President Joe Biden on Tuesday took direct aim at President-elect Donald Trump’s economic agenda, denigrating his plan to impose sweeping tariffs and cut taxes as a “major mistake” that will weaken the economy.
“By all accounts, the incoming administration is determined to return the country to another round of trickle-down economics,” Biden said.
Biden blamed Trump for mishandling the pandemic response and deepening the recession the current president inherited in 2021 as a result.
“We’ve entered a new phase of our economic resurgence,” Biden said, pointing to growing investment in infrastructure and manufacturing.
“It’s my profound hope that the new administration will preserve and build on this progress,” Biden said.
On Tuesday, President Joe Biden directly attacked President-elect Donald Trump’s economic agenda, calling his proposal to enact broad tariffs and tax cuts a “major mistake” that would hurt the economy.
In a speech at the Brookings Institution, Biden cautioned that Trump’s policies would primarily benefit the wealthy, undoing what he called the last four years of progress in empowering the working class.
“It appears that the incoming administration is committed to bringing the nation back to a cycle of trickle-down economics,” Biden stated. Additionally, he appears intent on enacting high, universal tariffs on all significant goods imported into the nation, erroneously assuming that foreign nations, not American consumers, will foot the bill. “”.
The president’s criticism of Trump was the most extensive and scathing since the November election, and as he continued his nearly 40-minute speech, his attacks became more pointed.
According to Biden, Trump mismanaged the pandemic response, which exacerbated the recession the current president inherited in 2021. He made fun of Trump for abandoning promises to “buy American” and for his unsuccessful first-term infrastructure push. Additionally, he issued a warning that Trump’s proposal to extend a series of tax cuts that are about to expire would either increase the deficit or lead to significant cuts to social services.
Biden made reference to the Heritage Foundation policy playbook, which was co-authored by a number of Trump nominees, when he said, “I pray to God the president throws away Project 2025.”. It would be a financial catastrophe, in my opinion. “.”.
Biden’s comments come amid a heated discussion among Democrats about how to rebuild the party following the defeat of Vice President Kamala Harris and the extent to which Biden and his economic policies were to blame.
Up until now, Biden had refrained from participating in that conversation, despite Democrats criticizing his administration for not acting more swiftly and forcefully to fight inflation, which increased daily costs and damaged voters’ perceptions of the economy as a whole.
He did, however, present a thorough defense on Tuesday of an economic record that he said would only increase in popularity, particularly when compared to Trump.
The current low unemployment rate and the rising number of jobs created overall are two of the White House’s preferred economic indicators, and he urged voters to evaluate the incoming administration based on whether it improves on these. The president persisted in asserting that the economy was more robust than the public believed.
“We’ve entered a new phase of our economic resurgence,” Biden declared, citing rising manufacturing and infrastructure spending. “With this election’s outcome, we also face a turning point: Will the economy continue to grow or will it regress?”.
One thing Biden did give Trump credit for was his signature on the stimulus checks that were distributed to Americans during the COVID-19 pandemic.
Regarding his own round of Covid-era payments, Biden stated, “I didn’t.”. “Impetuous. “”.
However, the president remained steadfast in his assertion that he had managed inflation as effectively as possible, despite the fact that it was a major factor in the loss of the Democratic Party and dragged down Biden’s approval ratings.
Biden credited the pandemic and Russia’s invasion of Ukraine with causing the inflation spike, and he praised his administration’s ability to lower it without tilting the U.S. A. into a downturn in economy. He dismissed questions about whether the funds allocated at the start of his term had helped drive up the cost of goods, calling his broad legislative agenda essential to creating growth that the nation would eventually enjoy.
“America’s infrastructure and manufacturing base needed a generational investment long ago,” he stated. Many Americans have had difficulty seeing, and I recognize that they are merely attempting to put three squares on the table. It was the right thing to do, though, in my opinion. “”.
Biden contended that although people continue to struggle with persistently high prices, the U.S. A. had fared better than any other developed country in terms of recovering from the pandemic. Additionally, he attempted to take credit for all of the economy’s strongest aspects just over a month before turning the reins over to Trump, and he preemptively assigned blame in case they abruptly faltered.
Biden expressed his sincere hope that the incoming administration would maintain and advance these advancements. But we’ll all be aware of what happens in due time. “”.
