Joe Biden has voiced regret for not following Donald Trump’s example by putting his signature on Covid 19-era economic stimulus cheques sent to Americans during a speech about his record on the economy as he prepares to leave office.
Five weeks after his Vice-President Kamala Harris lost the presidential election to Trump, the US president suggested on Tuesday that his failure to put his name on the cheques may have contributed to voters blaming his administration for high prices even when the economy was improving.
“Within the first two months of office I signed the American Rescue Plan,” Biden said in a speech at the Brookings Institution, a Washington-based thinktank. “And also learned something from Donald Trump – he signed checks for people, $7,400 for people because we passed the plan. I didn’t – stupid.”
Trump was widely criticised after becoming the first president to have his name printed on cheques disbursed by the Internal Revenue Service – America’s federal tax authority – in 2020. The move followed legislation from Congress intended to ease the impact of the economic slowdown that resulted from the first wave of the Covid pandemic.
“I’m sure people will be very happy to get a big, fat, beautiful check and my name is on it,” he said at the time.
Anecdotal evidence suggested that he may have been given credit by voters that was denied to Biden for his response to the pandemic.
Campaigning for Harris, Barack Obama told audiences that some voters had told him that “Donald Trump sent me a check during the pandemic” to explain their support for him.
Biden interrupted his speech after about 10 minutes to tell the audience that his teleprompter had broken down, forcing him to speak unscripted. Such a move was notable as during his presidency, critics frequently remarked on Biden’s public appearances for an over-reliance on teleprompter-scripted deliveries, suspected by many as intended to guard against his tendency for verbal gaffes.
His attempt at justifying his self-styled “Bidenomics” approach amounted to a rebuff to detractors – both Democrat and Republican – who blamed his administration for failing to counteract inflation and persistently high prices, even while job creation and growth rebounded strongly after the Covid-19 pandemic forced a widespread economic shut down.
“We got back to full employment, got inflation back down, managed a soft landing that many people thought was not likely to happen,” Biden said. “Next month, my administration will end, and a new administration will begin. The new administration’s going to inherit a very strong economy, at least at the moment.”
During the campaign, opinion polls repeatedly showed concerns over the economy topping voters’ priorities, with many voicing frustration over high fuel and grocery costs. The administration blamed fall-out from the pandemic – which prompted the enactment of a $1.9tn stimulus plan early in Biden’s term aimed at reviving the economy – and on Russia’s invasion of Ukraine.
But Biden suggested Trump might squander his economic legacy by reverting to “trickle down” economics amid indications that the president-elect intends to extend his 2017 tax cuts, which drastically slashed rates paid by corporations and the rich, while imposing tariffs on foreign imports.
“By all accounts the incoming administration is determined to return the country to another round of trickle-down economics … once again causing massive deficits or significant cuts in basic programs,” Biden said.
“I believe this approach is a major mistake. I believe we’ve proven that approach is a mistake over the past four years.”