Biden hopes Trump admin ‘will preserve and build’ on his ‘fairly strong economy’

"Next month, my administration will end and a new administration will begin. Most economists agree the new administration is going to inherit a fairly strong economy, at least at the moment. An economy going through fundamental transformation," Biden said, later adding, "It is my profound hope that the new administration will preserve and build on this progress."

Biden’s time in the White House has been marked by inflation and rising prices. Within the first year of being in office, inflation had hit the highest point seen since the 1980s. Record-high inflation continued into his second year in office and beyond.

Under the Biden administration, the US saw the highest-ever recorded average gas price, at $5.016 per gallon in June 2022, per AAA. Gas prices crept up once again in 2024, with Biden announcing the sales of gasoline from reserves. Inflation hit business across the US the last four years, with the pharmacy chain Walgreens announcing in July that it would be closing over 2,000 stores due to inflation. Other chains, such as Hooters and Red Lobster, have closed numerous locations across the US.

In an attempt to combat inflation, the Federal Reserve in 2022 and early 2023 implemented a series of interest rate increases. In September, the Federal reserve cut these rates for the first time in over four years, CNBC reported.