The national debt was a major topic of discussion during the presidential debate on CNN. While Joe Biden claimed that the economy was in a state of freefall, Donald Trump boasted about his handling of the pandemic and the strong state of the U.S. economy during his time in office.
Trump’s claim that everything was going well and that the U.S. economy was on track to pay down its national debt before the pandemic was not entirely accurate, as budget deficits actually increased during his presidency due to his tax cuts not generating enough revenue as promised. According to data from the White House Office of Management and Budget, Trump inherited a budget deficit of $585 billion, which grew to $984 billion in 2019 and surpassed $3 trillion in 2020 after the pandemic hit.
During a May Gallup poll, about 3 in 10 Americans cited the economy as their top concern, while 1 in 10 specifically mentioned high living costs or inflation. Other top issues included immigration and poor government leadership. Both candidates made mistakes during the debate when it came to factual accuracy, with Biden significantly underestimating job creation numbers and Trump incorrectly claiming that the economy was set to pay off its national debt before the pandemic hit.
