Joe Biden

We know just how much Social Security matters to people's lives. Everyone in this room fights for people with disabilities who rely on Social Security to survive. You make sure folks get the benefits they earn after a lifetime of hard work. The work they do is more than just a profession. What you do, it's a calling. It's not just a profession.

We know just how much Social Security matters to people's lives. Everyone in this room fights for people with disabilities who rely on Social Security to survive. You make sure folks get the benefits they earn after a lifetime of hard work. The work they do is more than just a profession. What you do, it's a calling. It's not just a profession.

And Social Security is more than a government program. It's a sacred promise. We made it today, a sacred promise. 73 million Americans receive Social Security. From their first paycheck to their entire life, they pay into Social Security. In return, they count on Social Security to be for them when they're going to need it.

And Social Security is more than a government program. It's a sacred promise. We made it today, a sacred promise. 73 million Americans receive Social Security. From their first paycheck to their entire life, they pay into Social Security. In return, they count on Social Security to be for them when they're going to need it.

And Social Security is more than a government program. It's a sacred promise. We made it today, a sacred promise. 73 million Americans receive Social Security. From their first paycheck to their entire life, they pay into Social Security. In return, they count on Social Security to be for them when they're going to need it.

Folks must never, ever betray that trust or turn our backs on an obligation.

Folks must never, ever betray that trust or turn our backs on an obligation.

Folks must never, ever betray that trust or turn our backs on an obligation.

People are calling me up who normally don't call me up. I was like, okay, that must mean that there's at a minimum a lot of volatility in the market. Though obviously there's a lot more going on than just that.

People are calling me up who normally don't call me up. I was like, okay, that must mean that there's at a minimum a lot of volatility in the market. Though obviously there's a lot more going on than just that.

Yeah, I mean, I think at a minimum, at a minimum, there is this view that for a long time, you know, the quote rules, they always say businesses want certainty, that businesses hate uncertainty. These are cliches, but there's probably always some truth to why these are cliches. At a minimum, we're in a period of a high degree of uncertainty about what the trading relationship between the U.S.

Yeah, I mean, I think at a minimum, at a minimum, there is this view that for a long time, you know, the quote rules, they always say businesses want certainty, that businesses hate uncertainty. These are cliches, but there's probably always some truth to why these are cliches. At a minimum, we're in a period of a high degree of uncertainty about what the trading relationship between the U.S.

and the rest of the world is going to look like. And at a minimum, you would think that, OK, this is not an environment in which businesses are going to be inclined to make new investments, open up new factories, open up new locations, expand headcount, et cetera. I think the general perception is it's worse than that.

and the rest of the world is going to look like. And at a minimum, you would think that, OK, this is not an environment in which businesses are going to be inclined to make new investments, open up new factories, open up new locations, expand headcount, et cetera. I think the general perception is it's worse than that.

So that would be the minimum is that you have this sort of period of uncertainty where there's no new expansion. But, you know, you have the hit to the stock market. You have major new costs coming through. I mean, this is something of an instantaneous supply shock, probably not quite on the order of the COVID supply shock, but a supply shock nonetheless. You have the...

So that would be the minimum is that you have this sort of period of uncertainty where there's no new expansion. But, you know, you have the hit to the stock market. You have major new costs coming through. I mean, this is something of an instantaneous supply shock, probably not quite on the order of the COVID supply shock, but a supply shock nonetheless. You have the...

rise in interest rates that we've seen over the last several days, that's going to affect borrowing costs. It's going to affect the housing market. That's going to affect the car market, other areas of corporate finance. So that probably has a tightening and negative effect on actual activity.

rise in interest rates that we've seen over the last several days, that's going to affect borrowing costs. It's going to affect the housing market. That's going to affect the car market, other areas of corporate finance. So that probably has a tightening and negative effect on actual activity.

So it's really not just, it's not just a market story, even though, you know, everyone's watching the charts on their screen and that's sort of what's getting the immediate attention because we really haven't had like the hard data so-called hit that really shows what's been going on in the economy over the last few weeks.

So it's really not just, it's not just a market story, even though, you know, everyone's watching the charts on their screen and that's sort of what's getting the immediate attention because we really haven't had like the hard data so-called hit that really shows what's been going on in the economy over the last few weeks.