In a striking revelation that underscores the intricate nuances of the presidential transition, President Joe Biden, who is preparing to leave office, divulged in a January 8, 2025 interview with USA Today that President-elect Donald Trump expressed private appreciation for Biden’s economic feats during their recent meeting in the Oval Office. This private accolade sharply contrasts Trump’s public denunciation of Biden’s fiscal strategies.

“I didn’t mince words with Trump after his election,” Biden revealed to USA Today’s Susan Page during an exclusive interview. “I promptly invited him to the White House, where we spent two hours together.” In this private dialogue, Biden disclosed that Trump was “quite praiseworthy about some of the economic measures I implemented” and “believed I was exiting with a commendable record.”

One week following Trump’s November 2024 triumph over Vice President Kamala Harris, the two-hour discussion encompassed a wide spectrum of economic policy. Biden, who withdrew from the race after a strenuous debate showing, asserted that he could have clinched reelection had he stayed in the competition. 

Financial indicators from Biden’s presidency present a mixed scenario of recovery and obstacles. His administration saw a consistent GDP growth of 2.5% per annum, while the stock market yielded annualized returns of 12.6%. However, these figures lagged behind the 16.3% returns experienced during Trump’s prior term.

The hallmark of Biden’s administration, the $1.9 trillion American Rescue Plan, acted as a bulwark against recession and stimulated growth, although it faced backlash for potentially fuelling inflation. Consumer sentiment under Biden was less upbeat compared to the Trump era, with Americans voicing ongoing worries about living expenses. The personal savings rate also dipped during Biden’s term. 

The Bipartisan Infrastructure Deal stands as one of Biden’s notable legislative accomplishments. The president tactfully channeled many of these investments towards states under Republican control, making it harder for these projects to be rolled back. “It’s a tactic to cement a transformed economic policy,” Biden elucidated. The infrastructure scheme included substantial investments in climate change prevention, in stark contrast to Trump’s stance and his withdrawal from the Paris Climate Agreement.

On the job front, both administrations demonstrated robust performance. The labor market under Biden rebounded from pandemic-induced disruption, while Trump’s earlier term had brought unemployment to a 50-year low of 3.5%. However, inflation became a significant differentiating factor with an annualized rate of 5.4% during Biden’s term compared to 1.9% under Trump’s presidency. 

Key legislative initiatives such as the CHIPS Act, which allocated $280 billion to enhance domestic semiconductor production and research, were part of Biden administration’s economic strategy. The Inflation Reduction Act provided $437 billion for climate and healthcare investments. Biden’s vigorous antitrust enforcement and emphasis on full employment benefited marginalized groups, with historically low unemployment rates among minorities. 

Regarding fiscal policy, both administrations witnessed considerable expansion in federal debt, with Biden’s term seeing a more marked increase. His proposed tax hikes on high-income individuals and corporations contrasted with Trump’s call for extending the 2017 tax cuts.

During the interview, Biden identified his administration’s inability to effectively combat misinformation as one of his presidency’s significant letdowns. Despite legislative successes and economic progress, the challenge of communicating effectively and persuading the American public was a constant throughout his term.

Reflecting on his legacy, Biden expressed optimism for how history would interpret his presidency: “I hope that history says that I came in and I had a plan how to restore the economy and reestablish America’s leadership in the world,” he said. “That was my hope. I mean, you know, who knows? And I hope it records that I did it with honesty and integrity, that I said what was on my mind.”