[Congressional Record Volume 170, Number 50 (Thursday, March 21, 2024)]
[Senate]
[Pages S2511-S2512]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                          PRESIDENTIAL MESSAGE

                                 ______
                                 

ECONOMIC REPORT OF THE PRESIDENT TOGETHER WITH THE ANNUAL REPORT OF THE 
                  COUNCIL OF ECONOMIC ADVISORS--PM 45

  The PRESIDING OFFICER laid before the Senate the following message 
from the President of the United States, together with an accompanying 
report; which was referred to the Joint Economic Committee:

To the Congress of the United States:
  When I was elected President, a pandemic was raging and our economy 
was reeling, and trickle-down economics had undermined our nation's 
growth long-term. I was determined to rebuild from the middle out and 
bottom up, not the top down, because when the middle class does well, 
we all do well. We can give everyone a fair shot and leave no one 
behind. Our plan has brought transformational progress.
  In the near term, my Administration moved quickly to help hardworking 
families and businesses make it through the pandemic, with a historic 
rescue plan that vaccinated the nation, delivered immediate economic 
relief to people in need, and sent funding to states and cities to keep 
essential services going. We worked with the private sector and labor 
unions to ease bottlenecks and shortages in our supply chains, getting 
goods flowing again and making our economy more resilient for the 
future. Today, America is in the midst of the strongest recovery of any 
advanced economy in the world.
  Along the way, we've achieved one of the most successful legislative 
records in generations, bringing new opportunities to communities of 
all sizes nationwide. We're tackling years of underinvestment in public 
infrastructure, clean energy, and advanced manufacturing, making sure 
the future is made in America by American workers. We're making the 
biggest investment in American infrastructure in generations, including 
over $400 billion for 46,000 projects in 4,500 communities to date. 
These projects are rebuilding the nation's roads, bridges, railroads, 
ports, airports, public transit, water systems, high-speed internet, 
and more, in every part of the country. We're also making the most 
significant investment in fighting climate change in history--advancing 
breakthroughs in clean technology, boosting energy independence, 
lowering electricity costs for hardworking families, and revitalizing 
fence-line communities smothered by a legacy of pollution. At the same 
time, we're working with the private sector to strengthen America's 
semiconductor and advanced manufacturing industries as well, empowering 
workers and small businesses to share in the benefits.
  Already, my Investing in America agenda has attracted $650 billion in 
private investment from companies that are building factories here in 
America. We've ignited a manufacturing boom, a semiconductor boom, a 
battery boom, an electric-vehicle boom, and more. My agenda is creating 
hundreds of thousands of good-paying jobs, so folks never have to leave 
their hometowns to find work they can raise a family on. Today, America 
once again has the strongest economy in the world. A record 15 million 
jobs have been created on my watch, giving 15 million more Americans 
the dignity and peace of mind that comes with a steady paycheck. The 
unemployment rate has been below 4 percent for the longest stretch in 
over 50 years, and we've seen the lowest unemployment rate for Black 
Americans on record. Economic growth is strong. Wages are rising faster 
than prices. Inflation is down by two-thirds. We have more to do, but 
folks are starting to feel the results. Real income and household 
wealth are higher now than they were before the pandemic, and consumer 
sentiment has surged more in recent months than any time in decades. 
Americans have filed a record 16 million new business applications 
since I took office, and each one of them is an act of hope.
  Importantly, we're paying for many of these historic investments by 
making our tax system fairer. We've cut the deficit by $1 trillion 
since I took office, one of the biggest reductions in history, and I've 
signed legislation to cut it by $1 trillion more over the next 10 
years, in part by raising the corporate minimum tax to 15 percent and 
making the wealthy and big corporations start paying their fair share.
  It's clear that we're making tremendous progress for the American 
people, but we have more to do to finish the job. My Administration is 
going to keep fighting to lower costs for hardworking families, on 
everything from prescription drugs, to housing, childcare, and student 
loans. Folks in Washington have tried to reduce prescription drug costs 
for decades; our historic Inflation Reduction Act is getting it done. 
It for example caps the cost of insulin for seniors at $35 a month, 
down from as much as $400; and starting next year, no senior on 
Medicare will pay more than $2,000 a year in total out-of-pocket drug 
costs, even for expensive medications that can cost many times more. It 
also protects and expands the Affordable Care Act; as a result, more 
Americans have health insurance today than ever.
  We're also making real gains in expanding access to housing: More 
families own homes today than did before the pandemic, rents are 
easing, and a record of around 1.7 million housing units are under 
construction nationwide. We'll keep working to lower housing costs and 
boost supply, by expanding rental assistance; speeding builders' access 
to federal financing to build more affordable homes; and reducing 
mortgage payments for first-time homebuyers. Meanwhile, we're standing 
up for workers and consumers, and cracking down on unfair hidden ``junk 
fees'' that companies like airlines, banks, and insurers slip onto 
people's bills.
  At the same time, we're working to get every child in America the 
strong start they need to thrive. The American Rescue Plan expanded the 
Child Tax Credit, cutting child poverty nearly in half in 2021. We'll 
keep fighting to restore it, and to guarantee the vast majority of 
American families access to high-quality childcare for no more than $10 
a day. Our rescue plan also made the biggest investment in public 
education in American history; today, we're pushing to further boost 
funding to schools in need, to expand tutoring and afterschool 
programs, and to ease teacher shortages. I'm keeping my promise to ease 
the crushing burden of student debt as well. Despite legal challenges, 
we've canceled $138 billion in student loans for nearly 3.9 million 
Americans, including more than 750,000 teachers, nurses, firefighters, 
social workers, and other public servants. Such widespread debt 
cancellation is freeing people to finally consider buying a home, 
having a child, or starting the small business they always dreamed of. 
In all, our agenda is making the promise of America real for

[[Page S2512]]

many millions more Americans than ever before.
  The story of America is one of progress and resilience, of always 
moving forward and never giving up. It is a story unique among 
nations--we are the only country that has emerged from every crisis 
stronger than we went in. That is what's happening across America 
today. There is still work to do, but I've never been more optimistic 
about our future. We are the United States of America, and there is 
nothing beyond our capacity when we do it together.
                                                   Joseph R. Biden, Jr.
The White House, March 21, 2024.

                          ____________________