President Biden on Thursday touted a “manifesto of progress” after the Federal Reserve slashed interest rates, arguing that his economic policies have put the country on strong footing and warning of the possible risks of returning to the policies of former President Trump.
Biden was speaking at the Economic Club of Washington, D.C., the day after the central bank cut interest rates for the first time since 2020. The president welcomed the Fed's decision, calling it a “declaration of progress” but not a “declaration of victory.”
“Our work is not done. Not at all. Let no one misunderstand why I'm here,” Biden said. “I don't come to celebrate a victory. I don't come to say a job well done. I don't come to say there's a lot of work still to be done. There's a lot more work to be done.”
“But I'm here to talk about how far we've come, how we got here, and most importantly, the foundation I believe we've laid for a more prosperous and equitable future for America,” Biden said.
The president reviewed his various legislative achievements, arguing they helped get the country back on track after the COVID-19 pandemic, lowering unemployment and strengthening the middle class.
Biden pointed to a $1.2 trillion bipartisan infrastructure bill that would fund improvements to roads, railroads, ports and airports across the country.
He pointed to another bipartisan bill, the Chips and Science Act, which would fund investments in semiconductor chip manufacturing.
And he highlighted the Beat Inflation Act of 2022, a $740 billion bill passed with only Democratic votes that allows Medicare to negotiate prices for some drugs, encourages environmentally friendly practices like the use of solar panels and electric vehicles and allocates billions of dollars to crack down on wealthy individuals and corporations that evade tax laws.
The president sought to contrast those successes with what Trump has suggested he would do if he wins the Republican nomination in November's election.
President Trump has spoken about extending tax cuts enacted in 2017, hinted at further cuts to corporate tax rates, and repeatedly signaled he would rely on tariffs on imports as a way to increase his leverage over other countries and stimulate domestic manufacturing. But economists say the president is not ready to back down. Warned These far-reaching tariffs amount to a tax on American consumers and could harm global trade.
“He's promising trickle-down economics again. And it's going to fail again,” Biden said Thursday.
“Follow me, I offered a better option to grow our economy from the middle class to the bottom,” he added. “I promised you I would be a president for all Americans, whether you voted for me or not, and I kept that promise.”
Biden has led the country's economic recovery from the coronavirus pandemic, but his economic record has focused much of the spotlight on rising prices, which have been a concern for voters since 2022.
The Federal Reserve gradually raised interest rates from near zero in March 2022 to a range of 5.25% to 5.5% last July to combat rising inflation, which peaked at 9.1% in June 2022.
Biden announced in late July that he would not seek reelection. Vice President Harris took Biden's place as the Democratic nominee and is in a fierce battle with Trump.
Harris has offered several unique economic proposals, including ending federal price gouging, expanding the child tax credit, increasing housing supply and helping first-time homebuyers.
