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President Joe Biden used his State of the Union address Thursday night to tout his economic gains as the latest polls show him in a tight race against his likely opponent in November, former President Donald Trump.
Biden said it Over the past three years, 15 million new jobs have been created under his watch, a feat he called a record. He added that unemployment is “at a 50-year low”.
The president also claimed responsibility for creating 800,000 new manufacturing jobs.
Although inflation dominated headlines during a significant portion of his presidency, Biden said the inflation rate fell from 9% to 3%.
Elsewhere in his speech, Biden touted the Chips and Science Act, adding that private semiconductor companies are “investing billions of dollars to build new chip factories here in America.”
On health care, the president said he wants to expand to 500 the number of drugs that Medicare Part D will negotiate with drug companies over the next ten years. Currently, plans call for 10 starting in 2026. He said his plan would lead to $200 billion in savings for members.
Biden added that he wants more Americans to save money on drugs. She has proposed that the $35 per month insulin limit for Medicare enrollees, included in the Inflation Reduction Act, be extended to all Americans. Additionally, since those on Medicare will have a $2,000 limit on prescription drugs starting in 2025, she wants to extend that limit to everyone, too.
On tax rates for the wealthy, Biden proposes a minimum tax rate of “just 25%” for billionaires, as he says they pay an average tax rate of 8.2%. “This would raise $500 billion over the next 10 years.”
The president has also boasted about his actions on climate change, saying his policies will reduce carbon emissions by 50% by 2030 and that he is creating tens of thousands of clean energy jobs.
Biden’s speech came after the S&P 500 Index (SP500) closed at all-time highs and the NASDAQ (COMP:IND) and the Dow (DJI) closed in profit. Additionally, Federal Reserve Chairman Jerome Powell was on Capitol Hill for his second day of testimony.
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