The economy was a major topic during CNN’s presidential debate, with both Joe Biden and Donald Trump discussing the state of the economy. While Biden claimed that it was in freefall, Trump boasted about the progress made during his time in office and his handling of the pandemic. However, these claims were not entirely accurate.
Budget deficits actually increased during Trump’s presidency due to his tax cuts not generating enough revenue as promised. Despite this, Trump inherited a budget deficit of $585 billion and it grew to $984 billion in 2019 before surpassing $3 trillion in 2020 after the pandemic hit. This is contrary to what Trump had claimed earlier that everything was going well and the U.S. economy was on track to pay down its national debt before the pandemic.
According to a May Gallup poll, about 3 in 10 Americans cited the economy as their top concern, while 1 in 10 specifically mentioned high cost of living or inflation as their main issue. Other top concerns included immigration and poor government leadership. Despite this, both candidates made factual errors during the debate.
Biden significantly underestimated the number of jobs created during his leadership, claiming it was 15,000 instead of over 15 million. He also wrongly stated that insulin costs had been capped at $35 for older Americans on Medicare due to the 2022 Inflation Reduction Act when in reality it was $34 for a month’s supply for seniors who use Medicare Part D prescription drug plans under this legislation. On the other hand, Trump incorrectly claimed that he would have paid off national debt before pandemic despite significant deficits accumulated during his time in office.
