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President Joe Biden used his State of the Union address Thursday night to tout his economic record as the latest polls show him in a tight race against his likely opponent in November, former President Donald Trump.
Biden said that in the last three years, 15 million new jobs were created under his watch, a feat he called a record. He added that unemployment is “at 50-year lows.”
The president also claimed responsibility for 800,000 new manufacturing jobs that have been created.
While inflation has dominated headlines during a significant part of his presidency, Biden claimed the inflation rate has declined 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.”
Regarding health care, the president said he wants to expand the number of drugs Medicare Part D will negotiate with pharma companies over the next decade to 500. Currently, plans call for 10 starting in 2026. He said his plan would lead to $200B in savings for enrollees.
Biden added he wants more Americans to save on drugs. He proposed that the $35 per month cap for insulin for Medicare enrollees, included in the Inflation Reduction Act, be expanded to all Americans. Also, as those on Medicare will have a $2000 cap on prescription drugs starting in 2025, he wants to extend that cap to everyone as well.
Addressing tax rates for the wealthy, Biden is proposing a mimimum tax of “just 25%” on billionaires as he claimed they pay an average tax rate of 8.2%. “That would raise $500 Billion over the next 10 years.”
The president also boasted about his actions on climate change, saying his policies will cut carbon emissions by 50% by 2030 and he is creating tens of thousands of clean-energy jobs.
Biden’s address came after the S&P 500 (SP500) closed at an all-time high, and the NASDAQ (COMP:IND) and the Dow (DJI) closed with gains. Also, Federal Reserve Chair Jerome Powell was on Capitol Hill for his second day of testimony.
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