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the president: hello, hello, hello. by the way, your dad is right about unions. your dad is right. unions built the middle class, wall streety didn't, unions did. so thanks for that introduction and union sheet metal worker, proud member of the navajo nation, you'll be building the future here in arizona and arizona is building the future. thank you, governor hobbs, she had to leave but thank for you welcoming me to the state and procedure dedication for people of the fourth district. while we couldn't be here today because the vote in washington, i want to thank senator mark kelly doing an incredible job and a real champion with the announcement we make here today. and mayor te. where is kate?

thank you. you're an incredible mayor and doing a great job and mr. harkey. behave. we're also joined by one of the brightest women -- man or woman i've known, jean armando, our secretary of commerce. i'm not joking about that. in fact, the c.e.o. of intel, aaron butler, president of arizona building trades. what a combo, man. and other union leaders are here today. thank for you your partnership and showing how we can get big things done in america and we can do it again and again. business leaders this question, i mean it sincerely, at the business roundtable. please have a seat. i'm sorry. i didn't realize you're still standing. i apologize.

i asked the question at the business roundtable of the biggest leaders of business in the world and the united states particularly. i asked them, when the united states decides to invest considerable resources in a new industry that we need to build, does that encourage business or discourage it? and the answer is overwhelmingly encourage it. during the pandemic we had to learn about supply chains and the shortage of semi conductors, those tiny computer chips you all out here know very well, smaller than the tip of your finger that power everything from the cell phone and cars and dishwashers, satellites and weapon systems. #nvented these chips. don't forget. and over time, some thought it was cheaper to send the manufacturing overseas because labor was cheaper. as a result, when the pandemic shut down chips factories overseas, the price of everything went uprst time amero realize how important they were.

unlike my predecessor, i was determined to turn things around to invest in american, all american, and that's what we've been doing. in january of 2022 i came to the white house where we announced the historic announcement to build factories iohe were joined then by sheriff brown, an ohio senator who talked about why it's time to bury the phrase rust belt and said we should call it the silicon heartland and it is becoming that. by march of this year pat was my guest at the state of the union where we talked about a thousand acres outside of columbus, a semi conductor facility and factories were being built, i called it the field of dreams. in august, kelly and sherrod brown got the chips and sciences

act to my desk and was one of the most significant science act in history. i joined pat to break ground for the new factory in ohio. within nine months, we're justgy chips contact that led partnership in companies investing billions across the country bringing the semi conductor manufacturing back to america and the jobs of the future back to america, including here in arizona with significant help of mark kelly. i tell you what, i'm so glad this is happening. those phone calls every 20 minutes. he is committed. in december of 2022, i came to phoenix where i joined so many of you as well as c.e.o. of apple, tim cook, to talk about the historic investments of the chips and sciences act to make chips here in phoenix.

tonight pat is building the field of dreams. and i announce a partnership in one of the largest investments of semi conductors in the united states ever.landmark agreement between my administration intel and up to $8.5 billion. it's a smart investment. and that's being paramedic with over $100 million including $30 billion in arizona and $30 billion in ohio. rights one of the largest private investor organization. and we'll expand them in ohio, mexico and oregon and combined will create more than 20,000 jobs.

and i want to make that clear. everybody has a right to organize and have their labor protected. look, it's also to support 10,000 manufacturing jobs. 3,000 right here in phoenix with salaries averaging over $100,00c a year and don't always require college degrees. that's a change. and the facilities won't just manufacture regular semi conductors but will make the most significantly advanced chips. each chip -- it blowings my mind. has trillions of tiny features,edth -- width of a strand of human d.n.a., 40 times thinner than a human hair and requires precision down to the size of a single atom and the

process is enormous and requires enormous amounts of information with lightning speed they'll be produced and are critical to emerging technologies that willpower the future of the economy like quantum intelligence and communications and make everything faster, lighter, smaller and mor folks, it's about time. even though we invented the most advanced chips, we make 0% of them today. 0% of the most advanced chips today. all manufacturing of leading edge chips across the entire that's why today's investment is touch a big deal. we'll enable advanced semi conductor production a comeback in america after 40 years. it's going to transform the semi conduc entirely new ecosystems and entirely new research and design

and manufacturing of advanced chips in ameca. parenthetically i said we'll become the manufacturing capital of the world. this man thought i was nuts. who says we won't be? we've created 825,000 manufacturing jobs and we're just getting started. not a damn thing america can't do if we set our mind to it and will put us on track to manufacture 20% of the world's leading chips by the end of the decade. right here in the unitedtes, intel committed to net zero gas emissions by 2040 and using 100% renewable electricity to■ power these fabs. and there's more. this isn't just about investing in america but investing in the american people as well. that's why we're dedicating $50 million of chips funding to partner with intel and community stakeholders like community colleges, state and local governments, labor unions and universities to train the new

generation of workers for the semi conductor industry andoplee their hometown to get good paying jobs and support their family. here in arizona, arizona state university is expanding its engineering program. get this. every time i say it and talk about it, it's astounding to me. going to expand their energies over 10,000 additional stunt 10,000 additional students. community colleges are training new technicians and launching presemi conductor programs led by intel employees. local unions are building training centers for apresentship and intel is investing in semi conductor education starting as early as high school so students get hands on experience and the path to good paying jobs whether or not they get to go to college. the same thing is happening in other states as well. it's all part of my investing in

america agenda which has attracted 675 billion dollars, $675 billion in private sector investment and ignited the manufacturing bo america, a clean energy boom, a jobs boom, all here in america, finally. since i took office, america has had the strongest growth of any major economy in the world. 15 million new jobs, the longest stretch of unemployment under 4% in 50 years. growth is strong, wages are up more than prices. inflio down dramatically. we have more to do, i get it. no question, our plan of delivering for the american people is working now. since i came to office, here in arizona, because of your investment in america agenda, we deployed and developed nearly $8 billion of federal funds for

infrastructure and clean energy. here in arizona we created 300,000 new jobs. let me say that again, in arizona, 300,000 new jobs. because i was finally able to beat big pharmaceutical companies. i've been trying for years. medicare has the power to negotiate lower cost prescriptions for seniors including 1.4 million in arizona. to put it in perspective, whatever prescription you have made by any american drug manufacturer, jump on air force i and fly to any country or major city in the world from toronto to berlin to baghdad and anywhere around the world, you get off the plane and bring that prescription into the country you can buy 40% to 60% less. it's wrong. guess what? when we begin to manufacture and negotiate, i said look, medicare buys all these drugs, billions

of dollars worth to take care of medicare and medicaid. well, guess what? you know how much it costs to make insulin, anybody know, anybody need insulin? raise your hand. you're darn right. well, guess what, it's now $35 a month. it was $400 a month. you know how much it cost to make it? $10. we'll cap the total out-of-pocket expenses for all the drugs a senior has to pay at $2,000 including expensive cancer drugs that cost $15,000 a year, never have to pay more than $2,000 for all the drugs they need. but folks, by the way, not only save seniors' money but saves taxpayers a significant amount of money. we've reduced the consequence of the law i wrote and gotched thet by $160 billion. you hear me. $160 billion.

you know why? medicare doesn't have to pay $400, they have to pay $35 for that prescription. and much more. exorbitant prices. it'sll my economic vision for this country. i determined i was going to build the economy from the middle out and bottom up, not the top down because when you do that, the poor have a ladder up and middle class does well and the wealthy do very well, we all do well. let's be clear. it's a fundamental break of a trickle down economics supercharged by my predecessor. on his watch american jobs overseas for cheaper labor and imported product. we're creating jobs in america and exporting american products. my predecessor and allies in congress want to go back. the just majority of the team on the other republican friends didn't vote for the chips and sciences act, a majority didn't. and now they're trying to repeal

the inflation reduction act, the most significant act on climate that will create hundreds of thousands of jobs many in their own state and in your district, particularly in states like arizona. that's when my predecessor was in office, he enacted a $2 trillion tax cut for the overwhelmingly benefit the wealthy and biggest corporations. i'm not anti-corporation. i come from the corporate state of america. more corporations are incorporated in delaware than any other state in the union combined and i represented it for 36 years. but they can't get greedy. and we want to -- we want to do this again. bottom line, i want to build a future in america. my predecessor can let it be built in china and other countries and not america because it may be cheaper to invest in. folks, i promise to be the president of all americans whether you voted for me or didn't vote for me. today's investment helps all americans in red states and blue states all across america, urban, suburban and other

communities. we're not leaving anybody behind. if it's invented in america, it should be made in america. and include all of america. folks, let me close with this. i've been determined to make things in this country again, to build manufacturing capacities, i said we created over 800,000 manufacturing jobs and we're st counting, to make sure we're never again in position where during the pandemic we're relying on other countries to make things we badly need at home to be able to folks, some folks didn't believe we could do this. but i've made no bones about it. i said for a long time and i mean it from the bottom of my heart, if we invest in america, we can change the country's future and lead the world again. we are leading the wor again. we're proving it's never been a good bet to bet against america. i spent more time with the

leader of china than any other world leader has and i was with him, 17,000 miles when i was vice president and he was vice president before h became a leader and we're in the tibetan plateau and he asked me, can you define america for me? i said i sure can inne word. and he looked at me. i said "possibility." possibility." we've come out of every crisis we've been in stronger than when we went into that crisis. there's nothing beyond our capacity. i've never been more optimistic about our future. we have to remember who in the hell we are. we're the united states of america and there's nothing beyond our capacity when we work together. god bless you all and may god protect our troops. europe the best. you're the best. this is going to transform the country in a way you don't even understand yet. thank you, thank you, thank you. ♪ [captions copyright national cable satellite corp. 2023]

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