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In a fiery speech, President Joe Biden assailed Donald Trump’s financial file and ridiculed him with a brand new moniker: “the good MAGA king.”

Mr Biden sometimes prefers to not point out his predecessor, and as soon as jokingly remarked that he by no means thinks about him. However as he defended his personal financial insurance policies amid rising inflation and an uneasy inventory market, Mr Biden took lifeless intention on the man he as soon as known as “the previous man.”

“Below my predecessor, the good MAGA king, the deficit elevated each single yr he was president,” Mr Biden mentioned in Chicago on Wednesday, chatting with the Worldwide Brotherhood of Electrical Employees. “The primary yr of my presidency, I decreased the deficit by $350bn.”

The Democrat has ceaselessly touted his discount of the federal deficit in current days, at the same time as different financial figures – notably the buyer worth index, a key indicator of inflation – have worsened. On Wednesday, new information confirmed that the CPI had elevated by 8.3 per cent from April 2021 to April 2022 – an enchancment over the March numbers, however nonetheless marking a few of the highest inflation in 40 years.

However in Mr Biden’s view, issues have been worse beneath Mr Trump. As Covid-19 first started to invade the US in early 2020, when Mr Trump was nonetheless president, the US financial system misplaced 22.4 million jobs. Mr Biden reminded his viewers of that truth.

“We inherited an financial system getting ready to a Nice Melancholy – hundreds of thousands of individuals shedding their jobs, shedding their houses, however much more vital, shedding hope,” the president instructed the gang.

Republicans have attacked Mr Biden’s financial insurance policies in current weeks, citing the historic inflation draining Individuals’ pockets.

“As Joe Biden’s inflation disaster rages, he simply can’t cease fueling it with extra reckless authorities spending,” charged Senator Rick Scott of Florida. “Individuals are experiencing Nineteen Seventies-style inflation once more, and it’s due to Joe Biden’s failed financial insurance policies.”

As Mr Biden hit again, he particularly talked about Mr Scott’s financial plan, which he mentioned would put the very existence of Social Safety, Medicare, and Medicaid up for a vote each 5 years. And as soon as once more, the president denounced the MAGA motion by identify.

“The ultra-MAGA Republicans’ proposal places – right here’s what it does: it places Social Safety, Medicare… and Medicaid on the chopping block each 5 years,” Mr Biden mentioned. “Now actually, ask your self, how nicely are you gonna sleep at night time understanding that each 5 years, the whole lot you’ve paid into might not be there?”