US President Joe Biden praised the Democratic Party for outperforming expectations in the midterm elections on November 9. In his first speech since polls closed across the nation on November 8, Biden criticized those who he claimed questioned his “incessant optimism” about Democrats’ ability to fend off resounding Republican victories in the midterm elections – even though his presidency is now likely to enter a new period of divided government.

The president, who will turn 80 later this month, reiterated that he still plans to announce his 2024 reelection campaign “early next year” but added that he is not “any hurry” to do so. Further, Biden stated that he would veto efforts to pass a national abortion ban and opposed tax cuts for the wealthy, both of which Republicans may pursue. He stated that when he returns from his trip to Asia, he will invite Democratic and Republican leaders to the White House to discuss future priorities. Let’s look at five key takeaways from Joe Biden’s speech.

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1. ‘Good day for democracy’

The US President began his remarks by hailing the midterm elections as a “good day… for democracy.” “Our democracy has been tested in recent years but with their votes, the American people have spoken and proven once again, that democracy is who we are,” he said. Biden added that voters “spoke clearly about their concerns” about rising costs.

Biden expressed optimism for the next year of his presidency, citing Democratic accomplishments such as the passage of the Inflation Reduction Act and the trillion-dollar bipartisan infrastructure legislation.

2. Foreign policy issues

Biden addressed challenges with two of the United States’ most important foreign adversaries, China and Russia. The timing of Russia’s announcement about withdrawing from Kherson, Ukraine, was “interesting,” according to Biden.

“I find it interesting they waited until after the election to make that judgment, which we knew for some time they were going to be doing, and it’s evidence of the fact that they have some real problems – the Russian military,” Biden said. He added that it remains to be seen where the withdrawal will lead and “whether or not Ukraine is willing to compromise with Russia.”

According to Biden, Russian President Vladimir Putin is unlikely to attend the upcoming G20 summit in Indonesia. He also told reporters that now that the elections are over, he believes Putin will be more willing to discuss the release of WNBA star Brittney Griner, who is still detained in Russia.

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Biden confirmed that he will meet with Chinese President Xi Jinping at the G20 summit next week. Biden stated that he has no intention of making “fundamental concessions” and that they will discuss the economy and trade. However, he refused to say what his message would be about US military support for Taiwan if China invaded the self-governing island.

3. Creating jobs

“Our economic policies have created a record 10 million new jobs since I came into office. The unemployment rate is down from 6.4 when I was sworn in to 3.7 percent — near a 50-year low. And we’ve done all this while lowering the federal deficit in the two years by $1.7 trillion. Let me say it again: $1.7 trillion. No administration has ever cut the deficit that much,” the US President noted.

4. Economy

Biden stated that he believed the US economy would experience a soft landing and avoid a recession. Biden expressed his confidence that his administration could reduce inflation but could not guarantee it. “I am optimistic because we continue to grow, and at a rational pace. We’re not anywhere near a recession right now, in terms of the growth, but I think we can have what most economists call a soft landing,” he noted.

5. Stand on Taiwan

Biden has indicated three times that he is willing to commit the US military to defend Taiwan, a departure from longstanding policy that has been rescinded each time by the White House. He insisted on November 9 that the historic US stance of strategic ambiguity on whether Washington would use force in the event of a Chinese invasion had not changed.

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“The Taiwan doctrine has not changed at all since its inception,” Biden said, adding that he would discuss not only Taiwan but also trade and China’s relations with other countries. Russia’s February 24 invasion of Ukraine, which was previously thought to be a remote possibility, has brought US concerns about Taiwan into sharp focus.