The Inflation Reduction Act authorized Medicare to negotiate the prices of certain costly prescription drugs for the first time. In total, the law’s drug measures are expected to reduce the deficit by $237 billion, though delaying the implementation of a Trump administration drug rebate rule accounts for the difference. “We cut the federal deficit by $160 billion.”įacts First: It’s true that two of the main drug price provisions in the Inflation Reduction Act, which Democrats pushed through Congress in 2022, are expected to reduce the deficit by $160 billion, according to the nonpartisan Congressional Budget Office. “That’s not just saving seniors money, it’s saving taxpayers money,” Biden said, referring to the Inflation Reduction Act, which contained several measures to reduce drug prices. In his address, he also pointed out the savings for taxpayers.
![joe biden first wife died joe biden first wife died](https://www.inquirer.com/resizer/k3rQx-F1aGKEyby4fzrTP0NNvyE=/760x507/smart/filters:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/pmn/CMW2CBLQBRA6LJOMEMGXN5TCLE.jpg)
![joe biden first wife died joe biden first wife died](https://i.dailymail.co.uk/1s/2020/12/18/18/37018724-9067963-image-a-84_1608317987173.jpg)
Just as he’s done on the campaign trail, Biden touted his administration’s efforts to reduce the burden of prescription drug costs. The US economy added 791,000 manufacturing jobs from Biden’s first full month in office, February 2021, through January 2024, the last month for which Bureau of Labor Statistics data is available – though it’s worth noting that the growth largely occurred in 20 (with 746,000 manufacturing jobs added starting in February 2021) before a relatively flat 2023.įrom CNN’s Daniel Dale and Alicia Wallaceīiden on the deficit impact of IRA Medicare provisions
![joe biden first wife died joe biden first wife died](http://i2.cdn.turner.com/cnnnext/dam/assets/150604184318-03-joe-biden-son-wake-super-169.jpg)
As of the day before Biden’s address, it was about $34.4 trillion, federal figures show – an increase of about 24% during his tenure.īiden says the economy has added ‘800,000 new manufacturing jobs’ during his administrationīiden claimed that the economy has added “800,000 new manufacturing jobs” during his administration.įacts first: Biden’s figure is correct. The national debt has continued to increase under Biden. Some of the Trump-era increase in the debt was due to the trillions of dollars in emergency Covid-19 pandemic relief spending that passed with bipartisan support and because of spending required by safety-net programs, such as Medicare, Medicaid and Social Security, that were created by previous presidents. But it is an oversimplification to blame presidents alone for debt incurred during their tenures. Check the numbers.”įacts First: Biden’s numbers are correct the national debt rose from about $ 19.9 trillion to about $27.8 trillion during Trump’s tenure, an increase of about 39% and more than in any other four-year presidential term, in part because of Trump’s major tax cuts. Here is a fact check of these claims and others.īiden criticized the fiscal management of former President Donald Trump during his State of the Union address, claiming, “They added more to the national debt than any presidential term in American history.
![joe biden first wife died joe biden first wife died](https://cdn.dnaindia.com/sites/default/files/2024/03/02/2627656-joe-biden.jpg)
But Britt did falsely say, in present tense, that inflation is at a 40-year low it no longer is. Katie Britt of Alabama made few specific assertions of fact during her official Republican response to Biden’s address. And he left out context in discussing Covid-19 deaths, suggesting that far more deaths occurred during the Trump era than actually did. He misleadingly cited an alternative calculation from economists in his administration as if it was an actual federal tax rate paid by billionaires. He falsely claimed that “not anymore” would big companies be able to pay no federal income tax, overstating the impact of the 15% corporate minimum tax he signed into law. His statements were mostly accurate, a CNN fact check found, but he also made a smattering of claims that were false, misleading or lacking key context.īiden repeated his familiar misleading boast about how he had supposedly reduced the federal budget deficit, failing to explain that the decline overwhelmingly occurred because emergency pandemic spending from President Donald Trump’s tenure expired as schedule. President Joe Biden delivered his annual State of the Union address on Thursday.