SAN FRANCISCO, California — President Joe Biden addressed a packed room of business leaders here Nov. 16 afternoon at the Asia-Pacific Economic Cooperation CEO summit, advising them to build companies that prioritized workers’ rights and fair wages, rather than profits.
The 21 APEC countries collectively create 60% of the world’s GDP.
“From the moment my administration took office, we built an economy from the middle out and the bottom up,” said the President. “The trickle down economy worked okay sometimes, but not a whole lot trickled down to my dad’s kitchen table.”
New Economies
“But when the middle class does well, the poor have a chance and the wealthiest still do very well. Because what happens? The poor have a ladder up. The middle class and wealthy still do well,” said Biden.
“Folks, we’re already seeing the results,” he said, noting that in the last quarter, the American economy grew 4.9%, the highest growth rate in two years.
Unemployment has been under 4% for 21 straight months, median household wealth has grown by 37%, and inflation has come down by 65%, said Biden. He acknowledged the disconnect between the numbers and the general mood of the country regarding its pocketbook.
Historic Investments
Since he took office, Asia Pacific countries have invested over $200 billion in the US, said the President. “These are historic investments creating literally tens of thousands of good paying jobs for 14 million Americans.” He championed investments in semiconductors, electric vehicles, batteries, hydrogen hubs, and other critical emerging technologies.
“The vision we pursue for the economic future of our region will be bound far beyond the Asian Pacific. It’s up to us to harness the dynamism of our economies, tap the entrepreneurial spirit of our people and unleash the unlimited potential of our partnerships in order to realize the future that will benefit people not only in the Asian Pacific region but the whole world,” said Biden. “A world where workers are empowered and their rights are respected. Open a golden gate of opportunity, and create lives of hope,” he said.
The president’s full remarks can be viewed here:
A-List Event
The two-day CEO Summit was one of the most-anticipated events at the week-long APEC forum, which began Nov. 11. The Summit drew hundreds of business leaders from across the world. Tesla founder Elon Musk; Marc Benioff, founder and CEO of Salesforce; Satya Nadella, Chairman and CEO of Microsoft; Uber CEO Dara Khosrowshahi; Google CEO Sundar Pichai; Canva CEO and Co-Founder Melanie Perkins were some of the many A-list speakers at the event.
Protesters over two days attempted to block people from entering the event; at least three people have been arrested.
Several new trade deals and partnerships between APEC countries were announced during the CEO Summit. U.S. companies announced over $50 billion of investments into APEC economies over the past year. The investments focused on a wide range of clean energy technologies, including carbon sequestration, grid decarbonization, and sustainable aviation fuel. US investments also focused on digital connectivity, including new subsea cables; cybersecurity; seed funding for small businesses; and two dozen new partnerships between cutting edge U.S. companies and APEC-based universities. A full list of investments was announced by the White House Nov. 16.
Global Workers’ Rights
Former Secretary of State Condoleezza Rice gave a keynote address at the CEO Summit.
Earlier in the day, the Biden Administration announced the signing of a Presidential Memorandum outlining a commitment to worker rights globally. The initiative seeks to ensure high labor standards, bringing workers’ voices to the decision-making table, and enforce rules against unfair labor practices around the globe.
“Workers and labor organizations are key defenders of democracy. Throughout history, in diverse contexts ranging from apartheid South Africa to communist Poland, Brazil’s military rule, and Myanmar’s coup, trade unions have been instrumental in citizen movements for democracy and inclusion. U.S. actions to support workers’ right to organize will help to preserve and expand civic space and ensure workers’ voices are heard,” said Biden in the memo.
