"A threat to democracy amid economic recovery" — Biden challenges Trump’s legacy

In a bold address at the Economic Club of Washington, President Joe Biden took aim at former President Donald Trump, accusing him of leaving behind “the worst pandemic in a generation and the worst economy since the Great Depression,” while failing to present any viable solutions for recovery.

Biden asserted that his administration has made significant strides in turning the economy around but emphasized that the preservation of democracy is essential for continued success.

Biden characterized Trump as a direct threat to democratic principles, particularly citing Trump’s refusal to concede the 2020 election, which culminated in the January 6 Capitol riots.

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He stated, “While the economy is great, we cannot lose our democracy. American business and economic dynamism can’t succeed without stability and security.”

Highlighting the progress made under his leadership, Biden noted, “At its peak, inflation was 9.1%. Today, it’s much closer to 2%. The economy is growing. Small business creation is at historic highs. Inflation is coming down, and employment remains very low.” He also pointed out that the Federal Reserve’s decision to lower interest rates marks “a new phase in our recovery,” which he described as “good news for consumers, and it supports economic growth.”

Despite the positive developments, Biden remained grounded, insisting, “I’m not here to take a victory lap. We have a hell of a lot more work to do.” He reiterated the need for continued vigilance, stating, “But our work is far from done.”

Biden also emphasized the tangible benefits of economic policies, saying, “Lower interest rates mean lower costs for homes, cars, and loans—relief for American families.” He urged businesses to embrace this moment, declaring, “This is a moment for businesses to feel greater confidence, to invest, hire, and expand.”

Reflecting on job creation, Biden proudly proclaimed, “We’ve created 16 million jobs, more than any other single presidential term,” and reiterated his administration’s commitment to building a better future: “We’re building a better America by investing in infrastructure, clean energy, and technology, and fostering fair competition for all Americans.”