US Vice President JD Vance recently delivered remarks in Toledo, Ohio, where he made extensive comments about the state of the American economy, including a striking comparison to the ill-fated ocean liner.
During his speech at Midwest Terminals, Vance addressed the economic challenges inherited from the previous administration, stating: “You don’t turn the Titanic around overnight. It takes time to fix what was broken.”
The Vice President emphasized economic gains under the current administration, noting that “the average American has seen $1,300 of real increase in their wages just in the past year.”
However, he acknowledged ongoing challenges, expressing frustration that “compared to when Donald Trump left office after his first term, you’re still about $2,000 poor because that’s what happened under the Biden administration.”
The Vice President detailed tax policy changes: “The president working with the Republican Congress got no taxes on tips. It’s because we got no taxes on overtime. It’s because we got no taxes on social security.” He added that “the IRS says that this is going to be the biggest tax refund year in the history of the United States of America.”
On housing affordability, Vance explained that “rents have gone down over the past 5 months” and attributed this partly to immigration enforcement. He noted that “in the 20 biggest metros in the United States of America, the 14 with the most unlawful migrants have seen the biggest decrease over the past year and rent prices.”
Addressing prescription costs, Vance said President Trump “brought the pharmaceutical executives into the Oval Office and he said, ‘You are done forcing Americans to pay more for prescription d**gs than any other country anywhere in the world.'” He claimed that “Americans are seeing lower costs and they’re going to keep on seeing lower costs.”
The Vice President framed the administration’s economic approach around American workers: “We are done with the old approach of shipping American jobs overseas and investing in everybody else. We are back to investing in the American worker.”
Vance also announced new housing policy: “We want American homes to go to American citizens. That means no unlawful migrants buying American homes. It means no mortgages going to people who have no legal right to be in this country. But it also means that we’re going to stop large institutional investors from buying up American homes.”
Looking forward, Vance declared: “I think that we are on the cusp of the greatest economic year in the history of the United States of America because we’re doing something new for a change. We’re investing in you.”
