Trump on the US economy

The president discusses the state of the U.S. economy in his State of the Union, saying the unemployment rate is the lowest in half a century.
9:09 | 02/05/20

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Transcript for Trump on the US economy
We are advancing with un bridled optimism. And lifting our citizens of every race color. Religion and creed very very high. Since my election we have created seven million new jobs. Five million more than government experts projected during the previous administration. I. The unemployment rate is the lowest. In over half a century. I'm very incredibly the average unemployment rate under my administration. Is lower than any administration. In the history. Of our country. The in. If we hadn't reverse the failed economic policies. Of the previous administration. The world would not now be witnessing. His greatest economic success. Okay. The unemployment brave. For African Americans. Hispanic Americans and Asian Americans has reached the lowest levels in history. Okay. African American youth unemployment. Has reached an all time low. Okay. African American poverty has declined to the lowest rate. Ever recorded. The other. Women reached the lowest level in almost seventy years and last year women filled 72%. Of all. New jobs and it. The veterans' unemployment rate. Dropped to a record low. It. The unemployment rate for disabled Americans has reached an all time low. Workers without a high school diploma. Have achieved the lowest unemployment rate recorded in US history. Okay. He record number of young Americans are now employed. The last administration more than ten million people were added to the food stamp rolls. Under my administration. Seven million Americans have come off food stamps and ten million people have been lifted off of welfare. Okay. Am. I. The in. Could eight years under the last administration over 300000. Working age people dropped out of the workforce. In just three years of my administration 3.5 million people. Working age people have joined the workforce. Okay. Since my election that net worth of the bottom half of wage earners has increased by 47%. Three times faster. Did the increase for the top 1%. After decades of flat and falling incomes wages are rising fast. And wonderfully. They are rising fastest for low income workers who have seen a 16%. Pay increase. Since my election. This is a blue collar. Boom. Okay. Real median household income. Is now at the highest level ever recorded. Since my election US stock markets have soared. 70%. Adding more than twelve trillion dollars to our nation's wealth. Transcending any thing anyone believed was possible this is a record. It is something that every country. In the world is looking up to they admire. Consumer confidence has just reached amazing new high news. All of those millions of people with 401 k.s and pensions are doing far better. Then they have ever done before with increases of 60708090. And 100%. And even more. Jobs and investments are pouring in to 9000. Previously neglected neighborhoods thanks to opportunities owns a plan spearheaded. By senator Tim sky. OK. Yeah. Yeah. In other words wealthy people and companies are pouring money into poor neighborhoods or areas that haven't seen investment in many decades. Creating jobs. Energy and excitement. This is the first time that these deserving communities have seen anything like this. It's all working. Opportunity zones are helping Americans like army veteran Tony reckons from Cincinnati Ohio. After struggling with drug addiction. Tony losses yeah his house and his family. He was homeless but then Tony found a construction company that invests an opportunity zones he is now a top trade's been. Drug free reunited with this family and he is here tonight. Tony keep up the great work Tony. Thank you Tony. Ara roaring economy has for the first time ever. Given many former prisoners the ability to get a great job any fresh start. This second chance at life is made possible because we passed landmark criminal justice reform into law. Everybody said that criminal justice reform couldn't be done but I got it done and the people in this room got it done it.

This transcript has been automatically generated and may not be 100% accurate.

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