As he prepares to leave office next month, President Biden on Tuesday touted the strength of his economic legacy, insisted President-elect Donald Trump would inherit a favorable situation and warned of the risks of the incoming administration's proposals.
Speaking at the Brookings Institution, a major think tank in Washington, D.C., Biden touted the achievements of economic policy over the past four years, even as he acknowledged that inflation is hurting many families.
The president outlined his belief that the Trump administration's investments in the middle class, the nation's infrastructure and manufacturing will endure and prove better for the country in the long run than President Trump's tax cuts and tariff proposals.
“I entered office with a different vision for America that is consistent with my track record since my time in the Senate, for better or worse or indifference, and that is to grow the economy from the middle to the bottom,” Biden said. spoke.
“Four years later, we have evidence that this strategy is working, at least for now,” he added.
Biden rattled off a long list of accomplishments and strong economic indicators since taking office. He cited a bipartisan infrastructure bill that would invest in the nation's roads, bridges and airports. Another bipartisan legislation to encourage investment in semiconductor production. Democratic bill to lower prescription drug costs and invest in clean energy.
Despite strong jobs numbers, President Biden's inauguration has been hampered by stubborn inflation, driven in part by rising costs. voter dissatisfactionThat ultimately helped bring Trump back to the White House. He said on Tuesday that inflation was being driven by the coronavirus pandemic and the lingering effects of Russia's invasion of Ukraine, which has increased energy costs and further disrupted supply chains.
But he maintained that the United States is in a stronger position than any other major economy in the world and expressed skepticism that the incoming Trump administration's plans would yield better results.
President Trump intends to extend tax cuts first passed during his first term in 2017, push for lower corporate tax rates, impose tariffs on foreign imports and make deep cuts in regulation and federal spending. Suggests.
“By all accounts, the incoming administration is determined to return the country to another phase of trickle-down economics…again causing huge deficits and deep cuts to basic programs,” Biden said.
“I think this approach is a big mistake, and I believe the past four years have proven this approach wrong,” he added.
Trump is poised to inherit a strong economy. The Fed has cut interest rates twice in recent months, and with inflation generally cooling, further cuts are likely in the coming months.
Biden argued that President Trump's second term should be measured against his own based on key economic indicators. He urged Americans and economists to pay attention to whether Trump creates more jobs than the Biden administration or leaves office with lower inflation and unemployment rates.
“These are simple, well-established economic indicators,” Biden said. “They're not political or rhetorical opinions. They're just facts. Simple facts.”
Tuesday's speech comes as Biden and his staff seek to highlight his accomplishments and make the most of his final weeks in office. Biden visited Africa last week. It was a capstone foreign policy trip, fulfilling his pledge to visit the African continent in 2022 while in office.
White House Chief of Staff Jeff Zients penned a memo to staff on Monday outlining plans for the administration's final roughly 40 days. It included judicial confirmations, final decisions and actions on investments appropriated by the American Rescue Plan, the Inflation Control Act and other laws. About artificial intelligence and climate.
