Former President Donald Trump, in a major economic speech Wednesday, said the centerpiece of his plan to reduce the cost of living for Americans is to slash energy prices by half within the first 18 months of him taking office.
"I'm announcing today that under my leadership, the United States will commit to the ambitious goal of slashing energy and electricity prices by half, at least half," Trump told a raucous crowd in Asheville, North Carolina, at a rally that aired live on Newsmax and simulcast on the Newsmax2 online streaming platform. "We intend to slash prices by half within 12 months, at a maximum 18 months.
"You know, energy is such a big topic, such a big cost, so powerful, so big that if you have a donut shop, you have the ovens, you have a truck that delivers the donuts. If you have whatever you do, your heating, your cooling, everything is about that. That's where [the Biden-Harris administration] really blew it. They blew it with too much borrowing."
He said his administration will issue rapid approvals for new energy infrastructure, unlock new lands for drilling and achieve energy independence and energy dominance.
"At the center of our effort to bring the cost of living under control will be the all-out push to end the Biden-Harris war on a thing called American energy," Trump said. "We will drill, baby, drill. We're going to bring energy prices down. And just so you know, they stopped [drilling], and it was terrible what they did. That's what caused the whole problem. And then they said, oh, go back to the Trump plan now. Now they're drilling. But the day after the election, if they win this election, the drilling stops. They're only doing this for purposes of getting elected."
Trump said he will repeal "the Biden-Harris regulatory onslaught," end the electric vehicle mandate on automakers put in place by the Biden-Harris administration, and said he will work to reduce income taxes, including making the tax cuts enacted under his administration permanent. They are set to expire in 2025.
"To further combat inflation, I will terminate Kamala Harris' Green New Scam and rescind all of the unspent funds, give all of the unspent funds back to building roads, bridges, and give it back to the government. What they did was like throwing billions of dollars out the window. We will stop wasteful spending and big government special interest giveaways and finally stand up for the American taxpayer, which hasn't happened since I was president.
"To get economic relief to workers and families, we will make additional tax cuts. That's what gave us the great economy. [We] will make tax cuts and will make them permanent because, you know, we have a thing where they want to terminate at the end of the period when they expire. The Trump tax cuts, five years. They want to let them expire. That would mean your taxes would go up four times. You'll be paying four times as much."
Trump said to help seniors on fixed incomes, he will work to eliminate taxes on Social Security benefits.
"Nearly half of all seniors are forced to pay income tax on social Security, and thanks to inflation under Harris — she is horrible — this tax hits more seniors every year more and more, and they can't make it. They're not making it. They're failing. You know, the people that did it right. They saved. They worked. They saved and saved. Those are the people that were hurt most by this kind of thinking and this economy. With your vote, I will end this injustice. And I will always protect Social Security and Medicare for our great seniors, just as I did for four incredible years."
Trump said Americans don’t need to think about how it would be like to live under a Harris presidency because they are living it right now.
"You don't have to imagine what a Harris presidency would look like," Trump said. "You're living through the misery right now. Except it will get worse and you're paying the price. A price like nobody has ever paid."
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