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Outgoing US President Joe Biden on Tuesday branded his successor Donald Trump's economic plans a "disaster" in a speech hailing his own legacy in office. Biden said Trump's threats to impose huge tariffs on imports were a "major mistake" and urged the Republican to abandon proposed tax cuts. The lame-duck president's speech comes after Trump won a second term largely on the back of US voters' anger at the high cost of living under the Democrats. "I pray to God the president-elect throws away Project 2025. I think it'd be an economic disaster for us and the region," Biden said in his speech at the Brookings Institution in Washington, referring to a conservative blueprint for a second Trump administration. Coughing frequently because of a cold, Biden said US consumers would pay the price for the tariffs that Trump has vowed to slap on US neighbors Mexico and Canada and on Asia-Pacific rival China. Together they are the three biggest US trading partners. "I believe this approach is a major mistake," Biden added. The White House had touted Biden's speech as a "major address on his economic legacy" as the 82-year-old looks to the history books with less than six weeks left in office. Biden dropped out of the 2024 race against Trump in July due to concerns about his age and passed the torch to Vice President Kamala Harris, whom Trump comfortably defeated at the November polls. Trump's inauguration is not until January 20 but he has already become something of a shadow president, making pronouncements on the economy and foreign policy and being feted by world leaders. Biden has meanwhile kept a relatively low profile since the November 5 election, but he came out swinging in defense of his own record in front of an audience of economists. He contrasted his "middle-out, bottom-up economic playbook" with what he called Trump's failed promise of "trickle-down economics" in which tax cuts for the wealthy are supposed to boost incomes across the board. Biden also touted achievements including the US economy's recovery from the Covid pandemic and his huge investments in green technology and industry. "President-elect Trump is receiving the strongest economy in modern history, which is the envy of the world," said Biden. But the departing president said he regretted not signing his own name to Covid stimulus checks sent out to Americans, like Trump had done. "I also learned something with Donald Trump. He signed checks for people for 7,400 bucks," he said. "And I didn't -- stupid!" Biden ended his speech with a broader plea for US leadership in a troubled world, even as Trump has repeatedly signaled his intention to take a more isolationist stance. "If we do not lead the world, what nation leads the world? Who pulls Europe together? Who tries to pull the Middle East together?"he said. dk/nroTechnological advancement bears pros and cons that not only contributed to global progress but also increased many of society's challenges, writes Paul Budde . THE RAPID advancement of technology has transformed societies, reshaped economies and altered political landscapes. While it has driven unprecedented progress, it has also contributed to the challenges we face today — rising inequality, social fragmentation and a reliance on crises to spur meaningful change. Understanding the interplay of technology with social, economic and political forces is critical to navigating this complex era. The double-edged sword of technological progress Technological innovations have revolutionised communication, commerce and daily life, leading to unprecedented connectivity and convenience. However, these advancements have also created significant challenges: The digital divide: Unequal access to technology exacerbates social and economic disparities, leaving marginalised communities further behind. Job displacement: Automation and artificial intelligence have disrupted industries, leading to economic insecurity and social unrest. Erosion of privacy: The proliferation of surveillance technologies raises concerns about civil liberties and individual autonomy. Misinformation and polarisation: Digital platforms amplify echo chambers and the spread of false information, deepening societal divisions. While technology has immense potential to improve lives, its unchecked development often magnifies pre-existing inequalities and fractures. The pros and cons of hi-tech globalisation Technological advancements are ushering in a new age of global collaboration, although challenges persist in the achievement of unity. Neoliberalism, globalisation and the technological landscape The rise of neoliberal economic policies in the 1980s prioritised deregulation and market-driven growth, which accelerated technological innovation. However, this era also: Intensified inequality: Wealth generated by technological advancements concentrated in the hands of a few, widening the gap between rich and poor. Weakened community bonds: Market-driven policies emphasised individual success over collective well-being, fragmenting societies. Global dependency: The integration of global supply chains made economies more interdependent but also more vulnerable to disruptions. Globalisation blurred national boundaries and fuelled rapid technological progress but also led to economic insecurities and cultural anxieties that populist leaders exploit. Migration, refugees and the politics of fear Technological advancements have intersected with migration and refugee crises, both as enablers and stressors: Economic reliance on migration: Ageing populations in developed nations require migration to sustain economies, creating tensions around resource allocation. Digital surveillance of borders: Technology has been used to monitor and control migration, often infringing on human rights. Exacerbation of fears: Social media platforms amplify divisive narratives about migration, fuelling xenophobia and political polarisation. These dynamics underscore the role of technology in amplifying societal and political challenges rather than resolving them. Crises as catalysts for change History shows that societies often require crises to spur meaningful action. Technology frequently played a pivotal role in these turning points: World War II: The war accelerated innovations like radar and computing, which later transformed civilian life. COVID-19 pandemic: The global health crisis drove rapid adoption of remote work, telemedicine and digital collaboration tools. While crises can lead to technological and societal breakthroughs, relying on them as catalysts for progress is a reactive strategy that risks deepening inequalities and suffering. Countering the influence of 'mass man' with AI A global trend of societies embracing mediocrity and eschewing free thought could be countered by AI-powered technology. A path forward: balancing technology and societal needs To harness the benefits of technology while addressing its negative impacts, we must adopt a proactive, inclusive and ethical approach: Bridging the digital divide: Investing in education and infrastructure to ensure equitable access to technology. Ethical innovation: Developing technologies that prioritise societal and environmental well-being over profit. Collaborative governance: Bringing together governments, businesses and civil society to create policies that promote responsible technology use. Addressing inequality: Using technology to empower marginalised communities and reduce disparities in wealth and opportunity. These steps require visionary leadership and a cultural shift towards balancing individual freedoms with collective responsibility. Personal reflections Having observed the intersection of technology, society and politics over the decades, I see immense potential for innovation to address the world’s challenges. However, without proactive measures, technology risks amplifying existing fractures. Balancing technological progress with social cohesion, economic equity and political stability is the key to building a more inclusive and resilient future. Wishing you all a merry Christmas and a good start to the New Year. Paul Budde is an Independent Australia columnist and managing director of Paul Budde Consulting , an independent telecommunications research and consultancy organisation. You can follow Paul on Twitter @PaulBudde . This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Australia License Support independent journalism Subscribe to IA. Related Articles Australia's data-driven future will transform economy and workforce The pros and cons of hi-tech globalisation Top researchers developing tech for the edge in battle Key defence technology trends that will change the world Technology changing human nature must be treated with caution POLITICS TECHNOLOGY ECONOMICS INFRASTRUCTURE TECHNOLOGY innovation automation privacy surveillance misinformation neoliberalism globalisation inequality migration Share Articlepanaloko 99 。

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