Stupak Neighborhood Middle
Las Vegas, Nevada
(March 19, 2024)
2:19 P.M. PDT
THE PRESIDENT: Hi there, hiya, hiya. Pablo, thanks for that introduction. I admire it. And thanks for sharing your story.
You understand, you immigrated to America as a teen, graduated from highschool, and spent 4 years as a union apprentice, which is like incomes a university diploma, earlier than you change into a journeyman.
You understand, I’m an enormous pro-union man. I make no apologies about it. However everyone talks about unions — (applause) — nevertheless it’s fascinating, individuals who don’t perceive, they go, “Effectively, , a union, what — what do they (inaudible) — they like stroll in and say, ‘I wish to be an electrician.’ ‘I wish to be a plasterer.’” You bought 4 or 5 years of apprenticeship. You earn it. You earn it, and also you deserve it.
You assist construct properties for others and attain their desires, and now you’re available in the market your self to proceed your dream.
I additionally met one other mom named Latree — — Latreshu — the place is Latree?
AUDIENCE MEMBER: Latreca.
THE PRESIDENT: Latreca. Excuse me. (Applause.) There she is.
Who was in a position to purchase her first residence with a $15,000 down fee by the American Rescue Plan, which we wrote. (Applause.)
All she wanted was a good shot. She discovered a good-paying union job. She took home- — homeownership courses to lift her credit score rating. She did her laborious work, and now she owns a house in Paradise together with her 16-year-old daughter, a straight-A pupil. Get up, kiddo. (Applause.)
We’re lucky to have nice companions in Congress right here right now who’re serving to to make these desires doable.
Consultant Steven Horsford, an ideal chief of the 4th District and Chair of the Congressional Black Caucus, who works each single day to cut back housing prices and shut the racial wealth hole, which is going on.
Consultant Susie Lee, who’s a driving pressure to chop purple tape and construct extra reasonably priced housing all throughout Nevada.
Consultant Dina Titus. God love you, Dina; you’re an previous pal. You’ve all the time had my again, and I’ve had yours, and also you had the folks of this nation’s and this metropolis’s again. Housing is a lot greater than only a — only a phrase. It’s about folks’s lives.
You understand, you may’t be right here right now as a result of there are votes in Washington, however I wish to thank your excellent senators, Catherine Cortez Masto and Jacky Rosen, for his or her management — (applause) — in making housing extra accessible and reasonably priced.
I additionally wish to thank the entire housing advocates right here right now who’re doing God’s work. All of the — housing advocates, get up. (Applause.) No, I actually imply it. You’re doing every little thing — you’re doing an ideal job. And, by the way in which, — I received’t go into it, I suppose, however —
Look, people, after I got here to workplace, the pandemic was raging and our economic system was reeling.
Nevada was particularly laborious hit as tourism took a dive — a big dive.
Earlier than I got here to workplace, the unemployment had reached 30 p.c right here. And we’re turning issues round right now due to the oldsters I simply talked about. And Nevada has created 274,000 jobs, bringing again misplaced jobs of the pandemic and including one other 129,000 jobs. Issues are on the transfer.
Unemployment is down dramatically, with extra Nevadans working right now than ever earlier than within the historical past of Nevada. And 1000’s of cities throughout all of America are seeing this nice comeback story.
You understand, my American Rescue Plan — which, I would add, not a single, solitary Republican voted for — supplied $350 billion to state and native governments, together with funds for each metropolis, county, city, Tribe on this state. And your state put that cash to good use.
It put cops on the beat and academics within the classroom. It stored small companies on their toes and households of their properties. And that’s not all.
You may’t have the perfect economic system on this planet, which we do now, for those who don’t have the perfect infrastructure on this planet.
My predecessor promised — bear in mind my predecessor stored speaking about “Infrastructure Week” for 4 years? Effectively, he didn’t construct a rattling factor. You all assume I’m kidding; I’m not.
I proposed and signed probably the most vital funding in our nation’s infrastructure in generations, and now we’re going to have an “Infrastructure Decade” — to this point, 47,000 new initiatives modernizing People’ roads, bridges, ports, airports, public transit, and so extra. It’s taking place. Creating jobs now and jobs for the long run as properly. $3.4 billion in initiatives proper right here in Nevada — $3.4 billion. (Applause.)
After I was penning this and speaking about it, all I stored fascinated by was Harry Reid.
We’re connecting the whole state to reasonably priced high-speed Web. By the top of this decade, each single a part of the state could have high-speed, reasonably priced Web, and we’re already saving 276,000 Nevadan households as a lot as $75 a month on their Web payments.
And I do know our pal Harry is wanting down and saying — rattling pleased with the airport in his identify is getting an improve as properly. (Laughter.) I couldn’t do one with out the opposite, . He’s so pleased with constructing America’s first high-speed rail line that — to take people from Las Vegas to the — to Los Angeles in two hours as a substitute of 4.
You understand, that’s going to create 35,000 — this primary maj- — main high-speed rail line in America — 35,000 good-paying jobs, take 3 million autos off the highway, and cut back air pollution considerably.
It’s additionally taking probably the most signi- — (applause) — and, by the way in which, it’s going to chop the time in half. Now, I don’t know why anyone would wish to get to LA in half the time — (laughter) — however I do know why all of them wish to come right here. (Laughter.)
All kidding apart, it truly is — it truly is unbelievable. It’s a big venture. And — by the way in which, it’s en- — it’s inspired California and central California to construct a high-speed rail as properly.
You understand, the concept we’re — haven’t had one single high-speed rail in-built America to date is ridiculous. And so, , Chinese language have a rail system that goes 130 miles an hour — anyway — 230 miles an hour, I ought to say.
However look, we’re taking probably the most vital motion to struggle local weather change ever. My insurance policies have attracted $650 billion in private-sector investments from corporations which might be transferring clear vitality factories and jobs again right here to America the place they belong.
For instance, in Reno, Redwood — Redw- — Redwood Supplies goes to speculate $3.5 billion — $3.5 billion — one of many nation’s main electrical car battery recycling and manufacturing vegetation — creating 1000’s of jobs right here. Hundreds of jobs.
Tomorrow — (applause) — and, by the way in which, tomorrow in Arizona, I’ll be speaking about how America invented the semiconductor chip — the tiny chips the dimensions of the tip of your little finger, which powers every little thing from vehicles to smartphones to weapon methods.
We invented these chips. We made them higher, however then we misplaced the market as a result of loads of the companies stated, “Let’s ship the roles abroad the place they’re cheaper and convey the product residence, which is costlier.” We don’t do this anymore. We make it right here. We maintain the roles right here, and we ship merchandise abroad. (Applause.)
However the motive I point out it, we’ve been in a position to carry the chips manufacturing again residence. We attracted $240 billion in private-sector investments to construct chip factories right here in America.
And, by the way in which, they’re creating tens of 1000’s of good-paying jobs, each in building and manufacturing. And the common wage in certainly one of their — they name them “fabs” — the factories is $100,000 a 12 months, and also you don’t want a university diploma to get that job.
Throughout the nation, people have filed a file variety of new enterprise purposes since I took workplace. The quickest development of Latino-owned companies in additional than a decade. Extra Black small companies beginning on the highest fee in 30 years.
In Nevada, since I got here to workplace, we’ve seen 195,000 small enterprise purposes, and each a type of purposes is an act of hope.
It’s vital as a result of small companies and pe- — the rationale I maintain speaking about small companies — small companies make up half the GDP, half the economic system of America. Half of all — all of the economic system in America is generated by small companies.
However right here’s the deal: As extra people transfer to Nevada for good-paying jobs, we want housing that’s reasonably priced. The depth of the pandemic and — within the depth of the pandemic, the American Rescue Plan delivered funds to maintain 8 million households of their properties nationwide by stopping foreclosures and evictions.
Right here in Nevada, you used these funds to maintain 50,000 folks’s hire be capable of be paid — (applause) — a whole bunch of first-time homebuyers be capable of make a down fee. You invested extra in constructing and renovating reasonably priced properties than nearly some other a part of the nation, any state within the nation.
For instance, right here in Clark County, practically a thousand brand-new, reasonably priced items for seniors are beneath building right now consequently — 8,000 properties complete for households, seniors, and veterans.
And throughout the nation, extra folks personal properties now than earlier than the pandemic. We’re seeing fewer foreclosures than any time in a long time, however now we have much more to do.
For too many individuals, the dream of getting a very good residence, it nonetheless feels out of attain. I get it.
Look, right here’s my plan — however, , everyone thinks as a result of I used to be president, I used to be in all probability born rich and are available from a big background of — economically. Effectively, I had the doubtful distinction of being listed because the poorest man in Congress for 36 years. (Laughter.)
I acquired a telephone name. My spouse was campaigning up — I used to be campaigning up in New Hampshire again when that statistic got here out within the ‘90s, and he or she referred to as — and I used to name when — as a result of the children have been little — after I was away and say, “How is every little thing going?” And I acquired this, “High-quality.” You understand you’re in hassle when your spouse or husband says, “High-quality.” (Laughter.) And I stated, “What’s the matter?” And he or she stated — solely a — an elected official’s husband or spouse would perceive this.
She stated, “Did you learn right now’s paper?” (Laughter.) I stated, “They don’t have right now’s paper — the Wilmington paper — Delaware up in Neva- — up in — the place — with Leahy — the place I used to be with Leahy, up in Vermont.” And he or she stated, “Effectively, let me learn it. High of the fold headline: ‘Biden, Poorest Man in Congress.’ Is that true?” (Laughter.) I assumed, “I don’t know the hell if it’s true.” However it turned out it was true. (Laughter.)
However right here’s the deal, my new finances works to decrease housing prices for house owners and renters alike right now.
I used to be raised in a — , when my — when Scranton, the place I used to be born and ear- — in my early years was raised — when Scranton went lifeless, by way of the economic system, we moved right down to just a little place referred to as Claymont, Delaware, the place my dad had began off as a child. And we couldn’t afford something. We lived in a — a duplex referred to as Brookview Flats, which grew to become public housing years later. And — and my dad stored making an attempt to determine how we’d get the down fee to get the primary residence.
Effectively, we rented and we saved — he saved, and we have been in a position to purchase a three-bedroom residence in a brand new improvement due to the — these areas have been constructing 40, 50 properties at a shot. We had 4 youngsters in three bedrooms and a grandpop dwelling with us. And we weren’t poor, however we by no means had something on the finish of the month.
And so, what — what my dad used to all the time say was that the way in which you construct fairness in your house is the way in which you construct wealth, so th- — once you construct sufficient fairness in your house, then you definately have the funds for to borrow to get one thing new and transfer and so forth.
And that’s how everyone makes it — everyone within the center class makes it, they — normally via fairness of their residence.
Effectively, look, it really works — what we’ve been doing works to extend housing provide and maintain prices down sooner or later.
First, for owners: If inflation retains coming down — and it’s predicted to try this — mortgage charges are going to return down as properly, however I’m not going to attend. I’m not going to attend. (Applause.)
I wish to present an annual tax credit score that may give People $400 a month for the following two years as mortgage charges come right down to put towards their mortgage once they purchase their first residence or commerce up for just a little more room if they arrive from a middle-class background, if they arrive from a household that has properly beneath $200,000 or much less.
We’re additionally making it extra reasonably priced to refinance your private home by eliminating title insurance coverage charges on federally funded mortgage- — backed mortgages.
That’s going to avoid wasting people as a lot a 100- — $1,500. The federal authorities can afford to try this.
As well as, final week the Nationwide Affiliation of Realtors agreed for the primary time that People can negotiate decrease commissions once they purchase or promote their residence. (Applause.)
On a typical residence buy, that alone may save people a median of $10,000 on the sale or buy.
I’m calling on realtors to observe via on reducing their commissions to guard homebuyers.
And, people, we’re additionally working to finish the legacy of discrimination on the premise of residence valuations. It ex- — it’s exa- — it’s exacerbated, as — (applause) — it’s exacerbated the racial wealth hole and held again Black and brown households. And it’s merely unsuitable.
You understand, for those who construct a — if a developer got here alongside and constructed 20 properties on one facet of a freeway and 20 properties on the others, and the one facet had folks of Black and brown backgrounds and the identical precise residence was constructed within the white neighborhood, guess what? The day you purchased that residence, that Black residence was price 20 p.c lower than the white residence — or the Hispanic house is price 20 p.c much less. It’s unsuitable.
Second, my plan goes to work so we will carry the rents down. My administration is tr- — cracking down on huge companies who break antitrust legal guidelines by price-fixing to maintain the rents up. That’s how they work it out.
Landlords needs to be competing to offer people the perfect deal, not conspiring to cost them extra. (Applause.)
And we’re additionally going after what I name unfair rental junk charges, , like those you’re charged once you transfer into an house — a type of shock “comfort” charges that aren’t handy in any respect. They’ll add as much as a whole bunch of {dollars}. And also you — a few of you could have been caught with that.
Of us are uninterested in being performed for suckers, and I’m uninterested in letting them be performed for suckers.
We’re additionally increasing rental help to over 100,000 extra low-income households since I took workplace — the largest enhance in 20 years. (Applause.)
And my new plan would assist a whole bunch of 1000’s extra, together with foster youngsters — as was talked about earlier — growing older out of foster care so that they have to maneuver out, dwelling on their very own for the primary time.
It’s additionally going to assist 1000’s of veterans afford their hire, as a result of nobody needs to be homeless in America, particularly somebody who served this nation. (Applause.)
And, people, we all know reasonably priced housing has been a problem for a very long time. To resolve it long run, now we have to extend provide, as a result of when provide is down and demand is up, prices rise.
The underside line to decrease housing prices for good is to construct, construct, construct. And that’s why — (applause) — with the assistance of your congressional delegation, I’ve reduce purple tape so extra builders can get federal financing for his or her new initiatives.
A file 1.7 million new housing items are beneath building nationwide proper now due to it. Actually, right now my administration reported that single-family housing begins are the very best stage they’ve been in practically two years.
And my new plan would create 2 million reasonably priced properties, together with tens of 1000’s proper right here in Nevada. You understand — (applause) — and we’re doing this via what is known as the Neighborhood Houses Tax Credit score to construct or renovate reasonably priced housing.
And, — and we — and we do it by increasing the bipartisan Low-Revenue — it’s referred to as the Low-Revenue — sorry with all these titles, however that’s what these payments are — the Low-Revenue Housing Tax Credit score to construct reasonably priced rental items, which is supported by lenders, builders, households, and housing advocates alike.
Look, my plan will even set up an progressive program to assist communities construct and renovate housing or convert housing from empty off- — empty workplace areas into housing, empty resorts into housing.
My plan would offer $8 billion to struggle homelessness and transfer folks into properties and off the road. And I’ll say it once more — (applause) — in the US, nobody ought to need to stay on the road — nobody.
Of us, all collectively, consultants are calling these measures, quote, “probably the most consequential” housing plan in additional than 50 years.
However let me be clear. It’s not solely my plan, it’s — it’s totally paid for. And whereas I’m paying for it, we’re additionally lowering the federal debt [deficit] on the similar time.
I do know the Republicans discuss, , “big-taxing Democrats.” Give me a break. Come on. We’ve al- — I’ve already reduce the federal deficit by $1 trillion since I took workplace.
The final man — (applause) — the final man elevated the deficit by a bigger margin than any president in American historical past within the 4 years he was president.
I signed the bipartisan finances deal to chop one other trillion {dollars} within the subsequent decade.
For instance, due to the regulation I signed, lastly, Massive Pharma — the pharmaceutical corporations — and we — we lastly beat them — giving Medicare the facility to barter the prescription drug costs they pay for seniors, like they do on the Veterans Administration. The VA says, “I want this for veterans, however I’m not going to pay you greater than this — for this sum of money.”
Effectively, it doesn’t simply save seniors cash. It’s already saving taxpayers cash.
The one factor we’ve been in a position to do is — after I did that one factor in ensuring that you simply’re going to have the ability to have insulin for 35 bucks as a substitute of 400 bucks a month — (applause) — properly, guess what? That reduce the deficit by $160 billion — $160 billion.
And there’s a motive for it. It not solely saves seniors some huge cash — after I first wrote it, it included everyone, and the Re- — Republicans knocked out — everyone left the seniors in. They couldn’t lose that one.
However right here’s the deal: $160 billion over the following decade, as a result of Massive Pharma [Medicare] doesn’t need to pay out the $400 a month. They’re paying out $35 a month to Massive Pharma.
My plan would double the variety of medicine in a position to be negotiated to avoid wasting one other $200 billion a 12 months. This invoice has already been handed.
Right here’s the deal, people. You understand, proper now, there — we — we reduce the deficit by extra — much more by making the very rich start to pay their justifiable share.
However right here’s the deal. For those who’re going to cope with Medicare, and also you — and also you wish to be sure you’re going to have the ability to get monetary savings, properly, guess what? Lots of seniors who’ve most cancers medicine that value as much as — as much as $35,000 — $15,000 a 12 months — 12-, 15,000 bucks with all their different — all their different prices.
Effectively, guess what? Already handed a regulation. Starting in 2024 — or 20- — in January 2025, it doesn’t matter what the overall value of prescription drug prices for a senior are, they won’t need to pay greater than $2,000. Interval. Two thousand {dollars}. (Applause.) It’s going to avoid wasting one other $200,000 — anyway, I’m — I get actually — (laughter).
If I — if we ge- — if we drove out to the airport and put you on Air Drive One and also you stated — and also you had a prescription you wanted stuffed and it was an American firm that made it, I’d say, “Okay, let’s go to — let’s fly to Toronto or to Berlin or to London or to Rome or any main metropolis in America [the world], I’ll get you that very same prescription stuffed in these cities for 40 to 60 p.c lower than it will value you at a pharmacy right here.” It’s unsuitable.
However, look, I’m a capitalist. If you wish to make 1,000,000 bucks, nice. Simply start to pay your justifiable share in taxes. (Applause.)
In 2020, 55 of the most important Fortune 500 corporations made $40 billion in income. They paid zero in federal taxes. Not anymore. Due to the regulation I wrote and we signed, huge corporations now need to pay a minimal of 15 p.c. However that’s nonetheless too little to need to pay in federal — wouldn’t you all commerce that? You’d pay 15 p.c as a substitute of what you’re paying now.
However, look, it’s time to lift the company minimal tax to a minimum of 21 p.c so each huge company lastly begins to pay their justifiable share.
You understand, earlier than the rec- — earlier than the — the entire thing with COVID, there have been 750 billionaires — with a “B” — in America. At this time, there are a thousand. You understand what they pay in common — what — the common tax for billionaires in America? 8.2 p.c federal tax. Anyone wish to commerce them — the billionaire tax? I’d take 8.2 p.c.
That’s far lower than the overwhelming majority of People pay. No billionaire ought to pay a decrease tax than a trainer, a sanitation employee, a nurse — (applause) — anyone busting their neck.
And that’s why I’m proposing — if I’m reelected, we’re going to get it finished — to — a minimal tax of 25 p.c for billionaires. That’s not even the very best tax fee. Simply 25 p.c.
You understand how a lot that might increase over 10 years? 5 hundred billion {dollars} in 10 years — (applause) — $500 billion if they only begin to pay that.
Think about what we may do. We may reduce the federal deficit much more. We may put money into issues that make America nice once more: childcare — an entire vary of issues we may do. And we’d all be higher — reasonably priced child- — residence care, housing — all of which assist households develop our economic system.
And, by the way in which, each certainly one of this stuff that I proposed, I requested the — I requested the Treasury Division to do a research for me, as a result of I’m a pro-union man and everyone — I ¬¬– I’ve been probably the most pro-union president in American historical past. And right here’s the deal — (applause).
And folks say, “Effectively, that prices some huge cash.” It saves cash. The research they finished factors out that union labor and contracts increase everyone’s earnings — everyone’s earnings. And so they have the perfect on this planet — in addition to, like I stated, after I acquired all of the — after I acquired that $350 billion invested for pc chips, I used to be in — I used to be at Samsung in South Korea, satisfied them to return right here.
I stated, “Why would you come right here?” He stated, “You’ve gotten the perfect employees on this planet. And my most secure funding is in America.”
Of us, there’s a lot we will do.
However my — my predecessor has a completely completely different view in relation to honest taxes. He stated — and he stated to his associates in Mar-a-Lago, quote — it’s on the file — “I do know loads of you.” That is his quote: “You’re wealthy as hell. And we’re going to offer you tax cuts.” That’s what he says out loud.
When the President enacted a $2 trillion tax reduce that overwhelmingly advantages the very rich and largest companies, he exploded the federal deficit, as I stated. He added extra to the nationwide debt than any president has in a single time period in all of American historical past.
And he needs to do it once more. He’s dedicated to a different two thou- — $2 trillion tax reduce for the rich and largest companies.
He additionally proposed chopping funds for reasonably priced housing — not constructing them, chopping the funds for them.
Of us at residence, does anyone actually assume — anyone actually assume the tax code is honest? I don’t know. You don’t actually assume the rich and large companies want one other $2 trillion tax reduce, do you? Effectively, they’re doing fairly properly. I certain in hell don’t.
Look, I’m going to maintain preventing just like the satan to verify the rich pay their justifiable share to make the tax system honest.
And beneath my plan — (applause) — simply to verify I wasn’t in a position to be on the different finish of his demagoguery, I made a dedication after I acquired elected, and I stored it: Nobody incomes lower than $400,000 a 12 months, which is some huge cash the place I come from, can pay a further penny in federal tax. Not one single penny. Not one penny. However everyone else goes to begin paying their justifiable share.
Let me shut with this.
As I journey the nation, people usually inform me how again in 2020 they have been down, they’d misplaced their enterprise, they’d misplaced religion within the system. However then the legal guidelines we handed, the work we’ve finished collectively acquired them again on their toes. We created 15 million new jobs in three years — greater than any administration has in historical past. We’re holding tens of millions of individuals of their properties.
We’re creating a brand new cycle of hope and satisfaction: satisfaction in your hometowns making a comeback, satisfaction in America, satisfaction in understanding you may get thing- — huge issues finished if we work collectively.
I’ve by no means been extra o- — now we have much more to do — much more to do. The rationale this election is so necessary will not be about me. It’s in regards to the future. It’s in regards to the future. He needs to undo each single factor we’ve finished if he will get elected. He acknowledged it straight up.
However there’s a lot extra to w- — to maintain and to do. I’ve by no means been extra optimistic about our future. We simply have to recollect who in hell we’re. We’re the US of America. There’s nothing — I imply this — give it some thought — nothing past our capability once we work collectively.
We’re the one nation on this planet that’s come out of each disaster stronger than we went in each time once we work collectively. And along with your assist, we’re going to get folks working collectively in a manner they haven’t for many years.
So, women and gents, might God bless you. And will God shield our troops. Let’s get this finished. (Applause.)
2:44 P.M. PDT