President Biden on Tuesday touted that President-elect Trump will inherit the "strongest economy in modern history" when he takes office in January – even as Americans continue to struggle to afford homes and groceries from inflation.
Biden delivered remarks about his "middle-out, bottom-up" economic approach at the Brookings Institution, a public policy think tank in Washington, D.C., claiming there are "a number of quotes" from commentators describing his administration’s economy as strong.
"President Trump has received the strongest economy in modern history, which is the envy of the world," Biden said.
While inflation has eased significantly since its peak in 2022, grocery prices remain substantially higher than they did before the COVID pandemic swept the globe nearly five years ago.
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According to the most recent Consumer Price Index inflation data from the Bureau of Labor Statistics, Americans are spending 22% more on groceries in comparison to when Biden took office nearly four years ago.
Voters said the economy was far and away the top 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 Fox News Voter Analysis of the 2024 election.
Even Trump noted during an interview with NBC News’ "Meet the Press" on Sunday that his White House victory last month came down to the economy.
"I won on the border, and I won on groceries," the president-elect said.
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Meanwhile, Biden held to his belief that Trump’s potential tariff plan is "a major mistake."
"By all accounts, the incoming 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 will not be paid for, or if paid for, is going to have a real cost, once again causing massive deficits or significant cuts in basic programs."
When asked in his latest interview if he could guarantee that his tariffs wouldn't force Americans to pay more for items, Trump answered, "I can’t guarantee anything."
Fox News Digital’s Paul Steinhauser contributed to this report.
