WASHINGTON — In a speech billed as a chance to cement his economic legacy weeks before handing over the reins to President-elect Donald Trump, President Joe Biden on Tuesday touted his economic leadership while delivering a stark warning about the GOP’s plans.
Biden started his nearly 40-minute speech in front of economists, academics, and labor and business leaders at the Brookings Institution in Washington, arguing that he is leaving his predecessor and now successor a “fairly strong economy.” He made the case that his “middle-out, bottom-up” philosophy spurred a robust recovery out of the COVID-19 pandemic, declaring that after four years there is “proof” his “playbook” is working.
“It is my profound hope that the new administration preserve and build on this progress,” Biden said, accusing the previous administration of having “no plan” to get the nation through the pandemic.
The president asserted that the economy is now at an “inflection point,” going on to rail against a potential return to “trickle-down” economics under what will be a Republican trifecta in Washington next year. He specifically warned against the tax cuts implemented during Trump’s first term that may be extended in his second.
"By all accounts, the incoming administration is determined to return the country to another round of trickle-down economics and another tax cut for the very wealthy," Biden said. "That will not be paid for, or if paid for, is going to have a real cost — once again causing massive deficits or significant cuts in basic programs."
Biden called Trump’s plan to place tariffs on goods from Canada and Mexico and raise tariffs on China a “major mistake.” He warned that implementation of the controversial Project 2025, a conservative blueprint for a second Trump administration created by outside group Heritage Foundation, would be a potential “economic disaster.” Trump criticized and distanced himself from the plan on the campaign trail but has tapped several of its authors and contributors to staff his team in his second stint in the White House.
Biden on Tuesday also specifically touted his investments in infrastructure and manufacturing, his support of unions and his role in presiding over the addition of 16 million jobs to the economy and the smallest racial wealth gap in two decades.
He acknowledged that families are still struggling with high prices, particularly on housing and groceries — the issue that has plagued Americans' view of Biden’s handling of the economy. Inflation has dropped significantly from its 9% peak in June 2022 but still sits above the Federal Reserve’s 2% target figure.
Accompanying the speech on Tuesday, the White House also launched a website highlighting Biden’s economic record.