Former President Donald J. Trump delivered a major speech at the New York Economic Club, where he outlined his plan to make life more affordable for Americans. Contrasting his record with what he called Kamala Harris’s “Radical Left lunacy,” Trump emphasized his vision for economic recovery and growth.
Trump’s strategy is straightforward: keep taxes low, boost American energy production, reduce regulations, curb government spending, and make housing more affordable.
He criticized the current state of the economy under Harris, citing rising unemployment, increasing costs of living, and a growing number of Americans working second jobs.
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Key points include:
- Over 1.3 million workers lost their jobs in the past year.
- Families have faced over $28,000 in increased living expenses.
- Credit card debt hit record levels, with one-third of Americans maxing out their cards.
- 65% of U.S. households can no longer afford a typical home, as income requirements have surged.
- Gas, groceries, and electricity prices have risen 30%-50% since Trump left office.
Trump accused Harris of pushing an agenda that would “destroy the economy,” referencing her proposed $5 trillion tax hikes, increases in business and capital gains taxes, and new taxes on unrealized capital gains.
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Trump’s Economic Record
In contrast, Trump touted his previous administration’s economic achievements:
- Real median household income rose by $6,400.
- Household net worth increased by $197,000.
- Seven million new homeowners emerged after years of decline.
- Seven million jobs were created in just three years.
- The S&P 500 surged by 80%.
- Trump enacted the largest tax cuts in American history and reduced the corporate tax rate to 21%.
- Domestic oil production soared by 47%, with gas prices dropping to $1.87 per gallon.
- More than 50 trade agreements were negotiated, and NAFTA was replaced with the USMCA.
Trump’s Vision for Economic Recovery
President Trump unveiled his eight-pillar plan to “rescue Americans” from what he calls “Kamala’s nightmare” and restore the American Dream:
- American Energy: Trump pledged to end Harris’s “anti-energy crusade” by increasing domestic energy production and cutting prices in half. He proposed issuing a national emergency declaration to boost drilling, pipelines, and energy projects.
- Ending the Green New Deal: Trump promised to terminate the Green New Deal and cancel unspent funds from the Inflation Reduction Act. He also vowed to end the electric vehicle mandate, saving taxpayers an estimated $1 trillion.
- Cutting Regulations: In his second term, Trump plans to eliminate 10 old regulations for every new one, aiming to reduce regulatory costs by $6,300 per family.
- Prioritizing Efficiency: With input from Elon Musk, Trump proposed creating a Government Efficiency Commission to audit the federal government and cut unnecessary spending.
- Lowering Taxes: Trump will make the Tax Cuts and Jobs Act permanent and expand tax cuts further, including eliminating taxes on tips and Social Security benefits. He also plans to lower the corporate tax rate to 15% for companies that manufacture in the U.S.
- Encouraging Domestic Production: Trump’s pro-American trade policy would use tariffs to incentivize domestic production and strengthen the U.S. manufacturing and defense industries.
- Affordable Housing: Trump aims to bring mortgage rates down to 3% by taming inflation, cutting housing construction costs by half, and opening federal lands for large-scale, low-tax housing developments.
- Investing in National Endeavors: Trump plans to create a Sovereign Wealth Fund to invest in major national projects like infrastructure, defense capabilities, and modern agriculture, generating profits to help pay down the national debt.
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Trump closed his speech by promising to restore the American Dream “bigger, better, and stronger than ever before,” focusing on energy independence, economic efficiency, and putting American workers first.
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