The Misleading State of the Economy in America: Presidential Debate Highlights Inaccuracies and Discrepancies

The economy was the first topic of discussion during CNN’s presidential debate. While Joe Biden described the American economy as “in freefall,” President Trump boasted about the state of the economy under his leadership and his handling of the pandemic.

Trump claimed that everything was going well, and the economy was ready to pay down the national debt before the pandemic hit. However, this is not accurate. Under Trump’s administration, budget deficits increased due to his 2017 tax cuts, which did not generate enough revenue to cover the cuts as promised. The White House Office of Management and Budget reported that the budget deficit increased from $585 billion to $984 billion in 2019 alone. After the pandemic hit in 2020, the deficit soared above $3 trillion.

According to a Gallup poll from May, about 3 in 10 Americans viewed the economy as their most significant problem facing their country, with one in ten specifically citing high cost of living or inflation. Despite this, both Biden and Trump made factual errors during the debate. Biden incorrectly stated he created 15,000 jobs instead of over 15 million jobs – a notable discrepancy when trying to emphasize his economic leadership. He also mentioned an out-of-pocket insulin cost of $15, but this cost had already been capped at $35 for older Americans on Medicare due to legislation signed into law by President Biden earlier this year.

Trump’s assertion that everything was going well with