Continued Criticism of the Biden Administration and Democrats
"Appointment of a Fed Chair Who Supports 'Rate Cuts'"
"Announcement Soon... Will Ease Mortgage Burdens"
On the 17th (local time), U.S. President Donald Trump delivers a national address. Photo by White House YouTube
As the United States faces high inflation and elevated unemployment, President Donald Trump expressed confidence that the economic situation will improve next year, stating, "We are lowering prices very quickly." He particularly pledged to reduce household loan burdens through a policy rate cut next year.
"Bringing the Most Positive Change Among All Administrations"
President Trump made these remarks during a nationally televised address broadcast live from the White House for nearly 20 minutes starting at 9 p.m. Eastern Time, stating, "Over the past 11 months, we have brought more positive change to Washington than any administration in American history."
President Trump emphasized, "We are reviving an economy that was on the brink of collapse domestically," and criticized the Biden administration and its Democratic allies in Congress, saying, "The previous (Joe Biden) administration and their allies in Congress (the Democratic Party) drained trillions of dollars from the treasury, pushing prices to unprecedented levels."
Regarding his extensive tariff policy, President Trump stated, "I have attracted $18 trillion in investment to the United States, the largest amount in history. This means job creation, wage increases, economic growth, new factories, and much stronger national security. A significant portion of these achievements is thanks to my favorite word: tariffs."
He added, "We are on the verge of an economic boom that the world has rarely seen before," expressing optimism that the economy will further improve next year.
He also said, "For the first time in years, wage growth is far outpacing inflation," and added, "When the new year comes, you will see the difference in your wallets and bank accounts."
"Next Spring Will Be the Biggest Tax Refund Season"
He further explained that a new tax cut policy introduced this year will allow many American households to save $11,000 to $20,000 annually, stating, "Next spring will be the largest refund season ever, thanks to the effects of tariffs and the (tax cut) bill."
President Trump announced, "We plan to open 1,600 new power plants within the next 12 months. This will be a record that will not be easily broken, and electricity bills and overall prices will drop significantly."
Regarding the next Federal Reserve (Fed) Chair, who will take office in May next year, he said, "It will be someone who believes in significant rate cuts," adding, "I will announce this soon." He also stated, "As a result, mortgage repayment burdens will be further reduced from the beginning of the new year."
The leading candidates for the next Fed Chair are Kevin Hassett, Chairman of the White House National Economic Council (NEC) and close economic advisor to President Trump, and Kevin Warsh, former Fed Governor.
Additionally, President Trump announced, "In the new year, we will unveil the most aggressive housing reform policy in American history."
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