Biden to celebrate progress of American economy in Thursday remarks

In remarks on Thursday at the Economic Club of Washington, D.C., President Biden will celebrate the progress of the American economy, but stop short of declaring victory, senior advisors told ABC News on a call previewing the remarks.Biden said in a post on X that he will speak about what the first key rate cut since 2020 and falling inflation "means for Americans."MORE: Fed cuts interest rates a half point in landmark policy shift"President Biden is going to speak to a new milestone, inflation and interest rates are falling at the same time, employment, wages and GDP are rising," White House Chief of Staff Jeff Zients told reporters."I want to be really clear, this is not meant to be a declaration of victory.

It's meant to be a declaration of progress, significant progress.The President believes it's important to mark this moment for the country by laying out how far we've come, while also outlining the work we still have to do."Zients added that Biden will lay out the three big pillars of his economic playbook: the historic response to the COVID-19 crisis, the administration's work to address global inflation and efforts to build an economy that invests in all Americans.But Zients added that Biden and Vice President Kamala Harris are still looking ahead to the work that is not finished, pointing to the cost of childcare and housing as two of the biggest areas.President Joe Biden speaks at a reception in celebration of Hispanic Heritage Month at the White House in Washington, D.C., on Sept.

18, 2024.Jim Watson/AFP via Getty Images"The president knows this is no time for a victory lap, which is why he will talk about the work ahead every single day, the president and vice president, both, on what more can be done to make the economy stronger, create more jobs and, importantly, lower costs, the President will lay out how we build on the progress that we've made across these three and a half years, and what's at stake," Zients said.National Economic Adviser Lael Bra...