President Trump justified the need for tax cuts Tuesday night by outlining the economic mess he inherited from President Obama.
“As I outline the next steps we must take as a country, we must honestly acknowledge the circumstances we inherited,” Mr. Trump told a joint session of Congress. “Ninety-four million Americans are out of the labor force. Over 43 million people are now living in poverty, and over 43 million Americans are on food stamps. More than 1 in 5 people in their prime working years are not working.”
He summed it up: “We have the worst financial recovery in 65 years.”
Without mentioning Mr. Obama by name, Mr. Trump said “the past administration has put on more new debt than nearly all other presidents combined.” The total national debt rose from $10.6 trillion to nearly $20 trillion under Mr. Obama.
Mr. Trump also said his administration “inherited a series of tragic foreign policy disasters,” including trade deficits totaling nearly $800 billion annually. He said the U.S. must cut corporate tax rates and individual rates for the middle class to restore economic growth.
“To accomplish our goals at home and abroad, we must restart the engine of the American economy — making it easier for companies to do business in the United States, and much harder for companies to leave,” Mr. Trump said.