Entire Republican Party Erupts In Laughter When Joe Biden Says We’re Going To Need Oil For At Least Another Decade
President Joe Biden gave his State of the Union last night and was met with heckles, boos, and loud laughter by the Republican Party at different parts of his speech. Majorie Taylor Greene stood up and called out Bidne for saying the GOP wanted to cut Social Security and Medicare.
She did not mince words and called him a liar. At one point Biden went off script when talking about oil and the entire GOP burst out laughing. Biden said: “Have you noticed big oil just reported its profits, record profits? Last year, they made $200 billion in the midst of a global energy crisis. I think it’s outrageous.
“Why? They invested too little of that profit to increase domestic production, and when I talked to a couple of them. They say, ‘We’re afraid you’re going to shut down all the oil wells, all the oil refineries anyway, so why should we invest in them?’”
“I said, ‘We’re going to need oil for at least another decade’ And beyond that. We’re gonna need it.”
The GOP could not contain themselves and laughed at Joe.
Joe said during his speech:
And I think a lot of you at home agree with me that our present tax system is simply unfair.
The idea that in 2020, 55 of the biggest companies in America made $40 billion in profits and paid zero in federal income taxes?
That’s simply not fair.
But now, because of the law I signed, billion-dollar companies have to pay a minimum of 15%.
Just 15%.
That’s less than a nurse pays. Let me be clear.
Under my plan, nobody earning less than $400,000 a year will pay an additional penny in taxes.
Nobody. Not one penny.
But there’s more to do.
Let’s finish the job. Reward work, not just wealth. Pass my proposal for a billionaire minimum tax.
Because no billionaire should pay a lower tax rate than a school teacher or a firefighter.
You may have noticed that Big Oil just reported record profits.
Last year, they made $200 billion in the midst of a global energy crisis.
It’s outrageous.
They invested too little of that profit to increase domestic production and keep gas prices down.
Instead, they used those record profits to buy back their own stock, rewarding their CEOs and shareholders.
Corporations ought to do the right thing.
That’s why I propose that we quadruple the tax on corporate stock buybacks to encourage long term investments instead.
They will still make a considerable profit.
Let’s finish the job and close the loopholes that allow the very wealthy to avoid paying their taxes.
Instead of cutting the number of audits of wealthy tax payers, I signed a law that will reduce the deficit by $114 billion by cracking down on wealthy tax cheats.
That’s being fiscally responsible.
In the last two years, my administration cut the deficit by more than $1.7 trillion – the largest deficit reduction in American history.
Under the previous administration, America’s deficit went up four years in a row.
Because of those record deficits, no president added more to the national debt in any four years than my predecessor.
Mike Lee is all of us watching this train wreck pic.twitter.com/YbebqYJGor
— Citizen Free Press (@CitizenFreePres) February 8, 2023
Nearly 25% of the entire national debt, a debt that took 200 years to accumulate, was added by that administration alone.
How did Congress respond to all that debt?
They lifted the debt ceiling three times without preconditions or crisis.
They paid America’s bills to prevent economic disaster for our country.
Tonight, I’m asking this Congress to follow suit.
Let us commit here tonight that the full faith and credit of the United States of America will never, ever be questioned.
Some of my Republican friends want to take the economy hostage unless I agree to their economic plans. All of you at home should know what their plans are.
Instead of making the wealthy pay their fair share, some Republicans want Medicare and Social Security to sunset every five years.
That means if Congress doesn’t vote to keep them, those programs will go away.
Other Republicans say if we don’t cut Social Security and Medicare, they’ll let America default on its debt for the first time in our history.
I won’t let that happen.
Social Security and Medicare are a lifeline for millions of seniors.
Americans have been paying into them with every single paycheck since they started working.
So tonight, let’s all agree to stand up for seniors. Stand up and show them we will not cut Social Security. We will not cut Medicare.
Those benefits belong to the American people. They earned them.
If anyone tries to cut Social Security, I will stop them. And if anyone tries to cut Medicare, I will stop them.
I will not allow them to be taken away.
Not today. Not tomorrow. Not ever.
Next month when I offer my fiscal plan, I ask my Republican friends to offer their plan.
We can sit down together and discuss both plans together.
My plan will lower the deficit by $2 trillion.
I won’t cut a single Social Security or Medicare benefit.
In fact, I will extend the Medicare Trust Fund by at least two decades.
I will not raise taxes on anyone making under $400,000 a year. And I will pay for the ideas I’ve talked about tonight by making the wealthy and big corporations begin to pay their fair share.
Look, here’s the deal. Big corporations aren’t just taking advantage of the tax code. They’re taking advantage of you, the American consumer.
Here’s my message to all of you out there: I have your back. We’re already preventing insurance companies from sending surprise medical bills, stopping 1 million surprise bills a month.
We’re protecting seniors’ lives and life savings by cracking down on nursing homes that commit fraud, endanger patient safety, or prescribe drugs they don’t need.
Millions of Americans can now save thousands of dollars because they can finally get hearing aids over-the-counter without a prescription.
Capitalism without competition is not capitalism. It is exploitation.
Last year I cracked down on foreign shipping companies that were making you pay higher prices for everyday goods coming into our country.
I signed a bipartisan bill that cut shipping costs by 90%, helping American farmers, businesses, and consumers.
Let’s finish the job.
Pass bipartisan legislation to strengthen antitrust enforcement and prevent big online platforms from giving their own products an unfair advantage.
My administration is also taking on “junk” fees, those hidden surcharges too many businesses use to make you pay more.
For example, we’re making airlines show you the full ticket price upfront and refund your money if your flight is cancelled or delayed.
We’ve reduced exorbitant bank overdraft fees, saving consumers more than $1 billion a year.
We’re cutting credit card late fees by 75%, from $30 to $8.
Junk fees may not matter to the very wealthy, but they matter to most folks in homes like the one I grew up in. They add up to hundreds of dollars a month.
They make it harder for you to pay the bills or afford that family trip.
I know how unfair it feels when a company overcharges you and gets away with it.
Not anymore.
We’ve written a bill to stop all that. It’s called the Junk Fee Prevention Act.
We’ll ban surprise “resort fees” that hotels tack on to your bill. These fees can cost you up to $90 a night at hotels that aren’t even resorts.
We’ll make cable internet and cellphone companies stop charging you up to $200 or more when you decide to switch to another provider.
We’ll cap service fees on tickets to concerts and sporting events and make companies disclose all fees upfront.
And we’ll prohibit airlines from charging up to $50 roundtrip for families just to sit together.
Baggage fees are bad enough – they can’t just treat your child like a piece of luggage.
Americans are tired of being played for suckers.
Pass the Junk Fee Prevention Act so companies stop ripping us off.
For too long, workers have been getting stiffed.
Not anymore.
We’re beginning to restore the dignity of work.
For example, 30 million workers had to sign non-compete agreements when they took a job. So a cashier at a burger place can’t cross the street to take the same job at another burger place to make a couple bucks more.
Not anymore.
We’re banning those agreements so companies have to compete for workers and pay them what they’re worth.
I’m so sick and tired of companies breaking the law by preventing workers from organizing.
Pass the PRO Act because workers have a right to form a union. And let’s guarantee all workers a living wage.