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Examining President Biden's major economic accomplishments

A MARTÍNEZ, HOST:

When President Biden took office in January 2021, the economy he inherited was hard-hit by COVID and the threat of inflation. He leaves office next month with many voters blaming him for high inflation and rejecting his vice president to reelect Donald Trump. Now, today, Biden will deliver what the White House calls a major address on his economic legacy, so we've invited one of his top economic advisers on the show. Lael Brainard is the director of the National Economic Council and, in that role, acted as an adviser to President Biden on U.S. and global economic policy. She also served as vice chair of the Federal Reserve.

Lael, many voters blamed inflation on President Biden. Does the president acknowledge that high inflation is a part of his economic legacy?

LAEL BRAINARD: Look, I think what the president is going to talk about today is the future. If you look at his economic agenda, he really put the working families of America at the center of his economic policies, and he put in place investments that are going to pay dividends for years to come. He helped navigate back from the worst crisis that we had seen in a hundred years. And as part of that, here in America and around the world, American families confronted high prices - that was the pandemic economy. And he knows how much families struggle with those high prices, and he's worked really hard to lower costs on everything from insulin to airfares.

MARTÍNEZ: I understand that. But I'm wondering is - whether you consider it fair or not - do you not think that high inflation will be part of how people will remember his presidency?

BRAINARD: Look, the president has worked really hard here in America to help Americans by having a strong economy. We actually had the best recovery in the world. Price increases were very similar all across these economies. What is different here is that we are growing faster than we have in many years. Unemployment is the lowest it's been in 50 years for any administration. And, of course, that is because of foundations we've laid - whether it be in infrastructure, which just didn't get done under the previous administration, or clean energy - record investments - semiconductors, bringing those back. So, of course...

MARTÍNEZ: Speaking about that, the previous administration is now the incoming administration, and President Trump had said he'd terminate the Inflation Reduction Act. Let's say Trump does not terminate it, but scales it down - would that be still something that could be effective for the American people?

BRAINARD: So look, I can't speak to what the next administration is going to do. I can talk about what that would mean for people in left-behind communities all over the country. And so my sense is that what we're hearing from Republican governors and mayors in these communities that are seeing these amazing solar plants and remarkable semiconductor plants for the first time in decades locating in their communities - they're going to be a really strong voice wanting to see the continuation of these policies. So whatever the incoming administration calls it or however they want to tweak it, I think what'll be important is making sure those things stay in a way that's delivering for those people around the country.

MARTÍNEZ: Lael Brainard is the director of the National Economic Council. Thank you very much for the time.

BRAINARD: Thank you.

(SOUNDBITE OF MUSIC) Transcript provided by NPR, Copyright NPR.

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A Martínez
A Martínez is one of the hosts of Morning Edition and Up First. He came to NPR in 2021 and is based out of NPR West.
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