WASHINGTON—President Joe Biden delivered a speech on Dec. 10 highlighting his economic achievements as he nears the final days of his presidency. He also expressed hope that the incoming Trump administration would “preserve and build on” his progress.
Biden delivered his remarks at the Brookings Institution in Washington, defending his economic plan, which focuses on “growing the economy from the middle out and the bottom up.”
“We got back to full employment, got inflation back down, and managed a soft landing that most people thought was not very much likely to happen,” he said.
“Most economists agree the new administration is going to inherit a fairly strong economy.”
Biden said his agenda, which prioritized investing in infrastructure and manufacturing, has not yet been fully felt by Americans but that its benefits will become more visible over the coming years.
“I know it’s been hard for many Americans to see, and I understand it,” he said.
He defended his economic record by saying he took over the economy during a financial crisis caused by the COVID-19 pandemic and transformed it into the “strongest economy in the world.”
He said his goal was not simply to get the United States out of the economic crisis but also to put the country on a stronger course for the future.
“After decades of sending jobs overseas for the cheapest labor possible, companies are coming back to America, investing and building here and creating jobs here in America,” Biden said.
Biden’s approval ratings have fallen amid criticism over his handling of the economy, the Israel–Hamas war, and the U.S. border crisis. Recently, he also faced backlash for pardoning his son Hunter Biden after having said on multiple occasions that he wouldn’t, a move that drew criticism even from members of his party.
The website is packed with information, including economic statistics, charts, and testimonies from people who say they thrived under his administration. It also includes links to seven media pieces that praise Biden’s economic record.
The website’s opening page title states, “Building back from a financial crisis to the strongest economy in the world.”
One of the charts shows that under Biden, cumulative gross domestic product growth was 12.6 percent, surpassing the recorded growth under former President Barack Obama’s first and second terms (6.1 percent and 10.4 percent, respectively) and President-elect Donald Trump’s first term (7.6 percent).
“After decades of trickle-down economics that slashed taxes for the wealthy, diminished public investments, offshored jobs and factories, destroyed unions, and ripped at the social safety net, President Biden has written a new playbook that’s growing the economy from the middle out and the bottom up,” the White House said in a statement ahead of Biden’s speech.
During his remarks, Biden highlighted key actions he took during his presidency, which he believes are pivotal in rebuilding the economy for the long term.
He expressed hope that the incoming Trump administration “will preserve and build on this progress.”
Biden took aim at Trump’s tax cut proposal, saying that he has “never been a big fan of trickle-down economics.”
He also criticized Trump’s proposal to impose tariffs on Chinese goods, calling it “a major mistake.”
In an effort to create resilient supply chains, the Biden administration also announced on Dec. 10 the allocation of $6.2 billion in direct funding to Micron Technology. The funding is part of the CHIPS Act, which aims to encourage U.S. companies to build new chip manufacturing plants domestically.
Micron plans to invest nearly $100 billion in New York and $25 billion in Idaho over the next two decades, according to a statement by the Department of Commerce.
“[This investment] will help the United States grow its share of advanced memory manufacturing from less than 2% today to approximately 10% by 2035,” the department stated.
