Fact-Checking Economic Claims Made at the 2024 Republican National Convention
CBS News is fact-checking statements made by speakers at the 2024 Republican National Convention, focusing on economic-related concerns. Former President Donald Trump made a surprise appearance at the convention, adding to the significance of the event.
Sen. Katie Britt’s Claim of Trump Having the Best Economy Ever: False
Alabama Republican Senator Katie Britt: “Under President Trump’s leadership, we have the strongest economy in history.”
Detail: In her speech at the convention, Sen. Britt echoed Trump’s claim that the economy under his leadership was the best in history. However, this claim does not hold up when compared to key economic indicators:
- Gross Domestic Product Growth: GDP numbers were higher under Biden and in previous decades.
- Stock Market: Other presidents had greater gains in the S&P 500 during their first terms.
- Property Rights: Although homeownership approval increased under Trump, it was higher in previous years.
- National Deficit: The deficit was the largest in over two decades under Trump.
- Federal Debt: Federal debt growth was significant during Trump’s term.
Despite some positive aspects like wage growth and low inflation, other factors like the national deficit and federal debt paint a more complex picture of the economy under Trump.
While unemployment rates were low during Trump’s administration, they were not at their lowest levels ever.
Laura Doan
Reviewing Gov. Glenn Youngkin’s Assertions on Unemployment Rates: Partially True, Needs Context
Virginia Governor Glenn Youngkin: “Under President Donald J. Trump, unemployment rates for women, blacks, Hispanics, and Asian Americans hit record lows.”
Detail: Unemployment rates for these demographics under Biden and Trump were comparable. While some groups saw record lows, the overall trend was not solely due to Trump’s policies.
Specifically, female unemployment reached a record low in the 1950s, and the trend continued across different administrations for various demographic groups.
Emily Pandis
Evaluating Claims about Economic Growth and Inflation Under Trump and Biden: Misleading, Needs Context
Yang Jin: “Under President Trump, the U.S. achieved high growth and low inflation. Under Joe Biden, the U.S. has seen low growth and high inflation.”
Detail: While inflation remained low under Trump, economic growth has been stronger under Biden’s presidency. The averages for GDP growth and inflation rates tell a more nuanced story than presented by Youngkin.
Understanding the complexities of economic indicators is crucial in accurately assessing the performance of different administrations.
Laura Doan
