Outgoing US President Joe Biden had a bit of a chat on Tuesday at the Brookings Institution in Washington. He wasn’t too chuffed about the economic prospects under his successor, Donald Trump. Biden minced no words, calling Trump’s economic strategy a “disaster.” Quite a choice term, especially considering Trump’s recent electoral victory which largely hinged on discontent with the high cost of living under Biden’s watch. Biden’s ire was particularly piqued by Trump’s promise to slap hefty tariffs on imports, a plan he branded as a “major mistake.”
Indeed, it’s not just Biden who’s concerned. During a separate engagement at the Wall Street Journal’s CEO Council Summit, Treasury Secretary Janet Yellen also took a moment to echo these concerns. She noted that Trump’s proposed tariffs could “derail the progress that we’ve made on inflation.” This could potentially spell trouble for both consumer prices and businesses dependent on imports, she warned. The ripple effects might not stop at inflation, as growth could also take a hit.
Now, Biden, who’s on his way out, took the opportunity to make a final pitch for his own brand of economic management. His strategy, which he describes as a “middle-out, bottom-up economic playbook,” stands in stark contrast to Trump’s “trickle-down economics.” The crux of Biden’s argument is that focusing on the middle class and grassroots development holds the key to economic prosperity.
Biden’s legacy, according to the White House, includes aiding the US economy’s recovery from the Covid pandemic and steering significant investments toward green technology. He proudly proclaimed that “President-elect Trump is receiving the strongest economy in modern history.” Nevertheless, despite these achievements, there’s a hint of regret in Biden’s reflections. Particularly, he bemoaned his decision not to sign his name to the Covid stimulus checks, a symbolic gesture Trump made sure not to miss.
Adding to the unfolding economic narrative, let’s not forget about the sweeping international implications. Trump has made known his intentions to impose tariffs on major US trading partners like Mexico, Canada, and China. Biden argues that such moves are likely to boomerang with higher prices for American consumers. Our dear outgoing president says as much, “I believe this approach is a major mistake.”
Regardless, President-elect Trump has swiftly adopted the role of a “shadow president.” He’s been quite the busy bee, making declarations on economic and foreign policy matters, and engaging actively with global leaders. All this, even though his formal inauguration is still some weeks away. Meanwhile, Biden has been more of a quiet presence, but he didn’t shy away from defending his record when in front of fiscal experts.
In closing his remarks, Biden extended a soulful appeal for continued US leadership on the world stage. He cautioned that without America’s guidance, one must ponder, “If we do not lead the world, what nation leads the world?” A fitting final note for a president who believes in American global influence, as his successor seems to gear up for a more isolationist approach.
For further insights into Biden’s economic legacy and Trump’s upcoming policies, you might wish to explore [Brookings Institution](https://www.brookings.edu) and the [Wall Street Journal](https://www.wsj.com).
