Biden said he has changed the “fundamental equation” of the U.S. economy. He also discussed NATO, President Putin, the Israeli-Hamas ceasefire, and approaches to inflation.
The day after giving his farewell speech, President Joe Biden held his final press conference of his term.
The two discussed Biden’s economic record, his conflict with Russian leader Vladimir Putin and the new ceasefire between Israel and Hamas.
Biden warns of concentration of wealth
Echoing his farewell speech yesterday, Mr. Biden warned of the “huge concentration of wealth and power” that he said threatened democracy.
“I have no problem with people making millions of dollars. For God’s sake, please pay your fair share in taxes and participation,” he said.
He said the world is approaching a tipping point, and that is due to changes in communication enabled by technology.
He said the ultra-rich are gaining influence not only in the economy but also in the media.
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The theme follows an election that was overturned by SpaceX founder Elon Musk, who supported Trump during an attempt on his life in Butler, Pennsylvania.
Musk joins a growing number of Silicon Valley venture capitalists and entrepreneurs who have made large donations to support candidates. He also campaigned in Pennsylvania ahead of Election Day.
Biden says he has changed the economic ‘fundamental formula’
Mr. Biden told Mr. O’Donnell that his administration had had a transformative impact on the U.S. economy and criticized supply-side, or “trickle-down,” economics.
“We have changed the fundamental way the economy works,” he said, noting that he and his team had empowered unions.
He said former President Barack Obama, for whom he served as vice president, did not go far enough. The Recovery Act of 2009, one of President Obama’s signature bills, included $831 billion in spending during the Great Recession.
“We were doing the old basic old economics of the ’50s, ’60s and ’70s,” Biden said.
President Joe Biden addresses union workers at Sheet Metal Workers Local 19 in Philadelphia, Pennsylvania, September 4, 2023. Mark Makela/Getty Images
Biden cited the bipartisan CHIPS and Science Act of 2022, which aims to strengthen the domestic semiconductor industry through the authorization of $280 billion in funding for research and semiconductor production, as an example of his economic legacy. Currently, Taiwan has a monopoly on manufacturing that technology.
Biden said the sector originally left the U.S. because companies wanted cheaper workers. The COVID-19 pandemic has highlighted the importance of local supply chains, he said.
He also credited America with connecting its prosperity to its stance in the world in new ways.
“There is no way we can do foreign policy unless we are in a strong position to do it on economic policy,” Biden said.
Biden makes no mention of Trump envoy during ceasefire negotiations
The outgoing president also discussed a new ceasefire and hostage release agreement between Israel and Hamas. The deal was signed on January 17 in Doha, Qatar.
Biden said he had not spoken to Trump over the past two weeks about ceasefire negotiations.
Pressed by Mr. O’Donnell, he said he had discussed the matter with Mr. Trump “very briefly” after the election.
“I’ve put together a solid plan with my national security team, and if it doesn’t work out, I’ll have to take responsibility for it,” Biden said.
The president said he did not believe that Israeli Prime Minister Bibi Netanyahu delayed the ceasefire to support President Trump. He also expressed sympathy for leaders facing difficulties.
“He also has a strong coalition, dude. He put together the most conservative cabinet of any Israeli prime minister to date,” Biden said.
President Joe Biden (Republican) meets with Israeli Prime Minister Benjamin Netanyahu in the Oval Office of the White House in Washington on July 25, 2024. Elizabeth Franz/Reuters
He did not mention Trump’s special envoy, real estate investor Steve Witkoff, who made the Doha meeting a success.
The Council on American-Islamic Relations said the president-elect “pressured all parties, including Prime Minister Netanyahu, to reach an agreement.”
The Union for Reform Judaism thanked both Biden and Trump, with the latter helping to “make this elusive agreement a reality.”
Biden meets with NATO and President Putin
Biden and O’Donnell also discussed the Russia-Ukraine war and the growth of the North Atlantic Treaty Organization (NATO) under Biden. Against the backdrop of conflicts in Eastern Europe, NATO recognized both Finland and Sweden.
“We made NATO tighter and stronger,” Biden said.
The president said the expanded alliance weakened Russia’s position in Ukraine, which it first invaded in February 2022, just over a year after taking office.
He said Ukraine would not be able to join NATO “unless there are major changes in the system,” which is Russia’s biggest concern.
“We’re going to continue to help them grow wherever we can,” Biden added.
Days before Putin’s invasion, the Biden administration released U.S. intelligence suggesting the Russian leader was planning an attack on Ukraine.
Biden spoke about why his administration took such an approach.
“I wanted people to believe,” he said. “I knew better than anyone else what I was saying at that point, because I had been in that position.”
Biden says he doesn’t want to sacrifice jobs to curb inflation
O’Donnell asked the president about the criticism he received from economist Lawrence Summers.
Summers warned in early 2021 that the administration’s economic stimulus measures pursued during the coronavirus pandemic would lead to significant inflation.
Mr. Biden told Mr. O’Donnell that he would not tackle inflation at the expense of jobs. A fall in inflation is usually accompanied by a rise in unemployment.
“If you conclude that the only way to deal with inflation is to cause unemployment and cause another recession, then that’s another way to reduce inflation because you had to make sure you lost jobs. But… You know what? I was absolutely convinced — I’ll give the American people half a chance,” he said.
Biden said the sharp decline in inflation indicates the economy has hit a “soft landing.”
