South Court Auditorium
Eisenhower Executive Office Building
1:39 PM EST
THE PRESIDENT: Hello, everyone up there on the board. (Looks at the screen behind him.) I want to thank you – all of you – for coming today.
I have just returned from a trip abroad where I spoke in Egypt at COP27 – the United Nations Climate Conference – and then to leaders of ASEAN countries in Cambodia. We also met with Indo-Pacific allies, including in a trilateral meeting with Japan and the Republic of Korea and with President Xi in Bali, as well as G20 leaders and countries among the largest economies of the world.
It was clear to me, and I think to most people, at these meetings that the United States is as well or better positioned than any other country in the world to lead the world in economics in the years to come.
And there’s a strong sense from all the world leaders about the strength of the US economy, and we’ve seen the will to want to work together and also here at home.
We’ve had two years of extraordinary progress, since the US bailout, the bipartisan Infrastructure Act, the Cut Inflation Act, and the CHIPS and Science Act.
But what excites me the most is that people are beginning to see the impact of these legislative achievements in their own lives. We are just getting started. We adopted them this year, but now they will really come into effect. This will accelerate in the coming months.
And implementing those legislative accomplishments is going to be one of the keys to success, I believe, for the economy.
And that’s one of the reasons why I wanted to bring us together today. You know, I brought together a group of labor leaders and business leaders to discuss progress in building the economy from the bottom up and from the middle.
And we are in — and our — and they have been partners in creating the jobs of the future and in building a world-class workplace ready to compete for those jobs.
And our approach, I believe, is working. The economy grew 2.6% in the last quarter, while inflation started to slow and unemployment started – remained low.
But what do these economic statistics really mean to people? Well, here’s what they mean, in my opinion:
We’ve added jobs every month of my presidency – more than 10 million jobs in total. Seven hundred thousand of them were manufacturing jobs.
Grocery inflation is down slightly. Prices for clothes, TVs, and appliances drop as we head into the holidays.
This week, we have seen the growth in the prices of goods and services paid by businesses decline as well. Gas prices are falling.
But it’s going to take – it’s going to take time to get inflation back to normal levels as we keep our labor market strong. So we might see some setbacks along the way, I’m sure, but so far we’re in good shape. But we focus on that.
In six short weeks – in six short weeks, Americans will begin to feel the effects of the Inflation Reduction Act.
On January 1, seniors with diabetes on Medicare will pay no more than $35 a month for an insulin prescription. Some are paying up to $400 a month now. And that counts for people like Bob, who lives on Long Island, who has had diabetes for almost 50 years. And he’s had a leg amputated and has vision problems due to complications from his diabetes.
Bob came to the White House a few months ago and explained that he had to pay $300 out of pocket every 90 days for his insulin.
Now he won’t have to choose that, from January 1, paying for a trip in between – choosing between a trip to see his grandchildren or paying for his insulin to survive.
It is important.
There are millions of people like Bob across the country —
the people who are going to have a little more leeway come on January 1st. And for every Bob – for every Bob, there is someone who will no longer have to pay $100 or up to $200 for a shingles vaccine. Starting Jan. 1, seniors on Medicare Part D will receive recommended vaccines, such as shingles vaccines, for free, with no copayment. It all counts.
Right now, four out of five people who sign up for health insurance through the Affordable Care Act can get medical coverage for $10 a month or less. These lower rates were supposed to expire on January 1 of the coming year, but instead we were able to extend them.
If you need health insurance, you can sign up now at these discounted rates. Just go to Healthcare.gov.
We have already seen an increase of almost 40% in new registrations compared to last year.
We also help people save money on their energy bills. Starting January 1, you can get up to $3,200 in tax credits for making your home more energy efficient.
You can get up to $600 tax credit for new windows, $500 for new doors, $2,000 to install a heat pump, $600 to replace electrical panels.
Here’s what — here’s what it means: If you live in a home with drafty windows and doors, starting January 1, you can save up to $1,100 on the cost of replacing them. And that’s only about upgrading.
You will also save a lot of money in the future because your utility bills will be lower. And it’s good for your wallet, but it’s also good for the environment because you use less energy.
And that’s not all. If you want to install solar panels on your roof, you can get a tax credit of 30% of the cost. This will reduce the installation cost by approximately $7,500.
And when you save money on your electric bills for the rest of the year, that’s about $300 a year on average.
Look, if you switch to an electric pump to heat your home, you can get a tax credit covering up to $2,000 of the cost. But this heat pump – this heat pump is going to save you hundreds of dollars a year on your energy bills, depending on where you live and what kind of heating system you rely on today.
Look, we’re talking real money here, to save, people. And it’s going to start working now.
By taking action, we are making real progress in strengthening and stabilizing our economy, giving Americans across the country some respite.
Building on this progress is not just doing, but listening. That’s why I’m here today to open up — open up to good ideas to keep inflation down and to keep creating an economy that works for everyone with these business and union leaders before me. here.
The people in this room – American unions, American businesses – are essential to building an economy from the bottom up and from the top down, as I said.
I look forward to continuing to partner with them and hearing their thoughts on the things I should and shouldn’t do, ways to continue to strengthen the American economy, and how we can work together. in the future.
And now I’m going to turn it over to Brian Deese, director of the National Economic Council, and he’s going to continue this meeting. And I’ll step in along the way.
But again, thank you all for being here. I really appreciate your help and advice. Brian, it’s all yours.
1:47 PM EST
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