The economy was the first topic discussed during CNN’s presidential debate. Joe Biden claimed that the American economy was “in freefall,” while Trump boasted about the state of the economy under his leadership and his handling of the pandemic. Trump argued that everything was going well and that the economy was ready to pay down the national debt before the pandemic hit. However, this is not accurate. Budget deficits actually increased under Trump due to his 2017 tax cuts, which did not generate enough revenue to cover the cuts as promised.
According to the White House Office of Management and Budget, the budget deficit increased from $585 billion to $984 billion in 2019 under Trump’s administration. After the pandemic hit in 2020, the deficit soared above $3 trillion. A Gallup poll from May showed that about 3 in 10 Americans viewed the economy as the most significant problem facing the country, with one in ten specifically pointing to the high cost of living or inflation.
During the debate, both Biden and Trump made factual errors. Biden incorrectly stated he created 15,000 jobs instead of over 15 million, a notable discrepancy when trying to emphasize his economic leadership. He also mentioned $15 for an insulin shot, which was not accurate. The out-of-pocket insulin costs were capped at $35 for older Americans on Medicare due to legislation signed into law by President Biden.
Trump’s assertion that everything was going well with
