Remarks by President Biden on Investing in America

Cummins Energy Era Facility

Fridley, Minnesota

2:34 P.M. CDT

THE PRESIDENT: Howdy, whats up, whats up! Please have a seat, when you have one. (Laughter.)

Because the Governor has heard me say earlier than: After I was — first turned President, I used to be at a significant occasion, and I mentioned, “All people have a seat.” And the press wrote, “He’s so dumb he didn’t even know there have been no seats.” (Laughter.) Anyway, I’m glad you’re — have seats to take a seat in since you’ve been standing a very long time.

Of us, I wish to thank Brandon for that introduction.

And, Mayor Scott Lund, thanks for the passport into the town. I promise I’ll not abuse it.

And — and the mayors of the Twin Cities are right here as effectively: Jacob Frey, Minneapolis — the place you might be, Jacob? He was right here. I used to be — I suppose he knew I used to be going to talk. (Laughter.) And Melvin Carter, St. Paul. Look, thanks for becoming a member of us. (Applause.)

And, Governor Walz, you and I’ve been working collectively for some time, man. You’re the champion for Minnesota. You actually are. (Applause.) And thanks for being right here as we speak, and thanks in your friendship.

Minnesota’s two excellent senators, Amy Klobuchar, who’s — by the best way, within the Biden household, there’s no lady as previous as any man. So I — I believe be- — I do know she needs to be 30 to be a senator. (Laughter.) However an unbelievable associate to me, and who efficiently helped lead the combat to decrease the value of prescribed drugs, which is a big accomplishment. (Applause.)

Along with Tina Smith, your different nice senator — (applause) — they work every single day to cut back the associated fee to American households, safeguard primary rights, and convey manufacturing jobs again to Minnesota.

You understand, Congressman Omar — Congresswoman Omar, I would like thanks for being right here. You by no means cease working to degree the taking part in discipline for everyone. (Applause.) And also you ensure no little one goes hungry.

And, by the best way, after I launched this laws and — she received very mad at me as a result of I had launched first the Construct Again Higher proposal, which we ended up getting anyway. However she was — she was form of mad, all people. She — you’re keen on me once more, proper?

REPRESENTATIVE OMAR: Sure. (Laughter.)

THE PRESIDENT: All proper. Okay. Properly, that’s (inaudible) together with her husband sitting subsequent to her too. (Laughter.)

Angie? The place’s Angie? There you might be. (Applause.) Angie, thanks for being right here as effectively. Advocate for making prescribed drugs and on a regular basis prices reasonably priced for — for all of you folks on the market.

And, you understand, I wish to thank Tony and everybody at Cummins as we have a good time the funding you’re making in clear power manufacturing, good-paying jobs, and American innovation.

You understand, I’ve requested a lot of the CEOs that I’ve are available contact with, and most of them I’ve met — the Fortune 500 — and I requested them a query repeatedly: When america authorities makes appreciable sources obtainable for brand new industries, what does that do to companies? Does it dissuade them or encourage them? And the reply each single time is: It encourages them to get within the enterprise. It encourages funding.

Federal funding attracts personal funding. It creates jobs and industries, and it demonstrates we’re all on this collectively. And that’s what as we speak is all about.

I’m right here to speak about what we’re doing to spend money on America, spend money on Minnesota, and the progress we’ve made in constructing an financial system from the center out and the underside up. As a result of when it comes from the highest down, my dad’s kitchen desk — not a lot dropped on that kitchen desk from the highest down. However while you construct it the opposite method, everybody does effectively, and the rich do very effectively as effectively. So we don’t have to fret about them; we’re not hurting anyone.

The progress we’ve made creating robust, sustainable, financial progress has been actual.

We handed the American Rescue Plan, essentially the most aggressive financial restoration [package] since Franklin Delano Roosevelt.

We handed the Bipartisan Infrastructure Legislation, essentially the most substantial funding since President Eisenhower invested within the Interstate Freeway System — bridges, roads, ports, airports, clear water, high-speed Web.

And the CHIPS and Science Act, which we didn’t get the opposite workforce to hitch very a lot, however — however essentially the most vital funding in manufacturing and analysis and improvement in American historical past. (Applause.)

And the Inflation Discount Act, essentially the most transformative funding in local weather ever. And, by the best way, not simply ever right here, ever anyplace in your entire world. (Applause.) In your entire world.

Put all collectively, the plan is to spend money on America, in a literal sense. Not abroad, in America. Put money into ourselves. And it’s working.

Right here’s what it appears to be like like throughout the nation:

A report 12 million 400 thousand brand-new jobs, together with 800,000 manufacturing jobs simply since we got here to workplace. (Applause.) That’s extra jobs in two years — that’s extra jobs in two years than any President has created in 4 years. And that’s due to this group sitting proper in entrance of you, you simply heard from.

It means we’re recovering each single misplaced job within the pandemic, and created 3 million extra.

As a substitute of exporting jobs to cheap- — to get cheaper labor prices, we did — that’s what we did for many years. We used to steer the world, by the best way, in investments. However what we began to do — we began importing — exporting jobs and importing product, producing deficits. Now we’re creating American jobs and exporting American merchandise and rising our financial system.

Since I took workplace, we’ve attracted commitments for greater than $435 billion in personal funding in lower than two years — (applause) — in American manufacturing and American power.

Look — and we’ve introduced over 23,000 infrastructure — building jobs — initiatives in over 4,500 cities and cities all throughout America; groundbreakings for brand new roads and bridges and airports; initiatives to ship clear water, high-speed Web to properties and colleges. And we’re going to scrub your Nice Lakes whereas we’re at it, by the best way. Plus — (applause) — plus, my financial plan is constructing extra clear power future made in America. Not overseas, made in America.

For instance, we’re constructing a community of 500,000 electrical car stations by the IBEW all throughout America. (Applause.)

And proper right here in Minnesota, while you’re driving throughout I-94 or taking I-35 via the Twin Cities, charging stations will probably be simple to search out — as simple as it’s to discover a fuel station as we speak.

Of us, we’re offering incentives for corporations like Cummins to fabricate clear power know-how proper right here in Minnesota.

For over a century, Cummins has constructed diesel engines and heavy-duty vans and energy gen- — energy turbines, for over half — half of all medium- and heavy-duty vans on the street as we speak are Cummi- — have Cummins engines.

Properly, as we speak you’ve made producing — turbines for the Division of Protection for many years, as I walked via and noticed them. World Battle Two, 50 % of all of the diesel and fuel turbines utilized by the Allies within the battle got here from Cummins.

However when Cummins first manufactured hydrogen electrol- — electrolyzers, they needed to make them abroad.

These are the machines that make clear hydrogen, a renewable power used to energy our financial system, from clear automobiles to vans to metal to cement manufacturing.

However now, because of the Inflation Discount Act with the tax credit for renewable power, Cummins goes to fabricate these electrolyzers right here in America for the primary time. (Applause.)

And Cummins — Cummins is popping this a part of the manufacturing unit, the place we’re standing now, into a brand new manufacturing line for clear power know-how.

Right here at this plant, 600 staff now making diesel engines will probably be re-trained, and an extra 100 jobs — so a complete of 700 jobs — will probably be making clear power know-how.

You understand, what we’re seeing is a boon for American innovation, American trade, and it’s good for the planet as effectively.

Already, Cummins has signed contracts for clear hydrogen produ- — for producers and utilities in New York, Florida, and Washington State, and it’s simply starting. Simply starting.

Take into consideration what it means for our provide chain and our communities.

Earlier than the pandemic, the availability chain wasn’t one thing most People spent a lot time enthusiastic about. However as we speak, after delays for components and merchandise, everybody is aware of why provide chains are so vital.

As a substitute of counting on tools made abroad in locations like China, the availability chains will probably be once more made in America. They’ll start in America. Start in America.

Cummins will construct the know-how that produces clear hydrogen. Firms and utilities throughout the nation will use these merchandise to make clear hydrogen. And vans made in America with zero-emission engines will probably be powered by clear hydrogen.

And, by the best way, that features Cummins, which simply as we speak introduced that it’ll make investments over $1 billion at a plant in New York and Indiana and North Carolina to provide low-carbon, zero-emission engines for vans. (Applause.)

And the purpose right here is that it’s all made in America relatively than abroad. It’s a gamechanger.

And, people, the place is it written that America can’t as soon as once more be the manufacturing capital of the world? The place is that written? (Applause.) We was.

Properly, we’re telling a distinct story right here at Cummins and over at Becker, the place Xcel Power is investing $600 million to construct the biggest photo voltaic farm within the state.

Plus, we’re constructing a photo voltaic storage facility at that website with revolutionary batteries made in West Virginia.

Since I took workplace, corporations have introduced over $2 billion in main manufacturing investments in Minnesota alone. Simply Minnesota. And we’re bringing different key components of the availability chain again to America, like semiconductors, which you simply heard about. These are the small chips — pc chips concerning the measurement of the tip of my little finger that have an effect on every thing in our lives,from our cellphones, vehicles, fridges, a lot extra.

America invented these chips. We invented them. We made them smaller. We made them sooner. We made them extra highly effective. However then one thing occurred about 4, 5 a long time in the past. American manufacturing, the spine of our financial system, received hollowed out. Firms moved jobs abroad.

We used to provide as much as 40 % of the world’s chips, however as we speak we’re right down to producing 10 % — 10 % of the world’s chips — we — regardless of our main the world in analysis and design for these new applied sciences.

However why does this matter? Properly, we noticed it in the course of the pandemic. When the worldwide financial system got here to a halt, abroad factories that make these chips shut down, driving up prices for American households — households throughout, however American households.

One third of the core inflation within the yr 2021 was due to the excessive worth of aut- — new vehicles.

Each new car that’s constructed wants about 3,000 chips per car. In the course of the pandemic, auto corporations couldn’t get sufficient chips. Costs went up as a result of automobiles have been briefly provide. And corporations like Cummins felt the scarcity as effectively.

Your CEO informed me herself that a lot of your merchandise don’t run with out semiconductors.

Now we’re turning issues round in an enormous method. Everywhere in the nation, semiconductor nations [companies] are investing a whole lot of billions of {dollars} — over $300 billion, a report sum of money — to convey chip manufacturing again house.

In Ohio, after I visited these amenities — in Ohio, I name — what I name “a discipline of desires,” 20 miles outdoors of Columbia [Columbus] — Intel has dedicated $20 billion to construct three new fabs there.

New York — IBM has dedicated $20 billion to construct chips in Poughkeepsie, New York, and Micron has dedicated $20 billion to construct in Syracuse and has dedicated, if that goes, to do one other $100 billion.

In Arizona, TSMC has dedicated $40 billion.

Altogether, these investments are going to create tens of 1000’s of good-paying jobs. Jobs in each building and within the working fabs — the factories which might be concerning the measurement of 4 soccer fields. Jobs that may pay a median of 100 and thir- — that is the typical now — $130,000 a yr working these fabs.

You understand what the excellent news is? You don’t want a university diploma. You don’t want a university diploma. It issues.

Right here in Minnesota, Governor Walz and members of his — his legislature are working to speculate $500 million in matching funds for semiconductors and biomanufacturing to associate with our federal investments.

Plus, your governor signed a historic legislation to ship 100% carbon pollution-free electrical energy throughout this state — as one of many senators talked about — throughout Minnesota by 2040. (Applause.) By 2040.

Hubert Humphrey could be proud. (Laughter.)

We’re working to make sure our clear power manufacturing future can be one which helps America’s working households with good — and I don’t wish to make anyone mad, however I make no apology — good union jobs that pay a prevailing wage. (Applause.)

Pay attention, I do know a lot of you right here in Minnesota, who’re watching at house, are like the parents I grew up in Scranton, Pennsylvania, and Claymont, Delaware.

You are feeling omitted, left behind in an financial system that’s quickly altering. I get it. I get it.

However hear me effectively: We’re going to depart nobody behind. We’re going to verify all American staff, with school levels or with out school levels, are ready to compete with anybody on the earth within the subsequent ce- — the rest of this century.

We’re working with corporations, group schools, technical colleges, union-led registered apprentices, coaching applications to verify this occurs. And in Minnesota, an agricultural powerhouse that has helped feed and gas the nation and the world, I’m working intently with Minnesota members of the Home and Senate committees to verify we get a farm invoice handed. (Applause.)

And, by the best way, because the Secretary of Agriculture informed me a very long time in the past, the primary utterly clear power know-how goes to return from farms — farming. As a result of what you’re doing — I received’t get into all that now, however — (laughter) — nevertheless it’s vital. It’s an enormous deal.

And it’s not simply clear power manufacturing. We’re investing $2.7 billion in over 180 infrastructure initiatives simply in Minnesota.

I-90, we’re repairing 10 bridges and bettering ramps and visitors alerts to cut back visitors and make driving safer.

Changing the primary roof over Terminal 1 on the Minnesota St.- — Minneapolis-St. Paul Worldwide Airport so it’s cooler in the summertime and you’ll warmth it within the winter.

In Duluth, and throughout the Nice Lakes area, we’ve dedicated $1 billion to scrub up reservoirs and waterways. (Applause.)

And already, practically 200,000 Minnesota households now have reasonably priced high-speed Web they didn’t have two years in the past due to the infrastructure legislation.

And these investments imply — by the best way,you mothers and dads who didn’t have that Web obtainable to you, subsequent time your child has to do homework on-line, you don’t have pull up in entrance of a McDonald’s and work off their energy. I’m not joking.

All these investments imply that now, when you’re — when you develop up in Minnesota otherwise you go to a faculty in Minnesota, you possibly can keep in Minnesota. The we- — the Midwest is coming again screaming. Good jobs you possibly can increase a household on. You don’t have to listen to your son or daughter say, “Mother, I adore it right here, however there’s no work for me. I received to depart.”

None of that is occurring by chance. It’s not simply occurring in Minnesota. It’s all a part of my agenda to spend money on America: American jobs, American innovation, satisfaction in our nation.

A phrase my dad most frequently used is: Each employee deserves to be handled with dignity — with dignity. And there are households on the lookout for that as effectively.

Of us — and, by the best way, we will afford every thing I simply defined and cut back the deficit by asking — you understand, by the best way, you bought about — now we have a few thousand billionaires now in America. You understand the typical tax price they pay in taxes? Three %. T-H-R-E-E. You understand what paid for all this? You’ve heard me discuss loads concerning the truth that there have been 55 Fortune 500 corporations that made $40 billion, didn’t pay a single penny in taxes. We did an terrible factor. They’re paying 15 % now. (Applause.) However they’re paying for every thing.

Now, anyone who thinks the tax system is truthful, increase your hand. (Viewers member raises hand.) All proper. (Laughter.) We discovered one millionairess, proper over there. (Laughter.) If she’s not married, suggest to her rapidly. (Laughter.)

Look, guys, the wealthiest People and largest companies be — and I come from a company capital of the world. Delaware has extra companies included within the state than each different state in america of America mixed. And I’m a Democrat, and I received seven instances for the Senate in that state. It’s simply paying your fair proportion and reducing subsidies for particular pursuits. Why are we subsidizing oil corporations? Why are we so — I imply, they’re — anyway. (Laughter.)

Beneath my plan, no one incomes — this can be a dedication I made after I began, and I’ve stored it and I’ll maintain so long as I’m right here — nobody making lower than $400,000 a yr going to pay one single penny additional in federal taxes. Not one.

And becau- — and, for instance, as a result of the legislation that I labored on for many years and received signed into legislation final yr with the assistance of your congressional del- — your congressional delegation, took on Large Pharma.

Now, look, we pay the very best prescription drug costs of any nation on the earth.

You’re shaking your head no, Jack, however I’m telling you it’s true.

Any nation on the earth. Properly, guess what? The — down — over on the Vet- — the Veterans Division, they will negotiate the costs they’re going to pay for the medication that they’re going to produce for the — for our navy who want, as a result of it’s an enormous market.

Properly, guess what? We’ve been making an attempt for years and years to be sure that Medicare might negotiate with the drug corporations. Properly, Medicare lastly has the facility to barter decrease drug costs. And with decrease drug costs, you understand what it’s going to do? It’s going to save lots of the taxpayers $160 billion a yr. Save them. (Applause.)

You understand why? What number of of you understand anybody who wants insulin as a result of they’ve Kind I? Properly, you have been paying about 4- to 600 bucks a yr for — a month for it relying on the place you’re from.

Now, due to these people in entrance of me right here, you don’t must pay greater than $35. (Applause.)

You understand why? That’s truthful for a easy purpose. You understand how a lot it value to make it — the insulin? Ten {dollars}. Ten {dollars}. Been round for 100 years. Ten {dollars}.

By the best way, there’s a pair different provisions there. In case your mother or dad, God bless them, are on costly prescribed drugs and, God forbid, they get most cancers, effectively, they will pay as a lot as 14,000 bucks a yr for the most cancers medication they want. Not anymore. Starting in 2025, guess what? All of your drug — you need to — you possibly can by no means must pay greater than $2,000 a yr irrespective of how a lot it prices, when you’re on Medicare. (Applause.) As a result of Large Pharma can now not rip us off by charging exorbitant costs for prescribed drugs.

In my first two years in workplace, we introduced down the deficit — all this — now, you hear my — a few of my mates saying, “Biden is actual — he’s been inflicting nice deficits.” I minimize the deficit over two years by 1 trillion 700 billion {dollars} — greater than any President has within the historical past of america of America. (Applause.)

And, by the best way, the final man who had this job — (laughter) — he elevated it by $2 trillion, the deficit.

Look, my finances reduces — the finances I’ve launched now reduces the deficit by practically $3 trillion over the subsequent 10 years.

However, people, sadly this isn’t your father’s Republican Get together. I’ve gotten — ifyou — you — no purpose why it is best to know something about me, however I’ve gotten on effectively with my Republican colleagues through the years. For actual. Good relationships. However this ain’t your father’s Republican get together. That is what I name the “MAGA Republicans.”

The MAGA Republicans in Congress threaten to undo all this progress. They’re placing our financial system in jeopardy by threatening to refuse to pay America’s payments that took 200 years to build up now, by the best way. Not this yr’s, final yr’s — 200 years. They mentioned they’re not going to pay the invoice, which might — for the primary time, America would default on its — on its — on its debt, which might throw us not solely into recession however could be a catastrophe for the financial system internationally.

They — and so they wish to minimize taxes — minimize extra taxes for the very giant companies. They need the facility we simply gave Medicare to nego- — to barter decrease drug costs — they name it an enormous giveaway, and so they wish to — they wish to get rid of it. They wish to — I imply, simply flip — you simply activate the tv, you’ll hear them discuss. Or activate some channels, like Fox, and also you’ll hear them discuss.

Large Pharma elevated the deficit at a value of — the taxpayers by one other 2 billion bucks.

Look, primarily based on what we all know up to now, their plans would explode the deficit, growing it by greater than $3 trillion over the subsequent 10 years. They usually additionally wish to minimize the investments in clear power manufacturing to encourage corporations to develop and create jobs right here.

Look, you understand, as I mentioned, this clear power proposal now we have, it’s $368 billion.

It looks like our Republican mates wish to cede the clear power future to China, make us depending on abroad provide chains, export jobs abroad, and weaken our power safety.

The MAGA Republicans in Congress additionally wish to minimize the CHIPS and Science Act, stripping our investments for the subsequent era of science and know-how, from biomanufacturing to quantum computing. Take away and eliminate it. That will imply ceding the way forward for innovation and know-how to China.

Properly, I’ve received information for my MAGA Republican mates: Not on my watch. Not on my watch. (Applause.)

We’re not going to allow them to undo the progress we’ve made.

Look, let me shut with this: I’ve been decided to make issues on this nation once more, to construct manufacturing capability in America, to verify we’re by no means once more able the place we’re — the place — as we have been in the course of the pandemic, the place we’re counting on different nations to make the issues we’d like badly at house.

Some people didn’t consider we might do it, however we made it. We made no bones about it.

I’ve mentioned for a very long time: If we spend money on America, we will change the nation’s future.

Now we have the perfect scientists on the earth. Now we have the perfect analysis universities on the earth. Now we have the best staff on the earth.

After I requested the South Korean nation [company] why it was going to speculate over $100 billion in america, transfer their semiconductor factories right here, you understand what they mentioned? “You have got the perfect staff on the earth and the most secure nation on the earth.” That’s what the President of the — of the outfit mentioned.

However too lengthy we sat on our fingers. How in God’s title can we stay essentially the most aggressive nation on the earth with out investing in America?

It’s — 30 years in the past, we invested 2 % of our complete gross home product — that’s every thing we do — 2 % of that, we invested in analysis and improvement. Pure analysis. By the point I got here to workplace, that was right down to 0.7 %.

We’re going to show that round. We’re proving it’s by no means been wager to be- — wager to wager towards America. I’ve by no means been extra optimistic — and I imply this from the underside of my coronary heart — I’ve by no means been extra optimistic about the way forward for our nation.

However simply keep in mind — it’s simply vital to recollect who we’re. We’re america of America. There’s nothing, nothing, nothing, nothing past our capability. (Applause.) I consider that with each fiber of my being.

After we work collectively, there’s nothing can cease us. And that’s my intention: work with whoever will assist get this factor shifting.

God bless you all. And should God shield our troops. Thanks. (Applause.)

3:01 P.M. CDT

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