Lame-duck Joe Biden has claimed that President Donald Trump will inherit the “strongest economy in modern history” when he takes office in January.
Biden attempted to tout his “Bidenomics” even as Americans continue to struggle to afford homes and groceries due to inflation caused by his own policies.
Biden delivered remarks about his “middle-out, bottom-up” economic approach at the Brookings Institution on Tuesday.
The Brookings Institution a public policy think tank in Washington, D.C..
During his remarks, Biden claimed there are “a number of quotes” from commentators describing his administration’s economy as strong.
“President Trump has received the strongest economy in modern history, which is the envy of the world,” Biden said.
While inflation has eased significantly since its peak in 2022, it’s still far higher than when Biden took office in 2021.
Grocery prices remain substantially higher than before the pandemic swept the globe nearly five years ago.
The Consumer Price Index inflation data from the Bureau of Labor Statistics shows prices surged under Biden.
According to the most recent figures, Americans are spending 22% more on groceries in comparison to when Biden took office nearly four years ago.
Voters said the economy was far and away the top issue facing the country during the 2024 election.
40% of voters said inflation was the single most important factor in their vote, according to a Voter Analysis of the 2024 election.
This top issue was followed distantly by immigration and abortion.
Even Trump noted during an interview with NBC News’s “Meet the Press” on Sunday that his White House victory last month came down to the economy.
“I won on the border, and I won on groceries,” the president-elect said.
Meanwhile, Biden held to his belief that Trump’s potential tariff plan is “a major mistake.”
Late last month, Trump said on Truth Social he would impose tariffs on Canada and Mexico on his first day in office.
“Right now a Caravan coming from Mexico, composed of thousands of people, seems to be unstoppable in its quest to come through our currently Open Border,” he wrote.
“On January 20th, as one of my many first Executive Orders, I will sign all necessary documents to charge Mexico and Canada a 25% Tariff on ALL products coming into the United States and its ridiculous Open Borders.”
Trump has also threatened to ramp up tariffs in excess of 60% on U.S. imports of Chinese goods.
“By all accounts, the incoming administration is determined to return the country to another round of trickle-down economics and another tax cut for the very wealthy,” Biden said.
“That will not be paid for, or if paid for, is going to have a real cost, once again causing massive deficits or significant cuts in basic programs.”
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