5 Gems From President Trump's Davos Speech
On Friday morning, President Donald Trump delivered a powerful speech to the World Economic Forum in Davos, Switzerland. He encouraged foreign countries and businesses to invest in America, and explained why the future has never been brighter for the United States.
Here are 5 gems from his speech.
1. A simple message.
"I'm here to deliver a simple message: There has never been a better time to hire, to build, to invest and to grow in the United States," Trump declared. "America is open for business and we are competitive once again."
The president backed up this statement by remarking on signs of a strong economy. He mentioned the stock market "smashing one record after another," and adding more than $7 trillion in new wealth since his election. "Consumer confidence, business confidence, and manufacturing confidence are the highest that they have been in many decades."
Trump also touted the 2.4 million jobs created since his election, and argued that small business optimism is at an all-time high. "New unemployment claims are near the lowest we've seen in almost half a century," he declared.
Perhaps most positively, the president noted that "African American unemployment reached the lowest rate ever recorded in the United States and so has unemployment among Hispanic Americans."
These are substantial achievements, and while other factors may also have bolstered the economy, they took place on Trump's watch. The president is right — now is a great time to invest in America.
2. Tax reform.
Trump naturally championed the greatest legislative achievement of his young presidency as another key reason to invest in the U.S. "The American economy is by far the largest in the world and we've just enacted the most significant tax cuts and reform in American history," he declared. "We've massively cut taxes for the middle class, and small businesses to let working families keep more of their hard earned money. "
Trump's tax reform may or may not be "the most significant tax cuts and reform in American history," but it certainly marked a tremendous achievement for the president and his party. In an interesting twist, the reform law may force American diplomats to rework previous international treaties — one reason why the president's discussion of tax reform at Davos was so important.
"We lowered our corporate tax rate from 35 percent all the way down to 21 percent. As a result, millions of workers have received tax cut bonuses from their employers in amounts as large as $3,000," Trump declared. This is true, and important to note. Also, the Internal Revenue Service is working to ensure that tax cuts will be felt across the board in February paychecks.