The presumptive Democratic presidential nominee Joe Biden claimed on Tuesday, June 9, that President Donald Trump has “squandered” an economic expansion inherited from the previous administration.
“Donald Trump inherited the longest economic expansion in history from the Obama-Biden Administration, but like everything else he’s inherited, he has squandered it,” Biden wrote in a tweet.
Donald Trump inherited the longest economic expansion in history from the Obama-Biden Administration, but like everything else he’s inherited, he has squandered it. https://t.co/395A6eJAzm
— Joe Biden (@JoeBiden) June 9, 2020
The former vice president made his comment after the National Bureau of Economic Research noted on Tuesday that the U.S. economy peaked in February and has hit a downturn.
In an article attached to his tweet, Biden said that the bureau’s announcement “that our economy has been in recession for months now is a reminder that well before the COVID-19 [CCP Virus] threat emerged, President Trump had already turned his back on the middle class.”
Biden criticized President Trump for cutting taxes for big corporations and the richest Americans instead of investing in the middle class, as well as driving manufacturing into a recession across the Midwest. He also blamed the president for systematically stacking the deck against working families.
“And now, even in a recession, President Trump is doubling down on this agenda, diverting money meant for small businesses to big corporations and his wealthy donors, and presiding over the largest corporate bailout in America with no strings attached, and little oversight,” he wrote.
Biden said the president has forgotten about the middle class long before the CCP Virus pandemic hit the nation, causing millions of people to become unemployed and businesses to be shuttered.
Though Biden admitted that President Trump is not responsible for the CCP Virus, or coronavirus pandemic, but he must be responsible for a completely bungled response that not only cost thousands of lives, but millions more jobs than should have been lost.
“The ‘unprecedented magnitude’ of the economic hit, and the ‘broad reach’ of it—that’s on Donald Trump,” Biden said. He added, “Millions of Americans are suffering right now because of his negligence and incompetence.”
In his article, Biden did not spend time talking about his own plans for the future as a candidate running against the incumbent president.
Biden has also recently claimed that President Trump has “run the same playbook hollowing out our economy … the rich get richer, powerful get more power,” but data from the Congressional Budget Office shows that nearly 2.5 million Americans have been lifted out of poverty under Trump administration, while real household wealth has increased nearly $12 trillion since the start of 2017.
Before the CCP Virus outbreak hit the U.S. economy, the Trump administration had created nearly 7 million jobs since his election, including more than 500,000 manufacturing jobs, and the unemployment rate was at its lowest level in half a century.
There were seemingly no manufacturing or trade jobs under Obama-Biden administration.