Outgoing President Joe Biden revealed in an interview with USA Today on January 8, 2025, that President-elect Donald Trump privately praised Biden’s economic accomplishments during their recent meeting in the Oval Office. This private commendation contrasts with the public critique of Biden’s financial strategies by Trump.
“I was very straightforward with Trump when he got elected,” Biden confessed to USA Today’s Susan Page. “I invited him immediately to the White House. I spent two hours with him.” During their private discussion, Biden disclosed that Trump was “very complimentary about some of the economic things I had done” and “thought I was leaving with a good record.”
A week after Trump’s November 2024 victory over Vice President Kamala Harris, the two-hour discussion covered broad ground on economic policy. Biden, who had withdrawn from the race due to a challenging debate performance, asserted that he could have won reelection if he had stayed in the race.
The economic data from Biden’s presidency paints a complex picture of recovery and hurdles. His administration saw a stable annual GDP growth of 2.5% and stock market annualized returns of 12.6%, although trailing the 16.3% returns during Trump’s former term.
The American Rescue Plan, a signature achievement of the Biden administration, which amounted to $1.9 trillion, helped avert a recession and stimulate growth, despite criticism for potentially fueling inflation. Consumer sentiment stayed lower compared to the Trump era, with Americans voicing ongoing worry about living costs. The personal savings rate also saw a drop during Biden’s term.
The Bipartisan Infrastructure Deal was one of Biden’s major legislative feats. Biden strategically targeted many of these investments toward Republican-governed states, making it harder to undo these projects. “It’s the way to lock in a changed economic policy,” Biden explained. The initiative involved considerable investments in climate change mitigation, a stark contrast to Trump’s stance and his withdrawal from the Paris Climate Agreement.
On the employment front, both administrations demonstrated strong performance. The labor market under Biden rebounded from pandemic-related disruptions, while Trump’s preceding term had achieved a 50-year low unemployment rate of 3.5%. However, inflation became a distinct difference, with Biden’s term experiencing an annualized rate of 5.4% compared to 1.9% during Trump’s presidency.
The Biden administration’s economic strategy included notable legislative initiatives such as the CHIPS Act, which set aside $280 billion to enhance domestic semiconductor manufacturing and research. The Inflation Reduction Act provided $437 billion for climate and healthcare investments. Biden’s robust antitrust enforcement and emphasis on full employment benefited disadvantaged groups, resulting in historically low unemployment rates among minorities.
Regarding fiscal policy, both administrations saw significant rises in federal debt, with Biden’s term witnessing a more substantial increase. His proposed tax hikes on high-income earners and corporations were in contrast to Trump’s support for extending the 2017 tax cuts.
Biden referred to his administration’s inability to effectively counter misinformation as one of the major disappointments of his presidency during the interview. Despite legislative victories and economic progress, the challenge of communicating effectively with and persuading the American public remained a constant throughout his term.
Reflecting on his legacy, Biden expressed optimism about how history would view his presidency: “I hope that history says that I came in and I had a plan how to restore the economy and reestablish America’s leadership in the world,” he said. “That was my hope. I mean, you know, who knows? And I hope it records that I did it with honesty and integrity, that I said what was on my mind.”
