President Joe Biden repeated several claims about the economy during a May 8 interview with CNN’s Erin Burnett. A day ea
of claims about the economy made by former President Donald Trump, Biden’s expected challenger in November, in an interview with WGAL-TV in Lancaster, Pennsylvania.— the nation has seen employment increase by about 15.37 million jobs since he was inaugurated — but claiming credit by saying he did it is an exaggeration.
But when looking at job creation patterns under a president, timing matters — a lot. And Biden’s statement ignores that Trump’s tenure ended amid a once-in-a-century pandemic, which caused significant economic disruption.a 4.6% employment increase. That trails the rise during the equivalent time period for Biden and Bill Clinton , but it’s more than the stagnation or shrinkage under Presidents George W. Bush and Barack Obama.
Biden has presided over smaller deficits than Trump did in his final year. However, Biden omits important context about the unusual federal spending that both presidents approved to stabilize the country during the coronavirus pandemic. The deficit declines were greater during Biden’s second and third years in office, as vaccines and therapies cut the risks associated with COVID-19 and the economy fully reopened. The deficit was about $1.38 trillion in 2022 and $1.7 trillion in 2023.
Meanwhile, despite the inability to wrench inflation back to the Federal Reserve’s 2% benchmark, the U.S. is faring reasonably well against inflation compared with other G7 nations.that only Italy and Canada achieved a lower inflation rate than the U.S. The other four G7 countries — France, Germany, Japan and the United Kingdom — all had higher inflation rates.
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