world "decouple," it's an interesting word. So we lose billions of dollars, and if we didn't do business with them, we wouldn't lose billions of dollars. It's called "decoupling." So you'll start thinking about it. You'll start thinking.
They take our money, and they spend it on building airplanes and building ships and building rockets and missiles. And Biden has been just a pawn for them. He's been so easy. They dream about Biden. There was a report today that they hope that Joe Biden becomes President. If Joe Biden becomes President, China will own the United States, and every other country will be smiling also. They'll be smiling.
When reports come out that certain countries don't really like me too much, that's not because of my personality, although it could be that also, frankly. It's because of the fact that I've been very tough on countries that have been ripping us off for so many years.