Issued on: January 21, And a very special congratulations on your 50th year hosting the Annual Meeting of the World Economic Forum. A truly amazing achievement. When I spoke at this forum two years ago, I told you that we had launched the great American comeback. America is thriving, America is flourishing, and yes, America is winning again like never before.
Just last week alone, the United States concluded two extraordinary trade deals: the agreement with China and the United States-Mexico-Canada Agreement ā the two biggest trade deals ever made. They just happened to get done in the same week. These agreements represent a new model of trade for the 21st century ā agreements that are fair, reciprocal, and that prioritize the needs of workers and families.
Under the previous administration, nearly , manufacturing jobs had vanished, wages were flat or falling, almost 5 million more Americans had left the labor force than had gotten jobs, and more than 10 million people had been added to the food stamp rolls. The experts predicted a decade of very, very slow growth ā or even maybe negative growth ā high unemployment, and a dwindling workforce, and very much a shrinking middle class. Millions of hardworking, ordinary citizens felt neglected, betrayed, forgotten.
They were rapidly losing faith in the system. Before my presidency began, the outlook for many nations was bleak. Top economists warned of a protracted worldwide recession. The World Bank lowered its projections for global growth to a number that nobody wanted to even think about. Pessimism had taken root deep in the minds of leading thinkers, business leaders, and policymakers.
I knew we were on the verge of a profound economic resurgence, if we did things right ā one that would generate a historic wave of investment, wage growth, and job creation. And that is exactly what we did, and that is exactly what happened. Since my election, America has gained over 7 million jobs ā a number unthinkable. The unemployment rate is now less than 3, 4, and 5 percent. And at 3. The average unemployment rate for my administration is the lowest for any U.
