Biden pitches ‘better choice’ in economic speech, seeking contrast with Trump
President Biden on Thursday touted what he called a “declaration of progress” after the Federal Reserve cut interest rates, arguing his economic agenda had put the country on strong footing and warning of the risks that could come with a return to former President Trump’s policies.
Biden addressed the Economic Club of Washington, D.C., one 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.”
“It doesn’t mean our work is done. Far from it. Far from it. No one should confuse why I’m here,” Biden said. “I’m not here to take a victory lap. I’m not here to say a job well done. I’m not here to say we don’t have a hell of a lot more work to do. We do have more work to do.
“But what I am here to speak about is how far we’ve come, how we got here, and most importantly the foundation that I believe built for a more prosperous and equitable future in America."
The president recounted his various legislative achievements, arguing they helped put the country back on track after the COVID-19 pandemic, lower the unemployment rate and bolster the middle class.
Biden cited the $1.2 trillion bipartisan infrastructure law that funded improvements to roadways, railways, ports and airports across the country.
He pointed to the CHIPS and Science Act, another bipartisan piece of legislation that funded investments in semiconductor chip manufacturing.
And he highlighted the Inflation Reduction Act, a $740 billion law that passed with only Democratic votes in 2022. The law allowed Medicare to negotiate prices for some drugs, incentivized climate friendly practices like the use of solar panels and electric vehicles and allocated billions of dollars to crack down on wealthy individuals and companies evading tax laws.
The president sought to contrast those successes with what Trump, the GOP nominee in November’s election, has signaled he would do if he is elected.
Trump has spoken about extending the tax cuts he signed into law in 2017 and has suggested lowering the corporate tax rate even further. He has also repeatedly signaled he would rely on tariffs on imported goods, using them as a tool to gain leverage with other countries and to incentivize domestic manufacturing. But economists have warned such widespread tariffs would amount to a tax on American consumers and could damage global trade.
“He’s promising again trickle-down economics. But it will fail again,” Biden said Thursday.
“Folks, I’ve laid out a better choice in my view to grow the economy from the middle out and the bottom up,” he added. “I promised to be a president for all Americans, whether they voted for me or not, and I kept that promise.”
While Biden steered the country’s economic recovery out of the COVID-19 pandemic, much of the focus on his economic record has been on rising prices that have been a concern for voters dating to 2022.
The Fed incrementally increased interest rates from near zero in March 2022 to a range of 5.25 percent to 5.5 percent last July as it battled rising inflation, which peaked at 9.1 percent in June 2022.
Biden announced in late July he would not seek reelection. Vice President Harris has replaced him as the Democratic nominee and is locked in a neck and neck race with Trump.
Harris has offered a handful of economic proposals of her own, including a call for a federal ban on price gouging, an expanded child tax credit and increased housing supply and assistance for first-time homebuyers.