WASHINGTON ― President Joe Biden remarked that Donald Trump will inherit what he described as the “strongest economy in modern history” and advised the president-elect against reverting to “trickle-down economics” in his address focused on legacy this Tuesday.

While Biden highlighted his administration’s role in reviving the economy following the COVID-19 pandemic, he did commend Trump for one specific choice: affixing his signature to the COVID stimulus checks sent to Americans.

“I learned something from Donald Trump. He signed checks for people. And I didn’t ‒ foolish,” Biden stated, prompting laughter from the audience during his speech at the Brookings Institution, a left-leaning think tank.

“But all joking aside,” Biden added.

Throughout his presidency, Biden has faced challenges in persuading many Americans that the economy is improving, despite robust job statistics and a flourishing stock market.

Polls consistently show that more Americans give stronger approval to Trump regarding the economy, often citing persistent inflation during much of Biden’s presidency. Some voters who supported Trump in the recent election expressed their appreciation for the checks issued during the pandemic that featured his name, leading to speculation that they may not recall Biden’s stimulus checks due to the lack of his signature.

The two stimulus payments during Trump’s presidency—$1,200 in March 2020 and $600 in December 2020—included his name, widely viewed as a tactic for Trump to gain recognition for a Congressional bill. Conversely, the $1,400 check distributed in March 2021 as part of the American Rescue Plan did not feature Biden’s name, as Biden chose not to delay the distribution of payments.

Jared Bernstein, chair of the White House Council of Economic Advisers, clarified to reporters that Biden was joking with his comment and that there was no discussion in the White House about including Biden’s signature on the checks.

“Those checks were crucial in helping businesses and consumers through the crisis,” Bernstein noted. “We empowered people with more purchasing power during a pivotal time.”

Biden criticizes Trump on tax and tariff policies

The bulk of Biden’s address centered on defending his economic achievements, even as many Americans hold negative views about the economy, which contributed to Trump winning against Biden’s vice president, Kamala Harris, in the previous election.

“Four years later, we have evidence that our approach is now working,” Biden stated, promoting an economic strategy aimed at fortifying the middle class.

Biden remarked that Trump will take over an economy that is “the envy of the world,” attributing this to Biden administration investments aimed at boosting domestic manufacturing in areas like microchips and clean energy, along with historic infrastructure spending and efforts to lower healthcare expenses for Americans.

“I don’t know anyone who wouldn’t want to swap their economy for ours,” Biden talked about his discussions with global leaders.

Biden cautioned that “all indications suggest the new administration aims to revert to a trickle-down economic model and tax cuts for the wealthiest that won’t be funded.”

The tax cuts promoted by Trump during his first term, which included slashing corporate tax rates, are scheduled to expire at the end of 2025. Trump contemplates renewing these cuts with the aid of a Republican-dominated Congress, and he campaigned on additional tax cut ideas that could potentially increase the national debt by an estimated $4 trillion to $5 trillion over the next decade.

Biden criticized Trump’s strategy of imposing tariffs on all imports, arguing that this will raise costs for American consumers. Trump has recently pledged to introduce a 25% tariff on imports from Mexico and Canada and a 10% tariff in addition to existing tariffs on products from China.

Biden asserted that Trump is “mistaken” in thinking that foreign countries will absorb the cost of these tariffs, rather than American consumers.

“Who do you think ends up paying for this?” he questioned. “I believe this approach is a significant misstep.”

Moreover, the outgoing president issued a warning concerning Project 2025, a policy framework created by the Heritage Foundation which outlines significant tax cuts for wealthier Americans. “I sincerely hope the president-elect dismisses Project 2025. It would be an economic disaster for us.”

Trump has appointed Russell Vought, a co-author of Project 2025, as his director of the Office of Management and Budget.

Biden concluded his speech by highlighting several positive economic indicators from his tenure: 16 million jobs created in the U.S. since he took office; the lowest average unemployment rate recorded by any president in the last 50 years; a gross domestic product that has risen by 3% annually; and an inflation rate that has decreased to 2.6% year-over-year.

President Biden urged people to pay attention to the Republican lawmakers who opposed his main initiatives on infrastructure, technology, and climate change, while they now celebrate the benefits of those projects in their areas.

“Show me the most conservative Republicans who are ready to eliminate the factories being built in their states,” Biden remarked. “It’s going to be interesting. Very interesting.”