President Joe Biden spoke at the Economic Club of Washington, D.C., on Thursday, highlighting the Federal Reserve's decision to lower interest rates as a positive indicator of easing inflation. He emphasized that this move signifies progress in the economy's recovery phase rather than a victory declaration.
Biden took the opportunity to critique former President Donald Trump's economic policies, labeling trickle-down economics as a failure and predicting its failure if revived. He criticized Trump's proposed tax cuts benefiting the wealthy and tariffs that could increase prices for families.
Trump's campaign did not immediately respond to Biden's comments. Trump, on the other hand, has been vocal about his opposition to Biden and Vice President Kamala Harris, blaming them for economic challenges faced by Americans.
Biden defended his administration's economic record, citing job creation and trade deficit reduction with China. He also blamed Trump for mishandling the pandemic, resulting in significant loss of American lives.
Despite challenges posed by inflation and supply chain disruptions, Biden expressed optimism that the rate cut would make housing and car purchases more affordable for Americans. He urged businesses to seize current opportunities for investment and expansion.
Biden underscored the importance of the Federal Reserve's independence, warning against potential threats if Trump were to be re-elected. Trump had previously pressured the central bank to lower rates during his presidency.
During his speech, Biden made an inaccurate statement regarding his interactions with Federal Reserve Chair Jerome Powell, clarifying later that he had never discussed interest rates with Powell.
In a subsequent briefing, White House Council of Economic Advisers Chair Jared Bernstein clarified Biden's statement, indicating that Biden meant he had not discussed interest rates with Powell.
