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

In his speech at the Economic Club of Washington, President Joe Biden articulated the economic progress made during his administration, which he attributes to a "new economic playbook" developed in response to the challenges left by former President Trump. Highlighting the Federal Reserve's recent half-point rate cut, he suggested this signals the beginning of a new phase in the nation's economic recovery. Biden emphasized the need for continued efforts, stating, "there is a hell of a lot more work to do," particularly as the nation approaches a presidential election. With less than 50 days remaining until voters decide between his vice president, Kamala Harris, and Trump, the economy is poised to be a pivotal issue. He reflected on the hardships faced during the pandemic, stating, "Four years ago, we inherited the worst pandemic in a century, the worst economic crisis since the Great Depression.

" Biden's remarks underscore a commitment to maintaining the independence of the Federal Reserve while navigating the complexities of economic recovery. As he nears the end of his lengthy political career, the president's focus on economic issues remains crucial for both his legacy and the upcoming election. His speech resonates with the urgency of the current economic landscape as voters prepare to cast their ballots.