Outgoing President Joe Biden has sharply criticized President-elect Donald Trump’s economic plans, labeling them a “disaster” during a speech that highlighted his own administration’s achievements.
Speaking at the Brookings Institution on Tuesday, Biden expressed concern over Trump’s proposed tariffs on imports, calling them a “major mistake” that could harm American consumers.
Concerns Over Trump’s Economic Strategy
Biden’s remarks come in the wake of Trump’s recent electoral victory, which was largely fueled by voter dissatisfaction with rising living costs under Democratic leadership.
In his address, Biden urged Trump to reconsider his agenda, specifically referencing Project 2025, a conservative blueprint for Trump’s second term.
He stated:
“I pray to God the president-elect throws away Project 2025. I think it would be an economic disaster for us and the region.”
Biden cautioned that Trump’s tariffs on major trading partners like Mexico, Canada, and China would ultimately be paid for by American consumers, not foreign countries as Trump suggests.
He emphasized:
“I believe this approach is a major mistake.”
Treasury Secretary’s Warning
At a separate event, Treasury Secretary Janet Yellen echoed Biden’s sentiments, warning that Trump’s tariffs could “derail the progress we’ve made on inflation” and negatively impact economic growth.
She cautioned that such sweeping tariffs could significantly raise prices for consumers and create additional pressure on businesses reliant on imports.
Biden’s Legacy Speech
The White House characterized Biden’s address as a significant reflection on his economic legacy as he approaches the end of his presidency.
With less than six weeks left in office, Biden contrasted his “middle-out, bottom-up” economic strategy with what he termed Trump’s failed “trickle-down economics,” which he argues disproportionately benefits the wealthy.
Biden highlighted key achievements during his tenure, including the recovery of the U.S. economy from the COVID-19 pandemic and substantial investments in green technology.
He asserted:
“President-elect Trump is inheriting the strongest economy in modern history.”
Despite this positive outlook, Biden expressed regret for not personally signing the COVID stimulus checks distributed to Americans, a move that Trump had made during his presidency.
A Call for U.S. Leadership
In closing, Biden made a broader appeal for continued U.S. leadership on the global stage, contrasting his administration’s approach with Trump’s more isolationist tendencies.
He asked:
“If we do not lead the world, what nation leads the world?”
As Trump prepares to take office on January 20, he has begun to assert himself as a “shadow president,” making statements on economic and foreign policy while being welcomed by world leaders.
Meanwhile, Biden remains focused on defending his record and laying out a vision for America’s future.
Source: Tuko
