Biden promotes economic record and warns of possible disaster under Trump

President Joe Biden outlined the creation of millions of jobs, and lowering unemployment and wealth gap under his watch

US President Joe Biden delivers a legacy speech at the Brookings Institution, Washington, on December 10. EPA

US President Joe Biden on Tuesday gave a legacy speech promoting his administration's economic achievements and warning against “disaster” under a second Donald Trump term.

Speaking at the Brookings Institution in Washington, Mr Biden said that 16 million jobs were created in his term, while the nation achieved its lowest unemployment rate in 50 years and the smallest racial wealth gap in two decades.

The speech comes a month after Mr Biden's Democratic Party suffered a bruising defeat at the polls to Mr Trump, driven by voters' concerns over inflation, particularly the high costs of food and housing.

“Most economists agree the new administration is going to inherit a fairly strong economy, at least at the moment; an economy going through fundamental transformation that's laid out a stronger foundation and sustainable, broad-based, highly productive growth,” Mr Biden said. “It is my profound hope that the new administration will preserve and build on this progress.”

Mr Biden, who leaves office on January 20, said his administration had adopted “the middle-out and the bottom-up” approach, which benefits the middle and lower class. He contrasted it with decades of “trickle-down” economics under Republican administrations, which he said only benefitted the wealthy.

He said he took over after a Trump administration that had no plan to deal with the economic fallout of the Covid pandemic. Mr Biden also blamed his predecessor for slashing taxes for the wealthy and moving jobs offshore, as well as undermining unions – all of which further worsened economic conditions in the US, he said.

He said Mr Trump's campaign pledge to impose sweeping tariffs on foreign goods would be a “major mistake”.

“I pray to God the president-elect throws away Project 2025. I think it'd be an economic disaster for us and to the region,” he said, referring to the 900-page conservative policy blueprint for a second Trump presidency.

While Mr Biden worked as a bipartisan leader, he said the investments under his landmark Inflation Reduction Act have gone to more Republican “red” states than Democratic “blue” states.

He said that while it was the right thing to do for the country, it was not “a politically smart thing to do".

Mr Biden also in his speech spoke of measures he passed to lower drug prices, and eliminate “junk” fees.

Despite the US economy showing strength across all major economic indicators, including a drop in inflation, Americans continue to see high costs in food, housing and fuel, which they have blamed on Mr Biden.