Biden warns Trump over tax cuts for wealthy

US President Joe Biden will warn in an upcoming speech on the economy about what he described as the risks of further tax cuts and the return of Republicans’ pro-wealthy economic policies as Donald Trump assumes a second term, a White House official said.

In what is expected to be his last speech on the economy, Biden will highlight his efforts to boost investments in infrastructure, industry and marginalized communities. He will stress that these policies have helped avert a deeper economic crisis and have laid the foundations for sustainable economic growth, the official told Reuters.

The speech comes a month after Democrats suffered painful electoral losses due to voters’ fears of inflation, adding great importance to this appearance in the context of Biden’s defense of his economic policies.

US President Joe Biden will warn that implementing a major new tax cut that benefits the wealthy and reducing government health and old-age insurance programs could threaten the economic gains achieved, indicating that the full results of his economic efforts will take years to become clear.