During the CNN presidential debate, the economy was the first topic discussed. Both Joe Biden and Donald Trump made factual errors about the state of the American economy. While Biden described it as “in freefall,” Trump boasted about his handling of the economy during his time in office and his ability to pay down the national debt before the pandemic hit. However, this is not accurate.
According to a report from the White House Office of Management and Budget, budget deficits actually increased under Trump’s administration due to his 2017 tax cuts, which did not generate enough revenue to cover them as promised. In 2019, the budget deficit increased from $585 billion to $984 billion under Trump’s leadership. After the pandemic hit in 2020, it soared above $3 trillion. A Gallup poll from May showed that about three in ten Americans viewed the economy as their most significant problem facing their country, with one in ten specifically pointing to high cost of living or inflation.
During the debate, both candidates made errors regarding job creation and insulin costs. 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 the economy was prepared to pay down the national debt before
