On Tuesday, December 10, U.S. President Biden delivered a speech at the Brookings Institution in Washington, sharing his administration’s economic achievements. Biden mentioned that Trump is about to inherit “the world’s most robust economy” and expressed hope that the Trump administration would “maintain and build upon” these advancements.
Biden emphasized that his economic policy focuses on “driving economic growth from the middle and lower classes upwards.” He further pointed out, “We have achieved full employment, successfully brought inflation back to normal levels, and achieved the often deemed impossible soft landing.”
“Most economists agree that the new administration will inherit a rather robust economy.”
Biden noted that his economic agenda prioritizes investing in infrastructure and manufacturing, areas crucial for long-term economic growth. He acknowledged that while many Americans may not yet fully feel the impacts of these policies, he believes that the benefits of these efforts will become more apparent in the coming years.
“I know many Americans find it hard to feel this, and I understand,” he said.
Reflecting on the challenges the U.S. economy faced when he took office, Biden highlighted the financial crisis triggered by the COVID-19 pandemic, which plunged the national economy into severe turbulence. He defended his economic record, stating that under his leadership, the U.S. has recovered from the crisis and successfully transformed into “the world’s most powerful economy.”
Biden stated that his goal is not only to lead the U.S. out of an economic crisis but also to lay a more solid and robust foundation for the country’s development.
“After decades of outsourcing jobs overseas in search of the cheapest labor, companies are coming back to the U.S., investing, constructing, and creating job opportunities here,” Biden said.
According to Gallup data, Biden’s job approval rating dropped to 37% in November, marking a new low since his inauguration. Since 1956, Biden only narrowly leads former U.S. President Jimmy Carter with a 31% approval rating.
Biden’s declining approval rating is attributed to various factors, particularly criticism on his handling of the economy, the Israel-Hamas conflict, and the U.S. border crisis.
Additionally, Biden faces backlash for his reversal on granting clemency to his son, Hunter Biden, and even faces criticism from fellow party members.
Prior to the speech, the White House announced the launch of a new website, “The Biden Economy,” aimed at enhancing the communication of Biden’s economic message.
The website is filled with various information, including economic statistics, charts, and links to seven media reports praising Biden’s economic accomplishments. The homepage of the site reads, “Rebuilding from the Financial Crisis towards the World’s Most Powerful Economy.”
One chart on the website shows that under Biden’s leadership, the U.S. accumulated a 12.6% GDP growth, surpassing the growth figures of former President Obama’s first and second terms (6.1% and 10.4%, respectively) and elected President Trump’s first term (7.6%).
In a statement released by the White House before Biden’s speech, it was mentioned, “After decades of trickle-down economics – cutting taxes for the wealthy, reducing public investments, outsourcing jobs and factories, dismantling unions, weakening the social safety net, President Biden has authored a new playbook to drive economic growth from the middle and lower classes upwards.”
During his speech, Biden emphasized the key actions he has taken during his presidency, which he believes are crucial for the long-term economic recovery, and he expressed hope that the Trump administration “will be able to maintain and build upon these advancements.”
Biden criticized Trump’s tax cut proposal, stating that he has “never been a supporter of trickle-down economics.” He also criticized Trump’s proposal to impose tariffs on Chinese goods, calling it “a major mistake.”
In order to create resilient supply chains, the Biden administration announced on December 10 that it would provide $6.2 billion in direct funding to Micron Technology under the CHIPS Act, aiming to incentivize U.S. companies to establish chip manufacturing plants in the U.S. and reduce dependence on foreign chips.
According to the Department of Commerce statement, Micron plans to invest nearly $100 billion in New York over 20 years and $25 billion in Idaho. The Department of Commerce stated, “(This investment) will help the U.S. increase its market share in advanced memory manufacturing from the current less than 2% to approximately 10% by 2035.”