“Fairly strong economy” - President Biden
Outgoing president addressed his economic legacy at the Brookings Institution
WASHINGTON (Gray DC) - Donald Trump will inherit an economy that’s fairly strong, but President Joe Biden is worried that the incoming president doesn’t understand the impact of tariffs or “trickle-down” economics.
President Biden addressed his legacy at an event at the Brookings Institution on Tuesday. He’s often spoken of how his approach to the economy benefits all Americans, from the middle-out and the bottom-up. Tuesday, he touted his economic record that he says lays the groundwork for a strong foundation for years to come.
Biden took full credit for creating over 16 million jobs created—the most in a single presidential term in American history. He also touted the lowest average unemployment rate of any administration in 50 years and a stock market at record highs.
“After decades of sending jobs overseas for the cheapest labor possible, companies are coming back to America, investing in building here and creating jobs here in America. In my view, where they belong.”
But Biden acknowledged that inflation still needs to be reduced and more work needs to be done to benefit every American community.
“Wages have increased, but still too many working and middle class families struggle with high prices for housing and groceries and daily needs of life.”
When President-elect Trump takes office next month, he will inherit an economy that economists say is the envy of the world. But most Americans rate the economy as “not so good” or “poor,” which explains the lack of any political dividend for President Biden or his Vice President Kamala Harris, who hoped to succeed him.
Copyright 2024 Gray DC. All rights reserved.
