According to the narrative emanating from President Joe Biden’s recent speech, Donald Trump is set to inherit what Biden claims is the ‘strongest economy in modern history’. Despite his warning against the return to ‘trickle-down economics’, many might question the stability and robustness of the Biden-era economy he describes.
Daring to paint himself the economic savior, Biden declared recognition of Trump for a single decision during the nation’s recovery from the COVID-19 pandemic. This decision pertained to including Trump’s signature on COVID stimulus checks sent to Americans. He claimed it was a move he learned from Donald Trump, even as he failed to apply the same rule himself, demurring with a dismissive ‘all kidding aside’.
Biden’s term has been marked by an uphill battle, attempting to convince Americans of the improving economy, which seemingly contradicts their lived experiences. As positive as the economic statistics may appear with regards to job numbers and the stock market, the harsh reality of inflation during Biden’s tenure seems to paint an entirely different picture.
The apparent disconnect between the claims of economic success and the people’s perceptions is evident in the polls. Despite a steady stream of glowing reports by Biden’s administration, more Americans still seem to correlate a strong economy to Trump’s era, per numerous polls. This is undoubtedly a reflection of the enduring effects of high inflation observed during most of Biden’s term.
The stimulus checks issued during Trump’s presidency were clear and direct, with $1,200 distributed to each income tax filer in March 2020, swiftly followed by an additional $600 in December 2020. Arguably, these checks bearing Trump’s name were a symbolic gesture, ensuring that individuals associated the aid with his administration. A move that Biden seems to criticize, yet evidently, has continued in practice.
However, when Biden’s administration sent out a $1,400 stimulus to Americans in March 2021 as part of the American Rescue Plan, it notably omitted the President’s name. This omission while supposedly preventing delays, might also be interpreted as an attempt by Biden to avoid direct accountability for the economy’s performance.
Despite the negative perception surrounding Biden’s economic track record, the president used his speech as a platform to defend his economic policies. Meanwhile, American citizens express persistently negative views concerning the state of the economy and inflation, ironically contributing to Trump’s favor in the latest election.
Echoing a recurrent defense of his economic approach, Biden insisted that his middle-class-focused method is ‘working’, evidenced by the supposedly enviable state of the economy he claims Trump is set to inherit. However, this is aimed at an exceedingly skeptical audience who have recurrently challenged both the effectiveness and the benefits of these touted policies.
Drawing on the Biden’s administration’s supposed contributions to the domestic microchip and clean energy manufacturing sectors, as well as its unprecedented spending on infrastructure, Biden portrays this economy as ‘the envy of the world’. His attempts to boast of measures aimed at reducing healthcare costs for Americans, however, seems disconnected from reality, creating a potentially hollow echo for his constituents.
Biden also criticized Trump’s proposed tariffs on all imported goods, stridently arguing that these could trigger higher costs for American consumers. However, many critics wonder whether this statement reflects more on Biden’s own worries and less about genuine economic reality.
Trump’s proposed 25% tariff on all products entering the U.S. from Mexico and Canada, in addition to a 10% tariff atop existing tariffs on Chinese goods, were targeted in Biden’s speech. The president vehemently averred that Trump’s assumption of foreign countries absorbing these tariffs is misguided, conveniently overlooking the potential strategic advantages of such policies.
The disapproval of these tariffs by President Biden, unfortunately, overshadows and oversimplifies the genuine debates and discussions concerning their potential benefits and drawbacks. It offers little consideration to the strategic trade negotiation and potential domestic boosts such policies might offer.
Ending his speech painted in rich rhetoric and promises of a rosy economic prospect, Biden highlighted several key economic metrics under his term. The unabated optimism rang through with tales of 16 million jobs added since his inauguration, the ‘lowest average unemployment rate’ of any president in 50 years, an annual GDP increase of 3%, and a supposedly favorable year-to-year inflation rate of 2.6%.
Despite the statistical evidence cited by Biden, the experienced truths of many Americans seems to diverge sharply from this narrative. Opinion polls and conversations reveal a strong hint of skepticism, echoing deeper uncertainties about the reality of these economic achievements.
This collective uncertainty among the populace is a stark reminder of the disconnect between President Biden’s dialogue and the lived reality of his constituents, highlighting the deep-seated economic anxieties still prevalent throughout the country. Although Biden handed off his speech on a positive note, it did little to conceal the gnawing concerns about the economy under his watch.