America's economy is booming like never before. Since my election, we've added $10 trillion in wealth. The stock market is at an all-time high in history, and jobless claims are at a 50-year low. African-American, Hispanic-American and Asian-American unemployment have all achieved their lowest levels ever recorded. We've added more than 4 million new jobs, including half a million manufacturing jobs. We have passed the biggest tax cuts and reforms in American history. We've started the construction of a major border wall, and we have greatly strengthened border security. We have secured record funding for our military -- $700 billion this year, and $716 billion next year. Our military will soon be more powerful than it has ever been before. In other words, the United States is stronger, safer, and a richer country than it was when I assumed office less than two years ago.
We are standing up for America and for the American people. And we are also standing up for the world. This is great news for our citizens and for peace-loving people everywhere. We believe that when nations respect the rights of their neighbors, and defend the interests of their people, they can better work together to secure the blessings of safety, prosperity, and peace. Each of us here today is the emissary of a distinct culture, a rich history, and a people bound together by ties of memory, tradition, and the values that make our homelands like nowhere else on Earth.
That is why America will always choose independence and cooperation over global governance, control, and domination. I honor the right of every nation in this room to pursue its own customs, beliefs, and traditions. The United States will not tell you how to live or work or worship. We only ask that you honor our sovereignty in return. From Warsaw to Brussels, to Tokyo to Singapore, it has been my highest honor to represent the United States abroad. I have forged close relationships and friendships and strong partnerships with the leaders of many nations in this room, and our approach has already yielded incredible change.
With support from many countries here today, we have engaged with North Korea to replace the specter of conflict with a bold and new push for peace. In June, I traveled to Singapore to meet face to face with North Korea's leader, Chairman Kim Jong Un. We had highly productive conversations and meetings, and we agreed that it was in both countries' interest to pursue the denuclearization of the Korean Peninsula. Since that meeting, we have already seen a number of encouraging measures that few could have imagined only a short time ago. The missiles and rockets are no longer flying in every direction. Nuclear testing has stopped. Some military facilities are already being dismantled. Our hostages have been released. And as promised, the remains of our fallen heroes are being returned home to lay at rest in American soil.
I would like to thank Chairman Kim for his courage and for the steps he has taken, though much work remains to be done. The sanctions will stay in place until denuclearization occurs. I also want to thank the many member states who helped us reach this moment -- a moment that is actually far greater than people would understand; far greater -- but for also their support and the critical support that we will all need going forward. A special thanks to President Moon of South Korea, Prime Minister Abe of Japan, and President Xi of China.
In the Middle East, our new approach is also yielding great strides and very historic change. Following my trip to Saudi Arabia last year, the Gulf countries opened a new center to target terrorist financing. They are enforcing new sanctions, working with us to identify and track terrorist networks, and taking more responsibility for fighting terrorism and extremism in their own region. The UAE, Saudi Arabia, and Qatar have pledged billions of dollars to aid the people of Syria and Yemen. And they are pursuing multiple avenues to ending Yemen's horrible, horrific civil war. Ultimately, it is up to the nations of the region to decide what kind of future they want for themselves and their children. For that reason, the United States is working with the Gulf Cooperation Council, Jordan, and Egypt to establish a regional strategic alliance so that Middle Eastern nations can advance prosperity, stability, and security across their home region.
Illegal immigration funds criminal networks, ruthless gangs, and the flow of deadly drugs. Illegal immigration exploits vulnerable populations, hurts hardworking citizens, and has produced a vicious cycle of crime, violence, and poverty. Only by upholding national borders, destroying criminal gangs, can we break this cycle and establish a real foundation for prosperity. We recognize the right of every nation in this room to set its own immigration policy in accordance with its national interests, just as we ask other countries to respect our own right to do the same -- which we are doing. That is one reason the United States will not participate in the new Global Compact on Migration. Migration should not be governed by an international body unaccountable to our own citizens. Ultimately, the only long-term solution to the migration crisis is to help people build more hopeful futures in their home countries. Make their countries great again.
Currently, we are witnessing a human tragedy, as an example, in Venezuela. More than 2 million people have fled the anguish inflicted by the socialist Maduro regime and its Cuban sponsors. Not long ago, Venezuela was one of the richest countries on Earth. Today, socialism has bankrupted the oil-rich nation and driven its people into abject poverty. Virtually everywhere socialism or communism has been tried, it has produced suffering, corruption, and decay. Socialism's thirst for power leads to expansion, incursion, and oppression. All nations of the world should resist socialism and the misery that it brings to everyone. In that spirit, we ask the nations gathered here to join us in calling for the restoration of democracy in Venezuela. Today, we are announcing additional sanctions against the repressive regime, targeting Maduro's inner circle and close advisers.
The United States is committed to making the United Nations more effective and accountable. I have said many times that the United Nations has unlimited potential. As part of our reform effort, I have told our negotiators that the United States will not pay more than 25 percent of the U.N. peacekeeping budget. This will encourage other countries to step up, get involved, and also share in this very large burden. And we are working to shift more of our funding from assessed contributions to voluntary so that we can target American resources to the programs with the best record of success. Only when each of us does our part and contributes our share can we realize the U.N.'s highest aspirations.
Many countries are pursuing their own unique visions, building their own hopeful futures, and chasing their own wonderful dreams of destiny, of legacy, and of a home. The whole world is richer, humanity is better, because of this beautiful constellation of nations, each very special, each very unique, and each shining brightly in its part of the world. In each one, we see awesome promise of a people bound together by a shared past and working toward a common future. As for Americans, we know what kind of future we want for ourselves. We know what kind of a nation America must always be. In America, we believe in the majesty of freedom and the dignity of the individual. We believe in self-government and the rule of law. And we prize the culture that sustains our liberty -- a culture built on strong families, deep faith, and fierce independence. We celebrate our heroes, we treasure our traditions, and above all, we love our country.
Inside everyone in this great chamber today, and everyone listening all around the globe, there is the heart of a patriot that feels the same powerful love for your nation, the same intense loyalty to your homeland. The passion that burns in the hearts of patriots and the souls of nations has inspired reform and revolution, sacrifice and selflessness, scientific breakthroughs, and magnificent works of art. Our task is not to erase it, but to embrace it. To build with it. To draw on its ancient wisdom. And to find within it the will to make our nations greater, our regions safer, and the world better. To unleash this incredible potential in our people, we must defend the foundations that make it all possible. Sovereign and independent nations are the only vehicle where freedom has ever survived, democracy has ever endured, or peace has ever prospered. And so we must protect our sovereignty and our cherished independence above all.
When we do, we will find new avenues for cooperation unfolding before us. We will find new passion for peacemaking rising within us. We will find new purpose, new resolve, and new spirit flourishing all around us, and making this a more beautiful world in which to live. So together, let us choose a future of patriotism, prosperity, and pride. Let us choose peace and freedom over domination and defeat. And let us come here to this place to stand for our people and their nations, forever strong, forever sovereign, forever just, and forever thankful for the grace and the goodness and the glory of God. Thank you. God bless you. And God bless the nations of the world. Thank you very much. Thank you."