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Home»Finance»How Biden criticized the economy during his fiery State of the Union address
Finance

How Biden criticized the economy during his fiery State of the Union address

The Elite Times TeamBy The Elite Times TeamMarch 8, 2024No Comments5 Mins Read
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President Biden deviated from his script multiple times to talk about economic issues during Thursday night’s State of the Union address.

He criticized big banks for credit card fees. He inserted a real-world example of “shrinkflation.” He teased his Republican colleagues about infrastructure funding going to their districts.

Perhaps most important from the White House’s perspective, the president’s repeated additions to his prepared remarks gave him an opportunity to provoke the Republicans sitting in front of him.

While many of the initial reviews of Biden’s hard-charging performance were positive, Biden being Biden, it hasn’t always been completely smooth sailing.

“You’d get in trouble for saying that,” he said at one point, digressing about prescription drug prices. He then mistakenly proposed a striking image of the president flying elderly people on Air Force One to Toronto, Berlin, and Moscow to obtain cheap drugs.

“Well, maybe in Moscow too,” he added unflinchingly. “Please bring me your prescription. I promise to deliver your prescription for 40% of the cost you are currently paying.”

It remains to be seen whether the combative tone will help improve his sluggish poll numbers.

But as a side note, the unscripted exchange comes after weeks of discussing age and vitality, as well as how the economy is important to Biden’s message as he prepares to face former President Trump in the November election. He emphasized his attitude of trying to confuse the two.

He’s used this tactic before. A year ago, a similar ad-lib on Social Security during a speech last year drew loud jeers from Republicans, and Biden’s aides and many political observers saw the strategy as a success.

WASHINGTON, DC - MARCH 7: President Joe Biden delivers the State of the Union address to a joint session of Congress on Capitol Hill on Thursday, March 7, 2024 in Washington, DC.  (Photo by Jabin Botsford/The Washington Post, Getty Images)WASHINGTON, DC - MARCH 7: President Joe Biden delivers the State of the Union address to a joint session of Congress on Capitol Hill on Thursday, March 7, 2024 in Washington, DC.  (Photo by Jabin Botsford/The Washington Post, Getty Images)

When President Joe Biden delivers his State of the Union address on March 7, prepared remarks will be visible. He often deviated from those statements. (Javin Botsford/The Washington Post via Getty Images) (Washington Post via Getty Images)

various asides

During this year’s speech, delivered as part of a section dedicated to the Bipartisan Infrastructure Act of 2021, Mr. Biden looked away from his teleprompter and mocked Republicans who voted against him, saying the money would come in anyway. was advertised.

“I realized that some of the people who voted strongly against it also strongly supported the funding,” he told the audience, to a mix of cheers and boos.

“I love it. I’m with you guys,” he added with a laugh, joking, “If there’s anyone in your district who doesn’t want that money, let me know,” before preparing I went back to what I was saying.

At times, Biden appeared to use the asides to burnish his moderate credentials and ties to the business community.

As he always does, he went out of his way to point out that many large companies are incorporated in his home state of Delaware, and to insist that he is not an enemy of the business community. Tesla (TSLA) CEO Elon Musk’s recent issues with incorporating in Delaware and SpaceX’s recent relocation of its paperwork to Texas were not mentioned.

During a discussion about education, Biden paused to reflect on a meeting with the Business Roundtable, a Washington-based association of chief executive officers. “When we asked CEOs what they needed most, they said a more educated workforce,” he said.

He also ad-libbed comments on other financial issues, from the national debt to executive compensation and so-called junk fees.

“This is why the banks are so angry. They can make $20 billion off this,” he said, interrupting one of his proposals to reduce credit card costs.

Perhaps the most shocking aside was a pin showing a nursing student named Laken Riley, who was allegedly murdered by an illegal immigrant, after Biden loudly jeered from Rep. Marjorie Taylor Greene of Georgia. When I raised the issue, it came up on the non-economic topic of immigration.

WASHINGTON - MARCH 7: Republican Rep. Marjorie Taylor Greene of Georgia wears a Make America Great Again hat as she arrives at the House of Representatives for President Joe Biden's State of the Union address. and flashed Laken Riley's button.  Thursday, March 7, 2024, Joint Session of Congress at the U.S. Capitol.  (Bill Clark/CQ-Roll Call, Inc. via Getty Images)WASHINGTON - MARCH 7: Republican Rep. Marjorie Taylor Greene of Georgia wears a Make America Great Again hat as she arrives at the House of Representatives for President Joe Biden's State of the Union address. and flashed Laken Riley's button.  Thursday, March 7, 2024, Joint Session of Congress at the U.S. Capitol.  (Bill Clark/CQ-Roll Call, Inc. via Getty Images)

Representative Marjorie Taylor Greene of Georgia wore a “Make America Great Again” hat and flashed a Laken Riley button as President Joe Biden arrived for a speech. (Bill Clark/CQ-Roll Call, Inc, via Getty Images) (Bill Clark, via Getty Images)

The pin was brought to the event by the Republican himself, and Biden said, “To her parents, my heart goes out to all of you who have lost a child, and I understand.” said. Biden also used the word “illegal” in these comments. It’s a word most Democrats avoid saying, and one that drew immediate criticism from immigration advocates.

Republicans criticized Biden’s freewheeling speech as too political, especially after Biden began his speech by focusing on democracy both in Ukraine and at home.

“Not since President Lincoln and the Civil War have freedom and democracy been under attack like they are today here at home,” Biden said at one point.

Mr. Biden also focused squarely on his opponent on the ballot this fall, Mr. Trump. Biden has referred to him as “my predecessor” at least 13 times. He also tried to dispel any apparent concerns about his age by contrasting himself with what Trump has said about his “old ideas.”

Trump himself offered mixed reactions online, including some ad-libbing.

“Biden talked about Snickers bars before he talked about the border!” President Trump posted during his speech. That was a reference to Biden’s aside about “shrinkflation” and how popular candy bars are shrinking in size but still costing more.

And before the night was over, Biden had one last digression he wanted to offer on Social Security.

Republican leaders said most Republicans do not support the idea of ​​cutting social safety net programs for seniors, but Mr. Biden on Thursday night said the Republican Party reiterated that the party wants to reduce the social security system. Tax cuts for the wealthy.

As expected, boos continued, and Biden feigned surprise. “I thought that was your plan,” he said. “Well, that’s nice.”

Ben Werschkul is Yahoo Finance’s Washington correspondent.

Click here for business and money-related political news

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