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| Ilustrasi: khn.org |
President Joe Biden criticized former President Donald Trump's fiscal management during his State of the Union address, stating that Trump added more to the national debt than any other presidential term in American history. Biden's statement is correct, as the national debt increased by about 39% during Trump's tenure. However, it is important to note that presidents alone cannot be solely blamed for the debt incurred during their tenures. Part of the increase in the debt during the Trump era was due to emergency Covid-19 pandemic relief spending and spending required by safety-net programs created by previous presidents. The national debt has continued to increase under Biden's tenure.
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| Ilustrasi: www.nytimes.com |
Biden claimed that the US economy has added 800,000 new manufacturing jobs during his administration. This claim is accurate. From February 2021 to January 2024, the US economy added 791,000 manufacturing jobs. It is worth noting that the majority of this growth occurred in 2021 and 2022, with a relatively flat growth in 2023.
Biden touted his administration's efforts to reduce the burden of prescription drug costs and mentioned the savings for taxpayers. The Inflation Reduction Act, which contained measures to reduce drug prices, is expected to reduce the federal deficit by $160 billion. The act authorized Medicare to negotiate the prices of certain costly prescription drugs for the first time, saving an estimated $98.5 billion over a decade. It also requires drugmakers to pay a rebate to the federal government if they raise prices faster than the rate of inflation, saving $63.2 billion over a decade.
Biden claimed that he has already cut the federal deficit by over $1 trillion. However, this claim is misleading as it leaves out critical context. While the annual federal budget deficit was lower during Biden's tenure compared to the previous fiscal years, it was primarily due to the temporary injection of money into the economy during the Covid-19 pandemic. Biden's own actions, including laws he has signed and executive orders he has issued, have had the overall effect of worsening annual deficits. It is important to note that all of the Biden-era deficits are among the largest in US history. Factors out of a president's control, such as interest rate hikes, have also played a role in keeping deficits high under Biden.
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| Ilustrasi: www.foxnews.com |
Biden claimed that the economy created a record 15 million jobs in the first three years of his term. This claim is correct. Between February 2021 and January 2024, the US economy added about 14.8 million jobs, more than any previous four-year presidential term. However, it is important to note that Biden took office in the midst of the Covid-19 pandemic, which caused a significant loss of jobs. The jobs recovery began under former President Donald Trump, but Biden's stimulus legislation and other policies have contributed to the job growth.
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