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So I teach economics at Stanford as well as health policy and one thing that's really really simple in economics Is that when you have a persistent price difference for the same product between two countries? There is something deeply wrong and what President Trump has done is a historic measure that should have been done a long time ago What we're going to do is is make sure that those prices Become much closer to equal like that like a competitive market you'd expect right now What's happening is the American people are subsidizing at in large large fraction Thought the research and development efforts for drug companies around the world by the higher prices that we pay with this new order Europe will share the burden of that and in fact if you may think of it as like it as somehow It's like it's it's going after drug companies Actually, it's helping drug companies because what we're also going to do with this order what President Trump has done with this order is He's said to European governments Look if you are taking advantage of the drug companies by forcing them to charge the very very low prices We're going to defend American drug companies in Europe at the same time We're standing up for the American consumer who's been paying far too high prices for far too long I can go back decades to point to Congressional report after a government report after government report of tremendously high drug prices Much higher than the rest of the world and nothing has been done about it until this moment And I'm really really proud President Trump so that you've done this I'm really proud to be included in this and looking forward to the work ahead

Transcribed automatically. Expect errors in names and numbers.

Everything at the grocery store is essentially 20 percent more expensive because inflation is cumulative, right? It takes place over time. People are feeling it every time at the grocery store. Energy costs are about 30 percent higher. What does that mean in real time? It's going up and up. It's much higher over the last three or four weeks. Yeah, real wages are down by five percent. They were up ten percent under President Trump. That's a big spread. What does that mean? That's about a thousand dollars a month taken out of people's pockets. So what's Joe Biden's solution? Think about this. To spend more money we don't have, declare war on domestic energy production, reducing supply, and then also having nine million people here illegally, which of course drives down wages for American workers. So his answer to the problem he created is going to make things worse, which I think is going to make people nostalgic for the Trump era, which is going to come back.

Transcribed automatically. Expect errors in names and numbers.