President Biden on Tuesday indicated that President-elect Trump will inherit the “strongest economy in modern history” when he takes office in January – as Americans continue to struggle to afford housing and groceries amid rising inflation.
Biden delivered remarks about his “middle-of-the-road, bottom-up” economic approach at the Brookings Institution, a public policy think tank in Washington, DC, saying there were “several quotes” from analysts describing his administration’s economy as strong.
“President Trump has achieved the strongest economy in modern history, which is the envy of the world,” said Biden.
While inflation has slowed significantly since peaking in 2022, grocery prices remain much higher than they were before the COVID pandemic hit the world nearly five years ago.
HOUSE DEMS BREAK OUT THROUGH IMPLEMENTATION FORUMS ON MAIN AFFECTING AMERICAN ISSUES: ‘SHAME’
Biden said Trump got “the strongest economy in modern history.” (AP Photo/Susan Walsh)
According to the latest Consumer Price Index Inflation data from the Bureau of Labor Statistics, Americans are spending 22% more at stores compared to when Biden took office nearly four years ago.
Voters say the economy is far and away the top issue facing the country — 40% say inflation is the single most important issue in their vote — followed by abortion, according to Fox News Voter Analysis of the 2024 election.
Biden spoke about his administration’s economic playbook and the future of the American economy at the Brookings Institution in Washington, DC, on Tuesday. (AP Photo/Susan Walsh)
Even Trump noted during an interview with NBC News’ “Meet the Press” on Sunday that his victory in the White House last month came down to the economy.
“I won at the border, and I won at the grocery store,” said the president-elect.
CALIFORNIA’S BENEFIT SYSTEM ‘BROKEN’ WITH $20B OWED TO FEDS IN BORROWED DEBT: REPORT
Meanwhile, Biden stuck to his belief that Trump’s potential tax plan is “a big mistake.”
Trump said during an interview with NBC News’ “Meet the Press” on Sunday that he was successful “at the border” and “at the grocery store.” (Chip Somodevilla/Getty Images)
“By all accounts, the incoming administration is determined to return the country to another round of recession and tax cuts for the super rich,” Biden said. “That will not be paid for, or if it is paid, there will be a real cost, and it will cause huge deficits or huge cuts to basic programs.”
CLICK FOR THE NEWS PROGRAM
When asked in a recent interview if he could guarantee that his tariffs would not force Americans to pay more, Trump replied, “I can’t guarantee anything.”
Fox News Digital’s Paul Steinhauser contributed to this report.
Source link
