Biden to Highlight American Economic Progress in Thursday Speech

On Thursday, President Biden is set to address the Economic Club of Washington, D.C., where he will highlight the strides made by the American economy. However, he will refrain from declaring victory, according to senior advisors who spoke with ABC News ahead of the event.

In a post on X, the President indicated that his remarks will focus on the importance of the Federal Reserve’s recent decision to cut interest rates for the first time since 2020, as well as the reduction in inflation. He aims to explain what these developments mean for Americans.

White House Chief of Staff Jeff Zients emphasized that Biden intends to address a monumental moment where inflation and interest rates are decreasing concurrently, while employment, wages, and GDP are on the rise. “It’s crucial to make it clear that this is not a declaration of victory,” Zients stated. “Instead, it’s about recognizing significant progress. The President believes it’s essential to reflect on how far we’ve come, while also acknowledging the work that lies ahead.”

During his speech, Biden will discuss the three main pillars of his economic strategy: the response to the COVID-19 pandemic, efforts to combat global inflation, and initiatives aimed at fostering an inclusive economy that benefits all Americans.

Zients pointed out that while Biden and Vice President Kamala Harris are proud of current achievements, they remain focused on ongoing challenges, particularly concerning the high costs of childcare and housing.

“The President knows this is not a time for complacency,” Zients said. “He will consistently discuss the need for ongoing efforts to strengthen the economy, create more jobs, and reduce costs. The President will outline how to build upon the progress made over the past three and a half years and the stakes involved.”

National Economic Adviser Lael Brainard also addressed the implications of the Federal Reserve’s rate cut announced on Wednesday. She acknowledged that while some recent data indicates positive trends, costs remain a significant burden for American families.

“The President will recognize this hard-won progress but will stress the necessity of collaboratively tackling long-standing affordability issues for middle-class families,” Brainard remarked. “America requires more housing; thus, it’s vital that we advance comprehensive plans aimed at reducing housing costs by constructing millions of new affordable homes and providing incentives for states and localities to eliminate outdated barriers to development. We must continue to facilitate greater workforce participation and make it easier for families to thrive.”

One White House official was questioned about potential concerns regarding rising unemployment following the latest rate cut. The official dismissed such concerns, stating that current Federal Reserve data indicates a solid labor market and highlighted that unemployment rates have remained the lowest in any administration in the past 50 years.

Additionally, a reporter inquired whether increasing tensions in the Middle East could hinder efforts to control inflation. In response, another official mentioned that these geopolitical risks are closely monitored. However, the assessment at this time is that the economy remains in a healthy condition, and the range of risks does not currently threaten the overall outlook.

As President Biden prepares to share his insights with the Economic Club, he is poised to reflect on the achievements of his administration while motivating continued efforts to address persistent economic challenges.

Source: ABC News