One hour and 47 minutes: the economic side of the longest speech in US history

Trump’s speech came at a problematic time for him: on the one hand, the US Supreme Court recently invalidated the global import tariffs, which were one of the flagship moves of his term, and on the other hand, the attack on Iran is delayed, and his standing among the American public is in constant decline. But despite the difficulties, Trump tried to frame this as a victory speech.

The speech, the longest in US history, lasted about an hour and 47 minutes, and broke the record set by Bill Clinton, when he delivered the State of the Nation Address in 2000, which was only one hour and 20 minutes.

covers | They will replace the income tax

On the topic of tariffs, Trump took a change of approach, and did not repeat the angry attack he made last weekend against the Supreme Court after the rejection of the global tariffs.

Instead, the American president focused on the claim that he still has other significant customs powers at his disposal, a claim that is hotly debated among American jurists.

However, the president did provide new headlines in this area. First, he said that Congress does not need to enshrine the tariffs in legislation at all. “There will be no need for congressional action,” Trump said.

The tariff issue is a contentious issue among the Republican Party, but Trump’s choice not to enact the tariffs in Congress in a form that would have been more legally stable stood out.

The president presented a far-reaching forecast: “I believe that the tariffs paid by foreign countries will replace, as it was in the past, to a large extent, the modern income tax system, and remove a great economic burden from the people I love.”

At the beginning of American history, tariffs were the main source of government revenue, but it is doubtful whether this prediction will actually come true.

Economy | Savings plan for every employee

Another topic that Trump dealt with extensively in the speech was his administration’s economic initiatives. He called for the establishment of a government-backed pension savings plan for workers who do not have a pension plan through the workplace. “My administration will give these forgotten American workers, great people who built our country, access to the same savings plan that is offered to every federal employee,” he said. “We will match your deposit up to $1,000 a year,” he added.

The president returned and called on Congress to prohibit large institutional investors from purchasing single-family homes. “I’m asking Congress to make the ban permanent, because houses are for people,” he said. “We want houses for people, not corporations; corporations are already doing very well.”

Trump claimed that the American economy “ran forward like never before”. This is despite surveys indicating a decline in public satisfaction with the economic situation. He attributed the drop in inflation to himself: “Inflation is plummeting. Within 12 months, my administration lowered core inflation to the lowest level in more than five years.”

In this case, the president is right. The consumer price index rose 2.4% in January from a year earlier, and core inflation stood at 2.5%, the lowest level since April 2021.

Iran Prefer a diplomatic agreement

One of the most pressing questions is what Trump will do with Iran. In his speech, he hinted at the possibility of an attack if Tehran does not agree to the agreement that the US is putting in front of it.

So far he has not presented a clear justification for the war, but in the speech he tried for the first time to build a broad argument. Trump claimed that Iran and its proxies have “killed and injured thousands of American soldiers” with IEDs. He also said that the Iranian regime killed about 32 thousand protesters.

Trump emphasized the nuclear threat, saying that “they were warned not to try to rebuild their weapons program, especially nuclear weapons. And yet they continue to start all over again. We erased it, and they want to start again, and right now they are really continuing to pursue their dark ambitions.”

Trump concluded by saying that he still prefers a diplomatic agreement, but added that “one thing is certain. I will never allow the number one sponsor of terrorism in the world to obtain nuclear weapons. This cannot happen.”

But when Trump claimed to have ended eight wars, a Democratic congressman called him a “liar.” Other members of Congress left the hall in protest during the speech.

Not mentioned Epstein papers

Trump has avoided addressing several key weaknesses in his tenure. Although he attacked Democrats for shutting down the Department of Homeland Security, he did not mention their reason for it, which was the killing of two American citizens by immigration agents in Minneapolis.

He also hardly spoke about his deportation policy.

The reason for this is that the issue is no longer as strong for him as it was in the past, and his public standing on the issue has been damaged following actions that many considered too aggressive on the part of federal authorities in Minneapolis and elsewhere.

He did not mention the Epstein documents, although he has previously claimed that their publication proves transparency. This is despite polls in the US reflecting public disagreement: 52% of Americans believe that Trump is trying to cover up Epstein’s crimes, and only 24% are satisfied with the handling of the case. A New York Times poll found that only 53% of Republicans supported his handling of the issue.

In addition, he devoted very little time to the issue of the economy and the cost of living, an issue that is still considered one of the main weak points of his party.