Biden calls Fed rate cut 'declaration of progress,' not victory as he touts economic record

Delivering remarks at the Economic Club of Washington, D. C. on Thursday, President Joe Biden sought to make the case that he created a “new economic playbook” that spearheaded significant economic progress in America after being handed a crisis from former President Donald Trump. At the same time, he made clear he wasn’t declaring victory on the issue, asserting that there is “a hell of a lot more work to do. ” The remarks come as Biden, set to leave office in January, is rounding out his more than five decades-long career in Washington and less than 50 days before a presidential election between his vice president, Kamala Harris, and Trump, in which the economy is poised to be a top concern for voters.

The president on Thursday said the Federal Reserve’s half-point cut on Wednesday signals that “we’ve entered a new phase of our economy and our recovery" while emphasizing the importance of keeping the U. S. central bank independent. “Four years ago, we inherited the worst pandemic in a century, the worst economic crisis since the Great Depression,” Biden said on Thursday.