THE PRESIDENT: Good afternoon. I want to start by thanking the House committees for working hard this week to advance critical components of the economic plan that I’ve put before the Congress.
I know we still have a long way to go, but I’m confident that Congress will deliver to my desk both the bipartisan physical infrastructure plan and the Build Back Better plan that I have proposed.
And I’ve said many times before: I believe we’re at an inflection point in this country — one of those moments where the decisions we’re about to make can change — literally change the trajectory of our nation for years and possibly decades to come.
Each inflection point in this nation’s history represents a fundamental choice. I believe that America, at this moment, is facing such a choice. And the choice is this: Are we going to continue with an economy where the overwhelming share of the benefits go to big corporations and the very wealthy? Or are we going to take this moment right now to set this country on a new path — one that invests in this nation; creates real, sustained economic growth; and that benefits everyone, including working people and middle-class folks?
That’s something we haven’t realized in this country for decades.
The data — (clears throat) — excuse me. The data is absolutely clear. Over the past 40 years, the wealthy have gotten wealthier, and too many corporations have lost their sense of responsibility to their workers, their communities, and the country.
Just look at the facts. CEOs used to make about 20 times the average worker in the company that they ran. Today, they make more than 350 times what the average worker in their corporation makes.
Since the pandemic began, billionaires have seen their wealth go up by $1.8 trillion. That is, everyone who was a billionaire before the pandemic began, the total accumulated wealth beyond the billions they already had has gone up by $1.8 trillion. Simply not fair.
And it’s — how is it possible that 55 of the largest corporations in this country paid zero dollars in federal income taxes? They made over $40 billion in the year 2020, and they’ve paid zero. Think about that. Zero dollars in federal taxes on $40 billion in profits.
How is it possible that the wealthiest billionaires in the country can entirely escape paying income tax on what they’ve made?
How is it possible for millionaires and billionaires that can pay a lower rate of tax than teachers, firefighters, or law enforcement officers?
Here’s the simple truth. For a long time, this economy has worked great for those at the very top, while ordinary, hardworking Americans — the people who built this country — have been basically cut out of the deal.
And I’ve said this from the time I announced I was going to run: I believe this is a moment of potentially great change. This is our moment to deal working people back into the economy. This is our moment to prove to the American people that their government works for them, not just for the big corporations and those at the very top.
When I was sworn in as President, the nation was struggling to pull out of the worst economic crisis since the Great Depression. Job growth was anemic, with just over 60,000 new jobs per month in the three months before I was sworn in.
Then we went to work and passed the American Rescue Plan back in March. And it worked. It’s still working.
Over the last three months, we’ve been creating, on average, 750,000 new jobs per month. Our economy is growing at the fastest rate we’ve seen in nearly 40 years.
Our recovery is unique in the world. We’re the only developed country in the world whose economy is now bigger than it was before the pandemic.
While this is all good news, I know many Americans are still struggling to make it through each and every day.
For too many, it’s harder and harder to pay the bills — food, gas, rent, healthcare. I get it. We still have a long way to go to get the economy where it needs to be.
As I’ve said for a long time: Coming out of this economic crisis as deep as the one we were in was never going to be easy. But we’re doing it, and we can continue to do it.
COVID, supply chain issues, and bad actors seeking to profit off the pandemic are all contributing to the challenges we’re facing.
That’s why I’ve made getting COVID under control my top priority from my first day as President. Everything — everything, from our public health to our economy, depends on this.
We made enormous progress against the virus through the summer, and now we’ve put ourselves in a strong position to battle this Delta variant. That’s why the actions I proposed on vaccines last week are so critical: from requiring federal workers to get vaccinated; requiring healthcare workers to be vaccinated; requiring employers with over 100 employees to institute vaccine and/or test protocols, calling on — for them to be able to know what their employers — their employees are doing before they walk through the door; calling for vaccine or test requirements to enter big venues; and a whole series of steps I proposed to protect our kids in schools.
Wall Street firms have analyzed the impact of these plans, and they’re projecting that these new requirements will help 12 million more Americans get vaccinated, which will help more businesses stay open and more Americans back to work.
The data shows that the overwhelming majority of Americans agree with my proposal. That’s — there’s no surprise, given that 76 percent of American adults have already gotten at least one shot.
But — but we’re facing a lot of pushback, especially from some of the Republican governors. The governors of Florida and Texas — they’re doing everything they can to undermine the lifesaving requirements that I’ve proposed.
And some of the same governors attacking me are in states with some the strictest vaccine mandates for children attending school in the entire country.
For example, in Mississippi, children are required to be vaccinated against measles, mumps, rubella, chickenpox, hepatitis B, polio, tetanus, and more. These are state requirements.
But in the midst of a pandemic that has already taken over 660,000 lives, I propose a requirement for COVID vaccines, and the governor of that state calls it, quote, a “tyrannical-type move”? A “tyrannical-type move”?
This is the worst kind of politics because it’s putting the lives of citizens of their states, especially children, at risk. And I refuse to give in to it.
These policies are what the science tells us we need to do. They’re going to save lives. And they’ll protect our economic recovery as well, and allow the economy to continue to grow.
We’re also going after the bad actors and pandemic profiteers in our economy. There’s a lot of evidence that gas prices should be going down, but they haven’t. We’ll be taking a close look at that.
Taxpayers in this country also have paid for extraordinary effort to keep our country going over the past year or so.
Unlike the last administration, which resisted oversight and allowed taxpayers to be victimized by fraud, we’re working hard to protect vulnerable Americans from having their identities stolen — as a consequence of their unemployment check stolen as well.
And we’re going offer organized criminal — we’re going to go after organized criminals that defraud America or misuse COVID funds.
Look, we’re also taking a closer look at places in our economy where fewer and fewer corporate giants are controlling more and more of the marketplace in the area that they work.
Just look at agriculture and the food industry. A very small number of giant corporations now dominate the market, which gives them the ability to drive up prices because they face so little competition.
As we work to build healthier competition in our economy and crack down on bad actors, the American Rescue Plan, which we passed in March, is still working to give hardworking Americans — hardworking people some relief.
One of the best examples of that relief is the expansion of the Child Tax Credit, which, in effect, is essentially a historic tax cut for families with children.
Just yesterday, 39 million working moms and dads got their direct payment. That money is going to help cover groceries, the mortgage, new pairs of shoes — all the things that kids need. It’s a tax cut for working families.
So, we’re working to provide as much relief as we can right now to American families. But here’s the truth: Yes, the pandemic has caused a lot of economic problems in the country, but the fact is our economy faced challenges long before this pandemic struck. Working people were struggling to make it long before the pandemic arrived.
Big corporations and the very wealthy were doing very well before the pandemic. That’s why I’ve said — starting back in my campaign for president — that it’s not enough just to build back; we have to build back better than before. And that’s how it all begins.
Big corporations and the super wealthy have to start paying their fair share of taxes. It’s long overdue.
I’m not out to punish anyone. I’m a capitalist. If you can make a million or a billion dollars, that’s great. God bless you. All I’m asking is you pay your fair share. Pay your fair share just like middle-class folks do. But that isn’t happening now.
Today, in this country, right now, the top 1 percent, for example, evade an estimated $160 billion in taxes that they owe each year. Not new taxes, taxes that they owe.
And the way it works is this: If you’re a typical American — like I suspect most of the press people sitting in front of me here — you pay your taxes. Why? Because you get a W-2 form. It comes in the mail every year.
The IRS gets that information as well. Your taxes get deducted from your paycheck, and you pay what is owed beyond that. That’s why about 99 percent of working people pay the taxes they owe.
But that’s not how it works for people with tens of millions of dollars. They play by a different set of rules. And they’re often not employees themselves, so the IRS can’t see what they make and can’t tell if they’re cheating.
That’s how many of the top 1 percent get away with paying virtually nothing. It’s estimated by serious economists that that number is about $160 billion collectively owed each year that doesn’t get paid. It’s not an even playing field. My plan would help solve that. For example, it would give the IRS the resources it needs to keep up with the lawyers and accountants in the super — of the super-wealthy.
It would ask just for two pieces of information from the banks of these folks: that amounts — the amounts that come into their bank accounts and what amounts go out of their bank accounts, so that the wealthy can no longer hide what they’re making and they can finally begin to pay their fair share of what they owe.
That isn’t about raising their taxes. It’s about the super-wealthy finally beginning to pay what they owe — what the existing tax code calls for — just like hardworking Americans do all over this country every Tax Day.
Look — and like I said just a few minutes ago, 55 of the most profitable corporations in America paid zero in federal income taxes on what amounted to $40 billion in profit. Not a penny. That’s not right. And my economic plan will change that. Not punish anybody, just make them pay their fair share.
But my Republican friends in Congress don’t want to change the law. So, what are they doing? They’re attacking me and my plan — which is fine. But if we’re going to have a debate, let’s have an honest debate.
My Republican friends are attacking my plan, saying it’s “big spending.” Let me remind you, these are the same folks who just four years ago passed the Trump tax cut totaling almost $2 trillion in tax cuts –- a giant giveaway to the largest corporations and the top 1 percent. And listen to this: Almost none of that $2 trillion tax cut was paid for. It just ballooned the federal deficit.
In fact, the unpa- — unpaid bills ranked up — racked up by the last administration are projected to increase the national debt by more than $8 trillion over time.
What I’m proposing is totally different from that approach for three reasons:
First, my plan is paid for. It’s fiscally responsible, because our investments are paid for that by making sure that corporations and the wealthy Americans pay their fair share.
Second, we’re not going to raise taxes on anyone making under $400,000. That’s a lot of money. Some of my liberal friends are saying it should be lower than that. But only corporations and people making over $400,000 a year are going to pay any additional tax.
And third, not only will no one making under $400,000 see their taxes go up, the middle class are going to going to get some tax cuts — some breaks.
My plan benefits ordinary Americans, not those at the top who don’t need the help. It’s a historic middle-class tax cut, cutting taxes for over 50 million families.
My Republican friends are making a different choice though. They’d rather protect the tax breaks of those at the very top than give tax breaks to working families. It’s that simple.
But let me ask you this: Where is it written that all the tax breaks in the American tax code go to corporations and the very top? I think it’s enough. I’m tired of it.
For me, it’s pretty simple: It’s about time working people got the tax breaks in this country. That’s what my plan does.
But here’s what it also does: By asking big corporations and the very wealthy to pay their fair share, it makes it possible to invest in America, to invest in the American people.
According to leading economists — forecasters like Moody’s and major international financial institutions — my plan will create — make us — create jobs, make us more competitive, and grow our economy and lessen — lessen, not increase — inflationary pressure.
I don’t know if it’s been handed out today, but, by the way, 15 Nobel laureates in economics released a letter yesterday arguing that exame [sic] — that exact same point.
They said, and I quote — and this is from 15 Nobel laureates in economics — quote, “Because this agenda…” — the one I’m talking about, mine — “Because this agenda invests in long-term economic capacity and will enhance the ability of more Americans to participate productively in the economy, it will ease long-term inflationary pressures.” It will ease it.
Let me highlight just a few provisions of my plan. I know this is long, and I apologize, but it’s important, I think.
My plan lowers the cost of daycare and childcare and eldercare for families and [has] the added benefit of allowing millions of people, mostly women — who are not able to go back to work because of very young family members or elderly people they’re taking care of — allow them to go back to work. It’s estimated in the millions that can’t go back.
It lowers healthcare premiums for millions of families. It lowers prescription drug costs by giving Medicare the power to negotiate lower drug prices. And it strengthens Medicare by adding dental, vision, and hearing coverage for — if you’re on Medicare.
It also extends the tax cut for families with kids that we passed in the American Rescue Plan in March.
All of this will mean thousands of dollars in savings for the average American family on some of the toughest and most important bills they have to pay every month.
My Republican friends talk a lot about inflation, but if you want to talk about actually lowering the cost of living for people in this country, my plan does just that.
By strengthening the capacity of our economy, it will also reduce inflationary pressures over the long run.
Here’s something else my plan does: It confronts the crisis of extreme weather events that we’re seeing all around us and around the world — but just here in America. We see it everywhere. We know it’s real.
In just the past few weeks — and there’s more to come — I’ve seen the destruction of hurricanes in Louisiana, where winds got up to a hundred- — gusts of 179 miles an hour; the deadly toll from flooding in New York, where 20 inches of rain, and New Jersey, more than 11 inches of rain in some areas.
More than 5 million acres of our lands and communities have burned to the ground in wildfires just this year alone. That’s more than the size of the entire state of New Jersey burned to the ground. When I was out in California, I flew over some of these areas.
In addition, there’s a severe drought in the West and the Midwest.
There’s a blinking code red out there for the nation. We can’t wait to act.
Extreme weather, just last year, cost the American public $99 billion in damage — $99 billion in damage last year. And unfortunately, we’re likely to break that record this year.
And the evidence is overwhelming that every dollar we invest in resilience saves six dollars down the road — when the next fire doesn’t spread as widely or the power station holds up against the storm.
We need to rebuild with resilience — with resilience in mind — so roads are built higher; levees are built more — made more strong — stronger; transmission lines are better protected, and so much more.
You know, I hope we’re past debating climate change in this country. Now we have to act, and we have to act fast. And my plan does that.
Let me end with this. This pandemic has been God-awful for so many reasons: the lost lives — as I said, over 660,000; the jobs, the businesses lost; the lost time in school for our kids.
But it does present us with an opportunity: We can build an economy that gives working people a fair shot this time. We can restore some sanity and fairness to our tax code. We can make the investments that we know are long overdue in this nation.
That’s exactly what my bipartisan infrastructure plan does — I should say, our bipartisan infrastructure plan does: investments in roads, bridges, highways; clean water in every home and every school; universal broadband; quality and affordable places for families to live.
And we can invest in our people — giving our families a little help with their toughest expenses, like daycare, childcare, eldercare, prescription drugs, healthcare, preparing our young people to compete against any country in the world with preschool and community college.
We can confront this crisis of extreme weather and climate change, and not only protect our communities but create new opportunities, new industries, and new jobs.
In short, this is an opportunity to be the nation we know we can be — a nation where all of us — all of us, not just those at the top — are getting a share of the benefits of a growing economy in the years ahead.
Let’s not squander this moment trying to preserve an economy that hasn’t worked too well for Americans for a long time.
Let’s not look backward, just trying to rebuild what we had. Let’s look forward, together, as one America — not to build back, but to build back better.
Thank you all very much. And God bless you all. May God protect our troops. Thank you.
Almost seven years since news broke of an alleged conspiracy to fix the price of packaged bread across Canada, the saga isn’t over: the Competition Bureau continues to investigate the companies that may have been involved, and two class-action lawsuits continue to work their way through the courts.
Here’s a timeline of key events in the bread price-fixing case.
Oct. 31, 2017: The Competition Bureau says it’s investigating allegations of bread price-fixing and that it was granted search warrants in the case. Several grocers confirm they are co-operating in the probe.
Dec. 19, 2017: Loblaw and George Weston say they participated in an “industry-wide price-fixing arrangement” to raise the price of packaged bread. The companies say they have been co-operating in the Competition Bureau’s investigation since March 2015, when they self-reported to the bureau upon discovering anti-competitive behaviour, and are receiving immunity from prosecution. They announce they are offering $25 gift cards to customers amid the ongoing investigation into alleged bread price-fixing.
Jan. 31, 2018: In court documents, the Competition Bureau says at least $1.50 was added to the price of a loaf of bread between about 2001 and 2016.
Dec. 20, 2019: A class-action lawsuit in a Quebec court against multiple grocers and food companies is certified against a number of companies allegedly involved in bread price-fixing, including Loblaw, George Weston, Metro, Sobeys, Walmart Canada, Canada Bread and Giant Tiger (which have all denied involvement, except for Loblaw and George Weston, which later settled with the plaintiffs).
Dec. 31, 2021: A class-action lawsuit in an Ontario court covering all Canadian residents except those in Quebec who bought packaged bread from a company named in the suit is certified against roughly the same group of companies.
June 21, 2023: Bakery giant Canada Bread Co. is fined $50 million after pleading guilty to four counts of price-fixing under the Competition Act as part of the Competition Bureau’s ongoing investigation.
Oct. 25 2023: Canada Bread files a statement of defence in the Ontario class action denying participating in the alleged conspiracy and saying any anti-competitive behaviour it participated in was at the direction and to the benefit of its then-majority owner Maple Leaf Foods, which is not a defendant in the case (neither is its current owner Grupo Bimbo). Maple Leaf calls Canada Bread’s accusations “baseless.”
Dec. 20, 2023: Metro files new documents in the Ontario class action accusing Loblaw and its parent company George Weston of conspiring to implicate it in the alleged scheme, denying involvement. Sobeys has made a similar claim. The two companies deny the allegations.
July 25, 2024: Loblaw and George Weston say they agreed to pay a combined $500 million to settle both the Ontario and Quebec class-action lawsuits. Loblaw’s share of the settlement includes a $96-million credit for the gift cards it gave out years earlier.
Sept. 12, 2024: Canada Bread files new documents in Ontario court as part of the class action, claiming Maple Leaf used it as a “shield” to avoid liability in the alleged scheme. Maple Leaf was a majority shareholder of Canada Bread until 2014, and the company claims it’s liable for any price-fixing activity. Maple Leaf refutes the claims.
This report by The Canadian Press was first published Sept. 19, 2024.
Companies in this story: (TSX:L, TSX:MFI, TSX:MRU, TSX:EMP.A, TSX:WN)
TORONTO – Canada’s main stock index was up more than 250 points in late-morning trading, led by strength in the base metal and technology sectors, while U.S. stock markets also charged higher.
The S&P/TSX composite index was up 254.62 points at 23,847.22.
In New York, the Dow Jones industrial average was up 432.77 points at 41,935.87. The S&P 500 index was up 96.38 points at 5,714.64, while the Nasdaq composite was up 486.12 points at 18,059.42.
The Canadian dollar traded for 73.68 cents US compared with 73.58 cents US on Thursday.
The November crude oil contract was up 89 cents at US$70.77 per barrel and the October natural gas contract was down a penny at US2.27 per mmBTU.
The December gold contract was up US$9.40 at US$2,608.00 an ounce and the December copper contract was up four cents at US$4.33 a pound.
This report by The Canadian Press was first published Sept. 19, 2024.
VANCOUVER – Supervised injection sites are saving the lives of drug users everyday, but the same support is not being offered to people who inhale illicit drugs, the head of the BC Centre for Excellence in HIV/AIDS says.
Dr. Julio Montaner said the construction of Vancouver’s first indoor supervised site for people who inhale drugs comes as the percentage of people who die from smoking drugs continues to climb.
The location in the Downtown Eastside at the Hope to Health Research and Innovation Centre was unveiled Wednesday after construction was complete, and Montaner said people could start using the specialized rooms in a matter of weeks after final approvals from the city and federal government.
“If we don’t create mechanisms for these individuals to be able to use safely and engage with the medical system, and generate points of entry into the medical system, we will never be able to solve the problem,” he said.
“Now, I’m not here to tell you that we will fix it tomorrow, but denying it or ignoring it, or throw it under the bus, or under the carpet is no way to fix it, so we need to take proactive action.”
Nearly two-thirds of overdose deaths in British Columbia in 2023 came after smoking illicit drugs, yet only 40 per cent of supervised consumption sites in the province offer a safe place to smoke, often outdoors, in a tent.
The centre has been running a supervised injection site for years which sees more than a thousand people monthly and last month resuscitated five people who were overdosing.
The new facilities offer indoor, individual, negative-pressure rooms that allow fresh air to circulate and can clear out smoke in 30 to 60 seconds while users are monitored by trained nurses.
Advocates calling for more supervised inhalation sites have previously said the rules for setting up sites are overly complicated at a time when the province is facing an overdose crisis.
More than 15,000 people have died of overdoses since the public health emergency was declared in B.C. in April 2016.
Kate Salters, a senior researcher at the centre, said they worked with mechanical and chemical engineers to make sure the site is up to code and abidies by the highest standard of occupational health and safety.
“This is just another tool in our tool box to make sure that we’re offering life-saving services to those who are using drugs,” she said.
Montaner acknowledged the process to get the site up and running took “an inordinate amount of time,” but said the centre worked hard to follow all regulations.
“We feel that doing this right, with appropriate scientific background, in a medically supervised environment, etc, etc, allows us to derive the data that ultimately will be sufficiently convincing for not just our leaders, but also the leaders across the country and across the world, to embrace the strategies that we are trying to develop.” he said.
Montaner said building the facility was possible thanks to a single $4-million donation from a longtime supporter.
Construction finished with less than a week before the launch of the next provincial election campaign and within a year of the next federal election.
Montaner said he is concerned about “some of the things that have been said publicly by some of the political leaders in the province and in the country.”
“We want to bring awareness to the people that this is a serious undertaking. This is a very massive investment, and we need to protect it for the benefit of people who are unfortunately drug dependent.” he said.
This report by The Canadian Press was first published Sept. 18, 2024.
