During the presidential debate on CNN, Joe Biden and Donald Trump discussed various issues. The economy was a key topic, with Biden highlighting the challenges facing the country, while Trump boasted about the state of the economy during his time in office.
However, according to recent data, Trump’s claims about the economy were not entirely accurate. Despite his assertions that everything was going well economically and that the U.S. was on track to pay down its national debt before the pandemic, budget deficits were actually increasing under his administration due to the 2017 tax cuts not generating enough revenue as promised. The budget deficit reached over $3 trillion in 2020 after the pandemic hit, contradicting Trump’s claim that everything was in a good position before it struck.
According to a May Gallup poll, about 3 in 10 Americans identified economic issues as their top concern, including job creation and high living costs or inflation. While immigration and poor government leadership were also mentioned by significant numbers of Americans as problems facing the country.
Both candidates made mistakes during their speeches. Biden incorrectly claimed to have created 15 million jobs instead of 15,000 as he stated earlier. He also mistakenly stated that out-of-pocket cost of insulin was $846 instead of capped at $35 for older Americans on Medicare due to legislation signed by President Biden. On the other hand, Trump’s claim that America would pay off its national debt before the pandemic was debunked since budget deficits were increasing during his administration despite what he had stated previously.
In conclusion, while both candidates brought up important issues during their speeches, their statements regarding economic matters were not entirely accurate or aligned with current data and research findings. It is essential for policymakers to address these issues seriously and implement effective solutions for a sustainable future.
