During the presidential debate on CNN, the economy was a hotly debated topic. While Joe Biden emphasized the economic challenges facing the country, Trump boasted about how well the U.S. economy was doing under his leadership. However, these claims were not entirely accurate.
Despite Trump’s assertions, budget deficits were actually increasing under his administration due to the 2017 tax cuts not generating enough revenue as promised. This contradicts his claim that everything was going well economically and that the U.S. was on track to pay down its national debt before the pandemic hit. In fact, budget deficits reached over $3 trillion in 2020 after the pandemic hit, which is a stark contrast to Trump’s earlier predictions.
According to a May Gallup poll, around 3 in 10 Americans identified the economy as the most important issue facing the country, although this encompassed a wide range of economic concerns. Additionally, about 1 in 1 Americans specifically mentioned high cost of living or inflation as top concerns. Immigration and poor government leadership were also cited as significant problems by 2 in 10 Americans each.
Both candidates made factual errors during the debate. Biden mistakenly claimed to have created 15,000 jobs when it was actually more than 15 million jobs created during his time in office. He also incorrectly stated that out-of-pocket cost of insulin for older Americans on Medicare was $84 per month when it is capped at $35 due to legislation signed by President Biden earlier this year.
In conclusion, while both candidates made some claims about the economy that are not entirely accurate, it is clear that there are still significant challenges facing our nation when it comes to economic growth and stability
