President Biden touted this on Tuesday President-elect Trump will inherit the “strongest economy in modern history” if he takes power in January – even as Americans continue to struggle to afford homes and groceries due to inflation.
Biden made comments about his “middle-out, bottom-up” economic approach at the Brookings Institution, a public policy think tank in Washington, D.C., claiming that there are “a number of quotes” from commentators who portray his administration’s economics as strongly describe.
“President Trump has been given the strongest economy in modern history, the envy of the world,” Biden said.
While inflation has decreased considerable since peaking in 2022, grocery prices have remained significantly higher than before the COVID pandemic swept the world nearly five years ago.
HOUSE DEMS TORN FOR SOCIAL MEDIA POST ON IMPORTANT TOPIC AFFECTING AMERICANS: ‘EASY’
Biden said Trump received “the strongest economy in modern history.” (AP Photo/Susan Walsh)
According to the latest inflation data from the Bureau of Labor Statistics’ Consumer Price Index, Americans are spending 22% more on groceries compared to when Biden took office nearly four years ago.
Voters said the economy was by far the most important issue facing the country – with 40% saying inflation was the single most important factor in their vote – followed distantly by immigration and abortion, according to the Voter analysis from Fox News of the 2024 elections.
Biden spoke Tuesday at the Brookings Institution in Washington, DC, about his administration’s economic playbook and the future of the U.S. economy. (AP Photo/Susan Walsh)
Even Trump noted Sunday during an interview with NBC News’ “Meet the Press” that his victory in the White House last month came down to the economy.
“I won at the border, and I won with the groceries,” says the said the president-elect.
Meanwhile, Biden stuck to his belief that Trump’s potential tariff plan is “a big mistake.”
Trump said Sunday during an interview with NBC News’ “Meet the Press” that he won on “the border” and on “messages.” (Chip Somodevilla/Getty Images)
“By all accounts, the new 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 won’t be paid for, or if it is paid for, it will come at a real cost, which will again cause huge deficits or significant cuts to basic programs.”
CLICK TO DOWNLOAD THE FOX NEWS APP
When asked in his latest interview whether he could guarantee that his tariffs wouldn’t force Americans to pay more for stuff, Trump replied: “I can’t guarantee anything.”
Paul Steinhauser of Fox News Digital contributed to this report.
