By — Associated Press Associated Press Leave your feedback Share Copy URL https://www.pbs.org/newshour/politics/watch-biden-says-trump-left-the-economy-in-chaos-at-cnn-presidential-debate Email Facebook Twitter LinkedIn Pinterest Tumblr Share on Facebook Share on Twitter WATCH: Biden says Trump left the economy ‘in chaos’ at CNN Presidential Debate Politics Jun 27, 2024 10:50 PM EDT With the economy as the first issue of CNN’s presidential debate, Joe Biden detailed what he described as an American economy “in freefall,” while Trump bragged about the state of the economy while he was in office, as well as his handling of the pandemic. LIVE FACT CHECK: CNN’s Biden-Trump debate “Everything was rocking good,” Trump said. He also said the U.S. economy was ready to start paying down its national debt before the pandemic. But that’s not true. Budget deficits were increasing under Trump because his 2017 tax cuts didn’t pay for themselves as he had promised they would. Trump inherited a budget deficit of $585 billion and it ballooned to $984 billion in 2019, only to climb above $3 trillion in 2020 after the pandemic hit, according to the White House Office of Management and Budget. About 3 in 10 Americans said the economy was the most important problem facing the country in a May Gallup poll, but that included a range of economic issues. About 1 in 10 pointed specifically to the high cost of living or inflation. About 2 in 10 Americans said immigration was the top problem facing the country, and another 2 in 10 said the government/poor leadership were the most important problem. Both Biden and Trump made multiple factual missteps as the debate began on Thursday. Biden started out his debate with a gaffe, claiming he had created 15,000 jobs. The correct number is more than 15 million, a dramatic undercount by someone trying to renew voters’ confidence in his economic leadership. Biden also said, “It’s $15 for an insulin shot, as opposed to $400.” But out-of-pocket insulin costs for older Americans on Medicare were capped at $35 in the 2022 Inflation Reduction Act that President Joe Biden signed into law. The cap took effect last year, when many drugmakers announced they would lower the price of the drug to $35 for most users on private insurance. Trump said the U.S. economy was ready to start paying down its national debt before the pandemic. That’s not true. Budget deficits were increasing under Trump because his 2017 tax cuts didn’t pay for themselves as he had promised they would. Trump inherited a budget deficit of $585 billion and it ballooned to $984 billion in 2019, only to climb above $3 trillion in 2020 after the pandemic hit, according to the White House Office of Management and Budget. Find more of our coverage: WATCH: Where Trump, Biden stand on immigration, the economy, and abortion READ MORE: At CNN debate, Biden tries to confront Trump, who responds with falsehoods WATCH: Biden and Trump debate — PBS News simulcast of CNN’s 2024 Presidential Debate We're not going anywhere. Stand up for truly independent, trusted news that you can count on! Donate now By — Associated Press Associated Press
With the economy as the first issue of CNN’s presidential debate, Joe Biden detailed what he described as an American economy “in freefall,” while Trump bragged about the state of the economy while he was in office, as well as his handling of the pandemic. LIVE FACT CHECK: CNN’s Biden-Trump debate “Everything was rocking good,” Trump said. He also said the U.S. economy was ready to start paying down its national debt before the pandemic. But that’s not true. Budget deficits were increasing under Trump because his 2017 tax cuts didn’t pay for themselves as he had promised they would. Trump inherited a budget deficit of $585 billion and it ballooned to $984 billion in 2019, only to climb above $3 trillion in 2020 after the pandemic hit, according to the White House Office of Management and Budget. About 3 in 10 Americans said the economy was the most important problem facing the country in a May Gallup poll, but that included a range of economic issues. About 1 in 10 pointed specifically to the high cost of living or inflation. About 2 in 10 Americans said immigration was the top problem facing the country, and another 2 in 10 said the government/poor leadership were the most important problem. Both Biden and Trump made multiple factual missteps as the debate began on Thursday. Biden started out his debate with a gaffe, claiming he had created 15,000 jobs. The correct number is more than 15 million, a dramatic undercount by someone trying to renew voters’ confidence in his economic leadership. Biden also said, “It’s $15 for an insulin shot, as opposed to $400.” But out-of-pocket insulin costs for older Americans on Medicare were capped at $35 in the 2022 Inflation Reduction Act that President Joe Biden signed into law. The cap took effect last year, when many drugmakers announced they would lower the price of the drug to $35 for most users on private insurance. Trump said the U.S. economy was ready to start paying down its national debt before the pandemic. That’s not true. Budget deficits were increasing under Trump because his 2017 tax cuts didn’t pay for themselves as he had promised they would. Trump inherited a budget deficit of $585 billion and it ballooned to $984 billion in 2019, only to climb above $3 trillion in 2020 after the pandemic hit, according to the White House Office of Management and Budget. Find more of our coverage: WATCH: Where Trump, Biden stand on immigration, the economy, and abortion READ MORE: At CNN debate, Biden tries to confront Trump, who responds with falsehoods WATCH: Biden and Trump debate — PBS News simulcast of CNN’s 2024 Presidential Debate We're not going anywhere. Stand up for truly independent, trusted news that you can count on! Donate now