Biden on Putin, inflation in State of the Union speech.

001, Mar 2022

WASHINGTON (Reuters) - Here are highlights of President Joe Biden's first formal State of the Union address on Tuesday:

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RUSSIA

"We are inflicting pain on Russia and supporting the people of Ukraine. Putin is now isolated from the world more than ever," Biden said in his State of the Union address.

"He has no idea what's coming."

"While he may make gains on the battlefield – he will pay a continuing high price over the long run," he said.

"We are choking off Russia's access to technology that will sap its economic strength and weaken its military for years to come," he said.

INFLATION

"We have a choice. One way to fight inflation is to drive down wages and make Americans poorer. I think I have a better idea to fight inflation: Lower your costs, not your wages. Make more cars and semiconductors in America. More infrastructure and innovation in America."

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"More jobs where you can earn a good living in America instead of relying on foreign supply chains let's make it in America."

INFRASTRUCTURE "We're done talking about infrastructure weeks. We're going to have an infrastructure decade."

"We'll create good jobs for millions of Americans, modernizing roads, airports, ports and waterways all across America.

And we'll do it to withstand the devastating effects of the climate crisis and promote environmental justice."

"We'll build a national network of 500,000 electric vehicle charging stations, begin to replace poisonous lead pipes — so every child — and every American — has clean water to drink at home and at school, provide affordable high-speed internet for every American — urban, suburban, rural and tribal communities."

AMERICAN MANUFACTURING

"The revitalization of American manufacturing: Companies are choosing to build new factories here, when just a few years ago, they would have built them overseas."

"Ford is investing $11 billion to build electric vehicles, creating 11,000 jobs across the country. GM is making the largest investment in its history—$7 billion to build electric vehicles, creating 4,000 jobs in Michigan. All told, 369,000 new manufacturing jobs are created in America last year alone."

TAXES

"Let's make corporations and wealthy American start paying their fair share."

"Last year 55 of the Fortune 500 companies earned $40 billion in profit and paid zero in federal taxes. It's not fair. "

"That's why I proposed the 15% minimum tax rate for corporations."

COVID-19

"For more than two years COVID has impacted every decision in our lives and the life of this nation. And I know you're tired and frustrated and exhausted that don't even count close to a million people who sit at the dining room table or kitchen table looking at an empty chair because they lost somebody."

"Tonight I can say we're moving forward safely back to a more normal routines."

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"We never will just accept living with COVID-19 will continue to combat the virus as we do other diseases. And because this virus mutates and spreads, we have to stay on guard."

"We'll never give up on vaccinating more Americans."

"Now I know parents of kids under five are eager to see their vaccines authorized for their children. Scientists are working hard to get that done and we'll be ready with plenty of vaccines if and when they do. We're already we are also ready with antiviral treatments."

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