Fact-Checking Biden’s and Trump’s Claims About the Economy

We fact-checked claims about inflation, jobs and tax policy from both presidential candidates.

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President Biden is still grappling in his campaign with how to address a rise in inflation in his presidency.

Consumer sentiment about the state of the economy could be pivotal in shaping the 2024 presidential election.

President Biden is still grappling with how to address one of his biggest weaknesses: inflation, which has recently cooled but soared in his first years in office. Former President Donald J. Trump’s frequent economic boasts are undermined by the mass job losses and supply chain disruptions wrought by the pandemic.

Here’s a fact check of some of their more recent claims about the economy.

Both candidates misrepresented inflation.

ImageA grocery store in Queens, New York, earlier this year.Credit…Hiroko Masuike/The New York Times

What Was Said

“They had inflation of — the real number, if you really get into the real number, it’s probably 40 percent or 50 percent when you add things up, when you don’t just put in the numbers that they want to hear.”
— Mr. Trump at a campaign event in Detroit in June

“I think it could be as high as 50 percent if you add everything in, when you start adding energy prices in, when you start adding interest rates.”
— Mr. Trump in a June interview on Fox News

This is misleading. Karoline Leavitt, a spokeswoman for the Trump campaign, cited a 41 percent increase in energy prices since January 2021, and prices for specific energy costs like gasoline rising more than 50 percent during that time.

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