National Christmas Tree shines during 102nd lighting ceremony
President Joe Biden spoke to a crowd at the lighting ceremony for the national 35-foot Red Spruce Christmas tree from Virginia.
WASHINGTON ― President Joe Biden said Donald Trump will inherit the “strongest economy in modern history,” and warned the president-elect not to return to “trickle-down economics” in a legacy-focused speech Tuesday.
But as Biden took credit for the nation’s economic recovery out of the COVID-19 pandemic, he did compliment Trump for one decision: putting his signature on COVID stimulus checks sent to Americans.
“Within my first two months in office, I signed the American Rescue Plan, the most significant economic recovery package in our history. I also learned something from Donald Trump. He signed checks for people,” Biden said in a speech at the Brookings Institution, a center-left think tank. “And I didn’t ‒ stupid,” he said to laughter, adding: “But all kidding aside.”
Throughout his presidency, Biden has struggled to convince most Americans of an improving economy despite booming jobs numbers and a strong stock market.
More Americans give Trump stronger approval marks on the economy, poll after poll has shown, after high inflation for most of Biden’s term. Some voters who supported Trump in last month’s election said they appreciated the checks issued during the pandemic that bore his name, leading to speculation they didn’t remember Biden’s stimulus because he didn’t put his name on it.
The two stimulus checks from Trump’s presidency ‒ $1,200 per income tax filer in March 2020 and $600 in December in 2020 ‒ included Trump’s name, a move widely seen as an attempt by Trump to get recognition for a legislative package approved by Congress. In contrast, a $1,400 check sent to Americans in March 2021 as part of the American Rescue Plan did not have Biden’s name because Biden didn’t want to delay payment.
Jared Bernstein, chairman of the White House Council of Economic Advisers, told reporters Biden was “kidding” with his remark and that he doesn’t recall a debate within the White House about displaying Biden’s signature on the checks.
“Certainly those checks were instrumental in … getting businesses and consumers to the other side of the crisis,” Bernstein said. “We gave people more buying power than they had at a time.”
Biden rips Trump over tax, tariff policies
The majority of Biden’s speech was focused on defending his economic record, even as Americans’ negative views on the state of the economy and inflation helped Trump defeat Biden’s vice president, Kamala Harris, in last month’s election.
“Four years later, we have proof the playbook is at least now working,” Biden said of an economic approach he framed as focused on strengthening the middle class.
Biden said Trump will receive an economy that is “the envy of the world,” crediting investments by the Biden administration to spur domestic manufacturing in microchips and clean energy, historic spending on infrastructure and efforts to cut health-care costs for Americans.
“I don’t know anybody who wouldn’t change their economy for ours,” Biden said, recounting conversations with world leaders.
But Biden warned that “by all accounts, the incoming administration wants to return the country to another round of trickle-down economics and tax cuts for the very wealthy that will not be paid for.”
Tax cuts Trump pushed through Congress during his first presidency ‒ which included lowering the tax rate for corporations ‒ are set to expire at the end of 2025. Trump hopes to renew the tax with help from a Republican-majority Congress. He also campaigned on additional tax cut proposals that could increase the national debt by an estimated $4 trillion to $5 trillion over the next decade.
Biden slammed Trump’s plans for across-the-board tariffs on all imports, arguing it will result in higher costs for American consumers. Trump has recently vowed to impose a 25% tariff on all products coming into the U.S. from Mexico and Canada and a 10% tariff on top of the tariffs already in place on Chinese goods.
Biden said Trump has “the mistaken belief that foreign countries will bear the cost of those tariffs, rather than the American consumer.”
“Who do you think pays for this?” he said. “I believe this approach is a major mistake.”
Meanwhile, the outgoing president delivered a warning shot over Project 2025, the policy blueprint created by the Heritage Foundation that outlines tax cuts for the wealthiest Americans. “I pray to God that the president-elect throws away Project 2025. I think it’d be an economic disaster for us.”
Trump has chosen Russell Vought, a co-author of Project 2025, to be his director of the Office of Management and Budget.
Biden ended his speech by touting a series of strong economic metrics under his watch: 16 million jobs added in the U.S. since he entered the White House; the lowest average unemployment rate of any president in 50 years; a gross domestic product that’s increased by 3% annually; and a year-to-year inflation rate that is back down to 2.6%.
Biden said “keep your eye” on the Republican lawmakers who opposed his signature pieces of legislation on infrastructure, microchips and climate, only to celebrate the projects popping up in their states or districts as a result.
“Show me the most conservative Republicans willing to take away the factories that are going to be built in their states,” Biden said. “Going to be interesting. Going to be interesting.”
Reach Joey Garrison on X @joeygarrison.
