What Joe Biden will say in his final speech from White House

U.S. President Joe Biden is set to deliver a critical speech on Tuesday, cautioning against renewed tax cuts for the wealthy and a return to Republican "trickle-down economics" under Donald Trump’s second term, according to a White House official.

Biden will highlight his administration's achievements in averting a deeper economic crisis through investments in infrastructure, manufacturing, and underserved communities. These efforts, he argues, have laid the foundation for long-term growth, despite lingering challenges such as inflation, which played a key role in the Democrats' recent electoral defeats.

In his address at the Brookings Institution, Biden plans to underscore key accomplishments, including the creation of 16 million jobs—the highest in a single presidential term—the lowest average unemployment rate in 50 years, and the narrowest racial wealth gap in two decades. However, he will also warn that further tax cuts for the wealthy and reductions in government programs like Social Security and Medicare could jeopardize these gains. While acknowledging that the full impact of his policies will take years to materialize, Biden aims to emphasize their long-term benefits.


The speech mirrors themes Biden promoted during his ill-fated 2024 re-election campaign, which Vice President Kamala Harris continued after his withdrawal. Despite strong economic indicators and inflation dropping from a peak of 9% to 2.4%, voters expressed dissatisfaction with high food and housing costs, handing Republicans control of the White House and both chambers of Congress.

Investment banks anticipate Trump’s return to power will spur a wave of dealmaking, potentially boosting global investment banking revenues by 5.7% to $316 billion next year. However, economists warn that Trump’s plans for high tariffs could reignite inflation, and further tax cuts could exacerbate the already significant U.S. deficit.