Joe Biden, the outgoing President, addressed a crowd on Tuesday, attempting to praise his own administration for supposedly leaving behind ‘the strongest economy in modern history,’ a claim that has garnered much skepticism. He tried to warn his successor, President-elect Donald Trump, about potential damages to the national economy if Biden’s policies are reversed. He spouted these opinions at a Brookings Institution think tank meet, where he meticulously laid out his economic model, quite a departure from the successful ‘trickle-down’ theory that has guided economic policy since the 1980s and the era of Ronald Reagan.
Biden took this opportunity to highlight his approach to economic growth, an approach mired in controversy for focusing on ‘growing the economy from the middle, not the top.’ He bragged about how the American Rescue Plan Act, the bipartisan infrastructure law, the CHIPS, and Science Act, and the Inflation Reduction Act were passed under his reign. However, critics contend these steps were a facade, masking his administration’s haphazard approach to controlling the spiraling inflation under his watch.
In his speech, Biden attempted to take credit for a record number of applications to start new small businesses and low unemployment rates, while conveniently leaving out the struggles faced by these businesses amid poorly managed economic circumstances of his presidency. He also implied that his policies led to a ‘soft landing’ for the economy, despite evidence pointing to rising costs, supply chain issues, and unresolved inflation.
Biden further asserted that his administration’s efforts have been intended to make ‘a generational investment’ in infrastructure and manufacturing, a claim that many find only surface-level valid. This supposed push towards a ‘clean energy future’ has raised eyebrows as well, given the vague nature of his initiatives and the ensuing confusion among key sectors of the economy.
Moving to the crux of his warning for Trump, Biden cautioned future policies that may involve high tariffs, which, according to him, could trigger another bout of inflation. This is seen by many as an attempt to divert blame should his inflation monster resurface during the next presidency – a concealment of the fact that his own lack of economic foresight and shoddy policies are the precise causes of the inflation beast in the first place.
Biden further stated that tariffs might lead to ‘massive deficits or significant cuts in basic programs of healthcare, education, veterans benefits,’ aiming to cast Trump as an antagonist for his own policy failures. While many worry about potential tariff effects, critics suggest viewing Biden’s remarks as an attempt to detract attention from his delegation’s own shortcomings.
Taking a jab at Trump, Biden charged, ‘He appears determined to impose steep, universal tariffs on all imported goods.’ Critics observe this as another diversion where Biden seemingly attempts to downplay the effects of his administration’s weak foreign relations policies, leading to the current imbalance in global trade relations.
Attempting to obfuscate the bleak economic reality, Biden dared to rhetorically ask, ‘During my presidency, we created 60 million new jobs in America. Will the next president create jobs?’ Undoubtedly, any presidency would strive to prioritize jobs; however, it is the quality, compensation, and sustainability of these jobs that matter – areas where the Biden administration has continuously struggled to show real improvement.
Biden, with significant audacity, further ventured, ‘During my presidency, we see the lowest average unemployment rate of the administration in 50 years. Will unemployment be higher or lower in the next four years?’ Critics point out that the supposed low unemployment figures were often due to people dropping out of the labor force altogether, a fact Biden conveniently sweeps under the rug.
Moving to the issue of inflation again, Biden attempted to make a shaky claim about how his administration had curbed inflation to around two percent for the next administration. Yet, from numerous market analysis reports, it is evident that inflation figures have been erratic and uncontrolled during his tenure, inducing concern and uncertainty among the public.
He further attempted to use economic benchmarks to highlight his supposed success, raising questions among experts and detractors alike. As government stats can often be manipulated or framed advantageously, many believe that true economic health can be gauged by evaluating individuals’ lived experiences during a presidential term – an aspect where Biden’s administration is thought to have significantly underperformed.
In his concluding remarks, Biden expressed an unrealistically positive hope that Trump would find it difficult to dismantle the apparently beneficial economic and infrastructure investments made by his administration. Critics see this as another veiled attempt at safeguarding his legacy rather than being a sincere concern for potential backlash their absence might cause.
Regardless of the issues they are said to address, many people remain skeptical about the genuine value and impact of the Biden administration’s policies upon a broad range of American citizenry. The actual effects of his policies on individual lives and businesses will consequently continue to be a topic of heated debate, long after his departure from the White House.