In remarks on Thursday at the Economic Club of Washington, D.C., President Biden will celebrate the progress of the American economy, but stop short of declaring victory, senior advisors told ABC News on a call previewing the remarks.
Biden said in a post on X that he will speak about what the first key rate cut since 2020 and falling inflation “means for Americans.”
“President Biden is going to speak to a new milestone, inflation and interest rates are falling at the same time, employment, wages and GDP are rising,” White House Chief of Staff Jeff Zients told reporters. “I want to be really clear, this is not meant to be a declaration of victory. It’s meant to be a declaration of progress, significant progress. The President believes it’s important to mark this moment for the country by laying out how far we’ve come, while also outlining the work we still have to do.”
Zients added that Biden will lay out the three big pillars of his economic playbook: the historic response to the COVID-19 crisis, the administration’s work to address global inflation and efforts to build an economy that invests in all Americans.
But Zients added that Biden and Vice President Kamala Harris are still looking ahead to the work that is not finished, pointing to the cost of childcare and housing as two of the biggest areas.
President Joe Biden speaks at a reception in celebration of Hispanic Heritage Month at the White House in Washington, D.C., on Sept. 18, 2024.
Jim Watson/AFP via Getty Images
“The president knows this is no time for a victory lap, which is why he will talk about the work ahead every single day, the president and vice president, both, on what more can be done to make the economy stronger, create more jobs and, importantly, lower costs, the President will lay out how we build on the progress that we’ve made across these three and a half years, and what’s at stake,” Zients said.
National Economic Adviser Lael Brainard also talked about the Federal Reserve’s Wednesday rate cut announcement and how recent data is a good sign, but also noted that costs are still high for American families.
“The president will note this hard won progress, but emphasize that we must continue to work together to tackle long standing affordability challenges for middle class families,” Brainard said. “America needs more housing. That’s why it’s critical to move forward on ambitious plans to bid to bring housing costs down by building millions of new affordable homes and providing incentives for states and localities to remove outdated obstacles to building it’s essential we continue to enable more workers to participate in the labor force and to make it easier and more affordable to raise a family.”
One White House official on the call was asked about whether the administration was concerned about rising unemployment in response to today’s rate cut, but the official brushed off the concern, saying that the Fed’s data today shows “the labor market remaining solid,” and adding that unemployment has “remained the lowest on average of any administration in 50 years.”
A reporter also asked whether rising tensions in the Middle East could be a setback in the fight against rising inflation. The different White House official said that it is one of the “geopolitical risks that we consistently monitor.”
“But our assessment, you know, right now is that the economy is in a healthy place, and that the kind of range of risks, while we continue to monitor them are do not pose a significant risk to the to the outlook,” the White House official added.
President Joe Biden is set to provide an update on the progress of the American economy in remarks scheduled for Thursday. The President’s speech comes at a critical time as the country continues to recover from the economic impacts of the COVID-19 pandemic.
Since taking office in January, President Biden has made revitalizing the economy a top priority. His administration has implemented a number of measures aimed at stimulating economic growth, creating jobs, and providing relief to struggling Americans.
One of the key initiatives of the Biden administration has been the American Rescue Plan, a $1.9 trillion economic stimulus package that was passed by Congress in March. The plan included direct payments to individuals, expanded unemployment benefits, funding for vaccine distribution, and assistance for small businesses.
The American Rescue Plan has already had a significant impact on the economy, with job growth exceeding expectations in recent months. The unemployment rate has fallen to its lowest level since the start of the pandemic, and consumer confidence is on the rise.
In his remarks on Thursday, President Biden is expected to highlight these positive developments and outline his administration’s plans for further economic recovery. This may include discussions on infrastructure investment, tax reform, and other measures aimed at creating long-term economic growth.
The President’s update on the American economy will be closely watched by economists, policymakers, and the public at large. As the country continues to navigate the challenges of the post-pandemic economy, President Biden’s remarks will provide valuable insight into the progress that has been made and the road ahead.
