Statement By Donald J Trump 45th President Of The United States Of America On Oil Reserves And Opec
The following is a statement from the 45th President of the United States, Donald J. Trump.
In the following statement, the 45th President addresses the insane oil and gas prices, and what the Biden Administration has done to cause these problems with OPEC and Oil Reserves.
You can read the full statement below.
For decades our Countrys very important Strategic Oil Reserves were low or virtually empty in that no President wanted to pay the price of filling them up. I filled them up three years ago, right to the top, when oil prices were very low. Those reserves are meant to be used for serious emergencies, like war, and nothing else. Now I understand that Joe Biden will be announcing an attack on the newly brimming Strategic Oil Reserves so that he could get the close to record-setting high oil prices artificially lowered. We were energy independent one year ago, now we are at the mercy of OPEC, gasoline is selling for $7 in parts of California, going up all over the Country, and they are taking oil from our Strategic Reserves. Is this any way to run a Country?
Infrastructure Inflation And Energy
Within days of taking office, Trump signed presidential memoranda to revive both the Keystone XL and Dakota Access oil pipelines although Trump touted the projects as job-creating measures, the proposed projects were projected to have only a tiny impact on the U.S. economy.
What Does Joe Biden Say About The Economy
Biden claims that rather than a V-shaped recovery, the US is heading for a K-shape where wealthy Americans are recovering quickly but those on lower income have not.
Biden said he would increase corporate taxes and create more jobs by bringing manufacturing back to the US that would “create an additional $1 trillion in economic growth”.
In this plan, the government would spend $400billion to buy American products and services, while $300billion would go towards research and development.
Biden’s climate change plan, called the “Clean Energy Revolution,” would invest $2 trillion into combating the planet’s greatest threat.
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Remaking The Federal Judiciary
Appointed a historic number of Federal judges who will interpret the Constitution as written.
- Nominated and confirmed over 230 Federal judges.
- Confirmed 54 judges to the United States Courts of Appeals, making up nearly a third of the entire appellate bench.
- Filled all Court of Appeals vacancies for the first time in four decades.
- Flipped the Second, Third, and Eleventh Circuits from Democrat-appointed majorities to Republican-appointed majorities. And dramatically reshaped the long-liberal Ninth Circuit.
Appointed three Supreme Court justices, expanding its conservative-appointed majority to 6-3.
- Appointed Justice Neil Gorsuch to replace Justice Antonin Scalia.
- Appointed Justice Brett Kavanaugh to replace Justice Anthony Kennedy.
- Appointed Justice Amy Coney Barrett to replace Justice Ruth Bader Ginsburg.
Actions To Hinder Implementation Of Aca
President Trump continued Republican attacks on the ACA while in office, according to the New York Times, including steps such as:
- Weakening the individual mandate through his first executive order, which resulted in limiting enforcement of mandate penalties by the IRS. For example, tax returns without indications of health insurance will still be processed, overriding instructions from the Obama administration to the IRS to reject them.
- Reducing funding for advertising for the 2017 and 2018 exchange enrollment periods by up to 90%, with other reductions to support resources used to answer questions and help people sign-up for coverage. This action could reduce ACA enrollment.
- Cutting the enrollment period for 2018 by half, to 45 days. The NYT editorial board referred to this as part of a concerted “sabotage” effort.
- Issuing public statements that the exchanges are unstable or in a death spiral. CBO reported in May 2017 that the exchanges would remain stable under current law , but would be less stable if the AHCA were passed.
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Cherishing Life And Religious Liberty
Steadfastly supported the sanctity of every human life and worked tirelessly to prevent government funding of abortion.
- Reinstated and expanded the Mexico City Policy, ensuring that taxpayer money is not used to fund abortion globally.
- Issued a rule preventing Title X taxpayer funding from subsiding the abortion industry.
- Supported legislation to end late-term abortions.
- Cut all funding to the United Nations population fund due to the funds support for coercive abortion and forced sterilization.
- Signed legislation overturning the previous administrations regulation that prohibited states from defunding abortion facilities as part of their family planning programs.
- Fully enforced the requirement that taxpayer dollars do not support abortion coverage in Obamacare exchange plans.
- Stopped the Federal funding of fetal tissue research.
- Worked to protect healthcare entities and individuals conscience rights ensuring that no medical professional is forced to participate in an abortion in violation of their beliefs.
- Issued an executive order reinforcing requirement that all hospitals in the United States provide medical treatment or an emergency transfer for infants who are in need of emergency medical careregardless of prematurity or disability.
- Led a coalition of countries to sign the Geneva Consensus Declaration, declaring that there is no international right to abortion and committing to protecting womens health.
- First president in history to attend the March for Life.
Through Last Year Growth And A Strong Job Market Lifted Many Americans Including Less
President Trump signed his tax-cut bill on Dec. 22, 2017.
Donald Trump has presided over two economies during his time in office.
In the first, which lasted until March, the economy reached historic milestones for jobs, income and stock prices. While its debatable whether it was the best U.S. economy ever, as the president has said, it was without question good and getting better for millions of Americans.
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Economic Policy Of The Donald Trump Administration
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The economic policy of the Donald Trump administration was characterized by the individual and corporate tax cuts, attempts to repeal the Affordable Care Act , trade protectionism, immigration restriction, deregulation focused on the energy and financial sectors, and responses to the COVID-19 pandemic.
Over his term, Trump reduced federal taxes and increased federal spending, both of which significantly increased federal budget deficits. The positive economic situation he inherited from the Obama administration continued, with a labor market approaching full employment and measures of household income and wealth continuing to improve further into record territory. Trump also implemented trade protectionism via tariffs, primarily on imports from China. During Trump’s first three years in office, the number of Americans without health insurance increased by 4.6 million , while his tax cuts were projected to worsen income inequality.
The Obama Economy Vs The Trump Economy
Thursday, November 29, 2018
During his final days in office, I gave a thumbs-down assessment of Barack Obamas presidency. Simply stated, he increased the burden of government during his tenure, and that led to anemic economic numbers.
Now the economy seems to be doing a bit better, which is leading my friends on the left to make two impossible-to-reconcile claims.
Ive previously explained that the first argument doesnt hold water. Today, lets address the second argument.
Writing in the Wall Street Journal, former CEO Andy Puzder claims that Trump easily wins over Obama when you look at the numbers:
For eight years under President Obama, the growing burden of government suppressed the economic recovery that should have followed the recession of 2008-09. Mr. Obama nonetheless has claimed responsibility for todays boom, asking Americans in September to remember when this recovery started. Yet it wasnt until President Trump took office that the economy surged. The result is a rising tide that is lifting boats across every class and region of the country. Today unemployment rests at 3.7%, near a 50-year low. Since the government began reporting the data, unemployment has never been as low as it is today for African-Americans, Latinos, Asians and people with only a high-school education.
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Tax Relief For The Middle Class
Passed $3.2 trillion in historic tax relief and reformed the tax code.
- Signed the Tax Cuts and Jobs Act the largest tax reform package in history.
- More than 6 million American workers received wage increases, bonuses, and increased benefits thanks to the tax cuts.
- A typical family of four earning $75,000 received an income tax cut of more than $2,000 slashing their tax bill in half.
- Doubled the standard deduction making the first $24,000 earned by a married couple completely tax-free.
- Doubled the child tax credit.
- Virtually eliminated the unfair Estate Tax, or Death Tax.
- Cut the business tax rate from 35 percent the highest in the developed world all the way down to 21 percent.
- Small businesses can now deduct 20 percent of their business income.
- Businesses can now deduct 100 percent of the cost of their capital investments in the year the investment is made.
- Since the passage of tax cuts, the share of total wealth held by the bottom half of households has increased, while the share held by the top 1 percent has decreased.
- Over 400 companies have announced bonuses, wage increases, new hires, or new investments in the United States.
- Over $1.5 trillion was repatriated into the United States from overseas.
- Lower investment cost and higher capital returns led to faster growth in the middle class, real wages, and international competitiveness.
Jobs and investments are pouring into Opportunity Zones.
Banking And Consumer Protection
President Trump began efforts to loosen regulations imposed on financial institutions under the Dodd-Frank Act, which was implemented following the 2007â2008 subprime mortgage crisis. The president also installed budget director Mick Mulvaney to lead the Consumer Financial Protection Bureau established by Dodd-Frank. Mr. Mulvaney had been a “staunch opponent” of the Agency’s past history of broad regulations. President Trump tweeted on November 25, 2017, that “Financial institutions have been devastated and unable to properly serve the public” even though commercial banks generated a record level of profit of $157 billion in 2016, lending activity was robust, and bank stocks were in record territory. The Trump administration and others have asserted that excessive financial regulation since 2008 has caused banks, particularly smaller banks, to decline in numbers. However, the FDIC has noted that “Consolidation in the U.S. banking industry is a multidecade trend that reduced the number of federally insured banks from 17,901 in 1984 to 7,357 in 2011” and this trend has continued through 2017.
The Republican-controlled House passed the Financial CHOICE Act, an expansive rollback of the Dodd-Frank Act, on June 8, 2017. A less aggressive bill was approved by the Republican-controlled Senate on March 14, 2018. The House approved the Senate measure on May 22, 2018.
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How He Did It
Trump’s economic program was very simple: an attack on taxes and regulations with an extra dose of spending on infrastructure and the military that would create a supply shock to a moribund economy.
On the tax side, the White House pushed through a massive $1.5 trillion reform plan that sliced the highest-in-the-world corporate tax from 35 percent to 21 percent and lowered rates for millions of taxpayers, though the cuts for individuals will expire in 2025.
On deregulation, Trump ordered that rules be pared back or eliminated across the board. During his time in office, Congress has cut back on the Dodd-Frank banking reforms, particularly in areas affecting regional and community institutions, rolled back a multitude of environmental protections that he said were killing jobs and took a hatchet to dozens of other rules.
During the first year of his administration, “significant regulatory activity” had declined 74 percent from where it was in the same period of the Obama administration, according to data collected by Bridget Dooling, research professor at GW’s Regulatory Studies Center.
The Dodd-Frank rollbacks have been particularly helpful to community banks, whose share prices collectively are up more than 25 percent over the past year. Small-cap stocks in general have strongly outperformed the broader market, gaining 23 percent over the past 12 months at a time when the S& P 500 is up 17 percent.
Lessons For The Next Administration
The people who will shape economic policy in the new administration seem eager to push for a post-pandemic economic surge reflecting the lessons of the last four years.
Ms. Yellen has a background as a labor economist, and in the 1990s, as a Fed official, she urged Mr. Greenspan to raise rates pre-emptively based on the inflation risks that the Phillips Curve predicted. At that fateful meeting to increase rates in 2015, she raised an intriguing possibility. If inflation were to remain persistently low, she said, a more radical rethinking of the economys productive potential would surely be in order.
That radical rethinking is now very much underway including by Ms. Yellen.
Allowing the labor market to run hot could bring substantial benefits, Ms. Yellen said in a speech at the Brookings Institution in 2019. She said that a high-pressure economy one where unemployment is low and employers have to compete for workers improves upward mobility. She added: Were seeing that in the current expansion. Those who are least advantaged in the labor market those with less education and minorities are experiencing the largest gains in wages and declines in unemployment.
Mr. Powell, who will lead the Fed for roughly the first year of Mr. Bidens term and then will be either reappointed or replaced in February 2022, has also become a vocal enthusiast for avoiding these mistakes of the past.
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Donald Trump Said During The First Us Presidential Debate With Joe Biden That His Administration Built The Greatest Economy In History A Statement He Has Often Made To Support His Case For A Second Term In The White House
The presidents record on the economy has been diminished by the devastating fallout of the coronavirus pandemic. Polls, however, tend to remain positive for him when voters are asked who they trust more to create jobs and economic growth.
This sentiment stems from Trumps career as a businessman, an early tax cut he signed as president and a strong stock market, which — on paper at least — boosts retirement savings. Regardless, Trumps messaging on the economy is prone to exaggeration and hyperbole.
AFP Fact Check examines the numbers.
Did Trump create the greatest economy?
Gross domestic product and job numbers are the main measures of US economic health. Trump has touted both, as well as chart-topping stock prices, as proof of his success. But his claims are misleading.
In Trumps favor, US unemployment hit a 50-year low of 3.5 percent in December 2019. In January this year, however, before states imposed lockdowns to try and contain the coronavirus, the Labor Department issued an update that was less positive revised numbers showed job growth slowed significantly in the first three years of Trumps presidency.
Some 6.5 million jobs were added between 2017 and 2019 — 2.109m, 2.314m and 2.096m. This compared to more than eight million jobs — 3.004m, 2.72m and 2.345m — in the three prior years, under Barack Obama.
The pandemic has upended the job market.
Gross Domestic Product
The stock market
In Trumps single term as president the Dow Jones grew 56 percent.