CBS News is fact-checking statements made by speakers at the 2024 Republican National Convention, which takes place in Milwaukee, Wisconsin, through Thursday, July 18. Monday’s theme was the economy, so many of the fact-checked statements relate to U.S. economic concerns. Former President Donald Trump made a surprise appearance at the convention Monday night.
CBS News is RNC Live Coverage.
Fact Check on Sen. Katie Britt’s Claim That Trump Had the Best Economy Ever: False
Republican Senator Katie Britt of Alabama: “Under Trump’s presidency, we had the strongest economy in history.”
Details: Britt In his convention speech, the former president claimed that Trump had presided over the strongest economy in history. The former president repeats this claim often, including during the presidential debate in June.
But this statement is not true if we consider it through the prism of many of these common measures used to judge economic performance:
- GDP growth was higher under Mr. Biden and was also higher at times in the 1990s, 1960s and 1950s (World Bank).
- Sotck exchange : Presidents Barack Obama, Bill Clinton and Dwight Eisenhower also saw higher percentage gains in the S&P 500 during their first terms than Trump (S&P).
- Access to property The homeownership rate increased by 2.1 percentage points under Trump, to 65.8 percent. However, the highest homeownership rate was in 2004, when it reached 69.1 percent. (Seasonally adjusted quarterly rates from the U.S. Census Bureau (Table 14a))
- THE national deficit The budget deficit reached its highest level in more than two decades under the Trump administration, according to U.S. Treasury data. It peaked at $3.13 trillion in fiscal 2020 before declining to $1.7 trillion by the end of fiscal 2023.
- Federal debt According to U.S. Treasury data, federal debt has increased by 50% during Trump’s term, partly due to spending on COVID-19 relief measures. By comparison, federal debt increased by 8% under President Bill Clinton and 25% under President Joe Biden so far.
However, during Trump’s presidency, wages went up and inflation remained weak. Real wage growth under Trump was the best in recent history. (federal data analyzed by Texas A&M University)
But Trump has presided over a very low unemployment rate: February 2020’s 3.5% rate was the lowest since 1969, but not the lowest ever. (Bureau of Labor Statistics)
By Laura Doan
Fact-checking Virginia Gov. Glenn Youngkin’s claim that women and minorities have seen record low unemployment under Trump: Partly true, but needs to be put in context
Virginia Governor Glenn Youngkin:”Women, black Americans, Hispanic Americans and Asian Americans have all experienced historically low unemployment rates under President Donald J. Trump.”
Details:Across all of these demographic groups, unemployment rates have been comparable under the administrations of President Biden and former President Trump.
Unemployment for women hit a historic low in the 1950s. There have been more periods of lower unemployment for women under Biden than under Trump, and the same is true for African Americans. For Hispanics and Latinos, unemployment has hit a low of 3.9% during both administrations. Asian Americans saw their lowest unemployment rate under Trump, 2% in May 2018.
Here are the unemployment levels for each of these groups, according to the Bureau of Labor Statistics
By Emily Pandise
Fact-checking Youngkin’s claim that Trump’s presidency had high growth and low inflation, and Biden’s presidency had low growth and high inflation: misleading, needs context
Youth:”Under Trump, America had high growth and low inflation. Under Joe Biden, America has low growth and high inflation.”
Details:It is true that inflation remained low during Trump’s presidency, with year-over-year inflation peaking at 2.9% in July 2018. Inflation has been much higher under Mr Biden, with year-over-year inflation peaking at 9.1% in June 2022. But year-over-year inflation under Mr Biden has since cooled to around 3%.
But economic growth has also been stronger during Mr Biden’s presidency: annual GDP growth has averaged 3.4%, according to World Bank figures. 2020 pandemic is excluded, growth after inflation below Trump’s average of 2.6% was lower.
By Laura Doan
Fact-checking Sen. Marsha Blackburn’s claim that Biden would let Trump’s 2017 tax cuts expire, resulting in the largest tax increase in U.S. history: Misleading
Republican Senator Marsha Blackburn of Tennessee: “If Joe and Kamala are re-elected, they say they will leave [Trump’s 2017 tax cuts] will expire. It will be the largest tax increase in American history.
Details:The Biden administration has propose extend Trump-era tax cuts for families earning less than $400,000 a year, instead of letting them expire in 2025. The White House budget plans show that Mr. Biden wants to raise taxes on corporations and high earners.
By Laura Doan
Fact Check on Youngkin’s Claim That 2.4 Million Americans Were Lifted Out of Poverty Under Trump: True
Youth“Under Trump’s presidency, 2.4 million Americans have been lifted out of poverty.”
Details:Youngkin’s number may have been a bit low. According to a Bureau of Labor Statistics analysis of U.S. Census Bureau data, there were 40.6 million people living in poverty in 2016 and 37.9 million in 2021. That’s a difference of 2.7 million people living in poverty at the end of Trump’s term, rather than 2.4 million.
By Joseph Enoch
Blackburn’s Claim That Biden Hired 85,000 IRS Agents to Harass American Workers: False
Blackburn“Joe and Kamala couldn’t help themselves. They hired 85,000 new IRS agents to harass hard-working Americans.”
Details:The 2022 inflation-reduction act provided an $80 billion investment over 10 years in the IRS. A 2021 Treasury report showed that the IRS could add nearly 87,000 full-time employees over the next 10 years. The figure does not specify how many of those hires would be as auditors, versus other roles. That is a potential number, not a net number. Over a decade, the agency will see people retire or leave. President Biden has framed the funding increase as a way to help the IRS go after tax cheats, not “hard-working Americans.”
By Alexander Hunter
