the US has relative to global compute, we're going to go up from about call it 60% in 2025. By 2028, the US will have 80% of global computing power here,
Which is just extraordinary.
And as you said, the president's policies have laid the groundwork for this economy, so we have regulatory certainty. The president tasked this administration with cutting the regulatory burden. And that's part of what we're talking about here today with the G20, with our with the 20 most important economies in the world and other countries that we've invited because we view them as systemically important and allies that come with us and grow because regulatory certainty, tax certainty, and energy certainty—because the US is also the world's energy superpower. We are now exporting energy to the rest of the world. So I don't think that we are in any kind of a dire situation. And as I said yesterday, the US bond market has been the best performing bond market. What happens over a month doesn't matter, but for August, it was. And since President Trump came into office, since January 20th, 2025, it's been the best performing bond market among major countries in the world.
And the best performing stock market. And stock market, I say this all the time, profits are the mother's milk of stocks. Profits drive the economy. Front page of the Wall Street Journal yesterday, they finally ran a profit story. I've been waiting for this. This is the business newspaper of record. Finally ran it, front-page story.
Well, it's more of a features paper now.
And it's not the Main Street Journal.
But profits year-on-year—hang on a second—profits are up 53% for the S&P 500. Profits per share, 53%. Now, I read some of the economists on Wall Street. They're looking for future earnings of 25% year-on-year. Now, as you just said, let's go back to the one big beautiful bill. All right, you have 100% depreciation. You write off your expensing. So, we are in a capex boom. Nothing like it around the rest of the world. We are in a capex boom: machinery, equipment, buildings, of course the AI construction. You did a tweet. What was it? 105,000 jobs, goods-producing jobs year-to-date. That was a very important tweet.
And Larry, too, the preamble for the manufacturing jobs are construction jobs, right? So we are seeing, thanks to the tax bill, 100% expensing on equipment, 100% expensing on factories, and 100% expensing on structures. We are having a capex boom in factories, and the precondition for that is construction jobs. My hometown, Charleston, South Carolina, Boeing is doing a 50% increase in their factory there, which produces the Dreamliners. That will be 1,000 great-paying jobs. But before that, they're construction jobs.
Yes. And so we were seeing this construction boom. And I don't know if you saw the other day, the construction unions came out and pushed back against the—
Data centers. Yeah, the data centers. The construction unions came back and pushed back against the data center backlash, and they said we will go after anyone who attacks these because these are great projects.
Manufacturing orders, non-defense capital goods excluding aircraft, last 3 months, 16.2%. Shipments last three months, 16.7%. Backlogs, 9.2%. Year-on-year, 13% increase. Okay? We've never seen anything like this before. So here's my point: tax incentives work. Tax incentives provide growth. Deregulation provides growth. Drill, baby, drill. We are now, according to the Energy Department, at 13.8 million barrels per day, on our way probably to 14.5 to 15 million barrels next year. So that's from the Energy Department. They have a little thing.
Well, Larry, the other thing, too, is that I had my 3-3-3 program, and on the energy portion, it was the 3 million barrels per day of crude equivalents. And right now, if we think about crude, natural gas, all the other adjacent fuels, we are already up about 1.6 or 2.2 million barrels a day since the president's inauguration.
So we're well on our way.
With exports, with massive exports.
With massive exports. And the other thing, too, here, Larry, is that this AI boom—for the first time, we had private sector participants at a G20 yesterday.
And we had pharma executives and manufacturing executives, and more than talk about their businesses, they talked about how they are integrating AI into them. And it was fascinating to see the ecosystems that are developing, the productivity, the higher level of precision manufacturing both across their supply chains and their customer bases. And I think that we're just at the beginning of this. And as you said, this is where the jobs are created. We have seen a decline in government jobs—
—since the president came in.
370,000 decline, and private jobs up just about 900,000. It's a restructuring—a restructuring of the Biden big government socialism, which is promoting growth, this restructuring.
And that's why one of the reasons we're seeing the bottom 25% on the income ladder have seen the highest wage increases, 4.7% wage increases, just like the president did it again, just like he did in his first term, because the private sector is what increases real wage growth. So we are seeing this boom, and we brought in these private sector executives to talk to the group about what they are seeing. There's also in Chapel Hill going on the tech track, which Commerce and the White House Technology Office are running, and they're also showcasing our great tech executives. The president took a group of executives to Beijing for the state visit, and it really is that the US, we want to set the guardrails, create the incentives, and then let our private sector go, because that is really where a nation's wealth is created.
So with all this, I just want to make a generic point that I think is very important here. Here in the United States, we're operating a free enterprise economy. This is free market capitalism. It is producing with incentives and choice and competition. We do not need a socialist economy. My good friend Newt Gingrich calls it big government socialism. We had a dose of that in the prior four years, and we had virtually no growth and a 21% cumulative inflation rate. We are still feeling the hangover from that cumulative inflation rate. That was a dose of big government socialism. There's a lot of loose talk in the elections about socialism. It doesn't work. Free enterprise works. That's why the numbers are very important to back up the general points on the economic boom. That's why I've taken some time on this to make sure that you get your message out. We don't need socialism. And I think also Trump's policies are an example for the rest of the world, because they should grow as rapidly as we are growing. Growth solves a lot of problems, but growth comes from free enterprise and market competition, not from a statist.
And look, if I look back, Japan implemented Abenomics in 2012, 2013, and one of the most important aspects of that was the deregulatory aspect. It was the corporate sector getting more efficient in the private sector jobs. And as I've said over the past few days, I think Abenomics was a restructuring of the economy, a reflationary program, and now I think Japan can sit back and enjoy the benefits of that.
I was talking last night at dinner. We're seeing the finance ministers I was sitting next to at your head table. So we're seeing free enterprise move through this hemisphere. Very interesting. A lot of overturning of the left and socialism moving back towards free market economics. Chile is—or Argentina is probably the best example, but by far not the only example. I sat next to the finance minister of Poland. He was talking about the reforms. I sat next to the finance minister of Italy, who was moaning and groaning that he can't get his reforms through, but he had the right idea. We're seeing this. I'd like to see more of it in Europe. I think Europe is too sclerotic. I think it needs a dose of deregulation, probably needs lower tax rates as well. But my point here is, with all this talk about socialism, I don't know where it comes from. We have a prosperous, free enterprise economy. We go into the elections, it's going to go beyond the elections. These are such important changes, and it works. The point is the theory is no good if the facts don't back it up. What I'm saying is the facts do back it up.
Look, I agree, and we've seen some great examples. I think we have a generational opportunity in the Western Hemisphere. As you said, it was led by Argentina and the reforms there. Everyone said it couldn't be done, and now we are seeing the inflation drop, the change in economic circumstances. And Larry, what was most interesting, when you talk about socialism here in the US, when we look at the demographic of those voters, they are overeducated and under-earning. So these are underachievers who are jealous of those who want to go and work every day. And if you were to dissect the last election that President Milei had, it was the poorest segment of society and the young people who came out and voted for him.
But as you said, we're seeing Argentina, we're seeing Bolivia, we're seeing Colombia, we're seeing Chile come back, Ecuador, and I think we could see many more.
I do, too. Let me switch gears slightly. I want to talk about trade and a brilliant speech you made at the New York Economic Club a month or so ago. You called it economic statecraft, which was very important. Let me just read, then I want you to talk about it: 'The first and foundational principle is that economic security begins with national capacity, the ability to build, invent, finance, and scale the industries that will define the next century.' You talked about semiconductors, artificial intelligence, quantum computing, and advanced technologies. And one key point you made, and perhaps this is the key, absolutely central point, is we must, in our trade relations, we must never leave the country with a foreign choke point from abroad. And this is the heart of the reciprocity trade policy that Mr. Trump has put into effect. We started it in the first term when I was there. It's continuing in the second. There must not be choke points, and we have to be as strong as we need to be. Nobody likes protectionism, but there has to be reciprocity, and onshoring has now become an important theme for our whole economy.
Larry, as I've said many times, the only good thing about COVID—and we were just talking about your experience in the White House during the COVID crisis—the only good thing was that it showed us where many of the choke points are. And I often say in our trade discussions with China that we do not want to pull apart from them, but we have to de-risk. We have to de-risk, but we have to de-risk everywhere in the world. We could see the Iranians are trying to use the Strait of Hormuz as a choke point. It's not a choke point for the US, but it is a choke point for many, many other countries. But you know that will be bypassed in two years. In two years, the Strait of Hormuz will be like a worthless piece of water; the oil will be going on pipelines across land. But we've seen we have semiconductors, it's critical minerals, it is the advanced, it's the precursors for many of our medicines. I mean, I think probably everyone in this audience and everyone on TV who is listening to you has had a child that has had amoxicillin. We do not produce amoxicillin here in the US. So we have to do that. And look, sometimes the people who say, 'Let the market work, the market will sort it out'—well, there are market failures. There are market failures, and I think what we've learned is that maximum efficiency is not maximally secure.
