From the instant I took office, I moved rapidly to revive the United States economy — slashing a record number of job-killing regulations, enacting historic and record-setting tax cuts, and fighting for fair and reciprocal trade agreements. Our agenda is relentlessly pro-worker, pro-family, pro-growth, and, most of all, pro-American. We are advancing with unbridled optimism and lifting high our citizens of every race, color, religion, and creed.
Since my election, we have created seven million new jobs — five million more than government experts projected during the previous administration.
The unemployment rate is the lowest in over half a century.
Incredibly, the average unemployment rate under my administration is lower than any in the history of our country. If we had not reversed the failed economic policies of the previous administration, the world would not now be witness to America’s great economic success.
The unemployment rates for African-Americans, Hispanic-Americans, and Asian-Americans have reached the lowest levels in history. African-American youth unemployment has reached an all-time low. African-American poverty has declined to the lowest rate ever recorded.
The unemployment rate for women reached the lowest level in almost 70 years — and last year, women filled 72 per cent of all new jobs added. The veterans’ unemployment rate dropped to a record low. The unemployment rate for disabled Americans has reached an all-time low. Workers without a high school diploma have achieved the lowest unemployment rate recorded in United States history.
A record number of young Americans are now employed.
Under the last administration, more than 10 million people were added to food stamp rolls. Under my Administration, seven million Americans have come off of food stamps, and 10 million people have been lifted off of welfare.
In eight years under the last administration, over 300,000 working-age people dropped out of the workforce. In just three years of my Administration, 3.5 million working-age people have joined the workforce.
Since my election, the net worth of the bottom half of wage-earners has increased by 47 per cent — three times faster than the increase for the top one per cent. After decades of flat and falling incomes, wages are rising fast — and, wonderfully, they are rising fastest for low-income workers, who have seen a 16 per cent pay-increase since my election...
Real median household income is now at the highest level ever recorded!
Since my election, United States stock markets have soared 70 per cent, adding more than $12 trillion to our nation’s wealth, transcending anything anyone believed was possible — this, as other countries are not doing well. Consumer confidence has reached amazing new heights.
All of those millions of people with 401(k)s and pensions are doing far better than they have ever done before with increases of 60, 70, 80, 90, and even 100 per cent.
Jobs and investment are pouring into 9,000 previously-neglected neighborhoods thanks to Opportunity Zones, a plan spearheaded by Senator Tim Scott as part of our great Republican tax cuts. In other words, wealthy people and companies are pouring money into poor neighborhoods or areas that have not seen investment in many decades, creating jobs, energy, and excitement...
Opportunity Zones are helping Americans like Army Veteran Tony Rankins from Cincinnati, Ohio. After struggling with drug addiction, Tony lost his job, his house, and his family -- he was homeless. But then Tony found a construction company that invests in Opportunity Zones. He is now a top tradesman, drug-free, reunited with his family, and he is here tonight. Tony: Keep up the great work.
Our roaring economy has, for the first time ever, given many former prisoners the ability to get a great job and a fresh start. This second chance at life is made possible because we passed landmark Criminal Justice Reform into law. Everybody said that Criminal Justice Reform could not be done, but I got it done, and the people in this room got it done.
Thanks to our bold regulatory reduction campaign, the United States has become the number one producer of oil and natural gas in the world, by far. With the tremendous progress we have made over the past 3 years, America is now energy independent, and energy jobs, like so many elements of our country, are at a record high. We are doing numbers that no one would have thought possible just 3 years ago.
Likewise, we are restoring our Nation’s manufacturing might, even though predictions were that this could never be done. After losing 60,000 factories under the previous two administrations, America has now gained 12,000 new factories under my Administration with thousands upon thousands of plants and factories being planned or built. We have created over half a million new manufacturing jobs. Companies are not leaving; they are coming back. Everybody wants to be where the action is, and the United States of America is, indeed, where the action is.
One of the single biggest promises I made to the American people was to replace the disastrous NAFTA trade deal. In fact, unfair trade is perhaps the single biggest reason that I decided to run for President. Following NAFTA’s adoption, our Nation lost one in four manufacturing jobs. Many politicians came and went, pledging to change or replace NAFTA — only to do absolutely nothing. But unlike so many who came before me, I keep my promises. Six days ago, I replaced NAFTA and signed the brand new United States-Mexico-Canada Agreement (USMCA) into law.
The USMCA will create nearly 100,000 new high-paying American auto jobs, and massively boost exports for our farmers, ranchers, and factory workers. It will also bring trade with Mexico and Canada to a much higher degree, but also to a much greater level of fairness and reciprocity. This is the first major trade deal in many years to earn the strong backing of America’s labor unions.
Edited excerpts from the State of the Union Address by President Donald Trump, 4 February in Washington