President Joe Biden warned Americans on Thursday not to expect a swift economic recovery after the coronavirus pandemic, predicting a future with some disappointing numbers.
“Now as our economy recovers, there’s going to be some bumps in the road, we know that. Of course there will be,” Biden said. “You can’t reboot a global economy like flipping on a light switch.”
The president outlined his approach to the economy during a speech in Cleveland, Ohio, on Thursday afternoon, but adjusted expectations for his administration’s ability to restore the roaring pre-pandemic economy built by former President Donald Trump.
“There’s going to be ups and downs in jobs and economic reports,” Biden said. “There’s going to be supply chain issues, price distortions on the way back to stable and steady growth.”
But the president signaled optimism that his massive spending proposals were working.
“The Biden economic plan is working. We’ve had record job creation, we’ve seen record economic growth,” he said.
Biden reminded parents they would soon be getting a monthly payment in their bank account as a consequence of his $1.9 trillion coronavirus rescue plan.
He mocked Republicans for expressing their concerns about him spending too much money after passing massive tax cuts under Trump.
“We’re going to take back some of that one percent money and make them pay for it,” he said.
The president again criticized previous administrations for cutting taxes and proposed more government spending instead — increasing research and development spending and welfare and education programs.
Biden also warned that the governments of China and the European Union were outspending the United States in areas of research and development, putting the future of world leadership in play.
“We must be number one in the world to lead the world in the 21st century,” he said. “It’s a simple proposition. The starting gun has already gone off.”