US President Biden touted his economic achievements in a speech at the Brookings Institution in Washington on Tuesday and warned against a repeat of the Republican Party's "trickle down economics" during Trump's second term. This may be his last speech on the economy during his tenure.

Biden stated in his speech that his push for investment in infrastructure, manufacturing, and neglected communities has avoided a larger economic crisis and laid the foundation for sustained economic growth.

Biden said that the new administration will take over a fairly strong economy, and most economists agree with this view. I deeply hope that the new administration can maintain and carry forward such progress.

Biden proudly stated that after decades of trickle down economics that prioritized the wealthy class in the United States, his administration has adopted a new approach where the current economy is growing from the inside out and bottom-up, benefiting the middle class. He admitted that American workers are still suffering from inflation and high housing prices.

Biden emphasized that he created 16 million jobs during his tenure, the highest in a single presidential term, the lowest average unemployment rate in 50 years, and the smallest racial wealth gap in 20 years.

Biden said that we have created over 16 million new positions, which is the record for the most new positions added in any presidential term in US history. This is the lowest average unemployment rate among all governments in the past 50 years. The stock market has reached a historic high. I really wish I had a lot of stocks. The worst thing is, I admit, for 36 years, I have been listed as the poorest person in Congress.

Now companies are returning to the United States, investing and creating job opportunities here. I believe this is the position they deserve. Of course, this economic growth is not without cost. The whole world is facing a surge in inflation due to the epidemic and the Russia-Ukraine conflict. We quickly took action and, with the joint efforts of both parties, reduced inflation to pre pandemic levels. Wages have increased, but there are still too many working-class and middle-class families struggling due to high prices of housing, food, and daily necessities. At the same time, despite the continuous decline in inflation rates, we are entering a new stage of economic recovery. With the outcome of this election, we are also facing a turning point.

We have restored full employment, successfully lowered inflation, and achieved a soft landing that most people believe is unlikely to happen. Next month, my government will come to an end and a new government will begin. Most economists believe that the new government will inherit a fairly strong economy, at least for now, which is undergoing a fundamental transformation. It lays a more solid foundation for sustainable and broad-based high productivity growth. I sincerely hope that the new government can preserve and further develop this achievement on this basis.

In fact, the employment data in the United States has been repeatedly inaccurate, and a newly released report holds the leadership of the Bureau of Labor Statistics responsible for a series of mistakes this year. These mistakes have brought the institution under scrutiny. However, the report issued by a team of experts consisting of government and private sector members states that these events are not related to the quality or accuracy of the agency's core data work. The report also added that no dishonest or malicious potential motives were found.

Previously, the April CPI in the United States was leaked ahead of schedule, and in August, the preliminary annual benchmark correction data for the non farm payroll report was delayed by more than 30 minutes after the originally scheduled release time of 10 am. The investigation found that the agency's technology and software modernization work was hindered by insufficient funding, which prevented it from ensuring that its processes and systems kept up with technological progress. The investigation team proposed to re plan enterprise training for frontline workers and revise emergency plans to reduce the risk of untimely release. It is reported that the US Bureau of Labor Statistics has removed contractors from key positions and limited these functions to federal workers.

For inflation data, according to the median estimate from Bloomberg's survey, the so-called core consumer price index, which does not include food and energy, is expected to rise by 0.3% month on month in November. The report released by the US Bureau of Labor Statistics on Wednesday is expected to show a similar increase in overall indicators. Many economists predict that core commodity prices will rise for the third consecutive month in November after falling for most of the year due to rising costs of used cars and clothing. Housing and car insurance are also seen as contributing to rising inflation.

Sarah House and Aubrey Woessner, economists at Wells Fargo, stated in a report that "the final stretch of inflation back to the Fed's target looks increasingly difficult." They predict that the path to achieving the Fed's 2% target "will be delayed within our 2026 forecast range, with little progress made in the coming year.

The Wells Fargo team and others also believe that since President elect Trump has returned to the White House, there may be new resistance to inflation. Although consumer perceptions of the economy and finances have improved since the November 5th election, some of his campaign promises - including tax cuts and punitive tariffs - are seen as potentially pushing up inflation. For example, some companies are considering raising prices to cope with higher tariffs.

Stephen Juneau and Jeseo Park, economists at Bank of America, wrote, "From a fundamental perspective, we do not believe there is a significant upward risk of inflation: the labor market has been rebalanced, supply constraints have largely eased, and inflation expectations remain stable." "Nevertheless, given our expected changes in tariff, fiscal, and immigration policies, progress on inflation next year may come to a halt

Biden issued a warning to Trump about providing more tax cuts for the wealthy and businesses during his second term, stating that Trump's promise to impose tariffs on overseas goods could make a "big mistake". He also stated that he believes Trump will encounter trouble if he stops the investments he made during his presidency, as these investments have benefited many Republican and Democratic led states.

Investment banks predict that Trump's return to the White House will reignite the M&A business, with global investment banking revenue expected to increase to $316 billion next year, a jump of about 5.7% from 2024. But economists warn that Republicans' promise to impose high tariffs could reignite inflation, and further tax cuts could further increase the already high US deficit.