The Economy was the Main Topic of Debate, But Trump’s Tax Cut Promises Failed and Biden Made a Factual Error

The economy was the main topic of discussion during CNN’s presidential debate, with both Joe Biden and Donald Trump offering their perspectives on the state of the American economy. While Biden painted a dire picture, claiming that the economy was in freefall, Trump boasted about his record of economic growth and job creation during his time in office.

However, while Trump claimed that everything was going well and that the U.S. economy was on track to pay down its national debt before the pandemic, this was not entirely accurate. In fact, budget deficits actually increased during Trump’s presidency due to his tax cuts not generating enough revenue as promised. According to 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.

In a May Gallup poll, about 3 in 10 Americans cited the economy as the most pressing issue facing the country, while 1 in 10 specifically mentioned the high cost of living or inflation. Other top concerns included immigration and poor government leadership. During the debate, both candidates made factual errors. 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 the cost of insulin, which had been capped at $35 for older Americans on Medicare due to the 2022 Inflation Reduction Act. Trump also inaccurately claimed that