Donald Trump exaggerated his accomplishments and claimed Joe Biden squandered the gains in his 2024 presidential bid announcement. We fact-checked his remarks.
to provide financial relief to businesses and people impacted by the pandemic — and he oversaw the development of COVID-19 vaccines. This needs context.at only two months, according to a National Bureau of Economic Research committee.
However, most past recessions involved multiple financial and economic weaknesses and developed over time. The cause of this recession — a global health challenge whose scope was initially unknown — is unprecedented and not really comparable to past recessions in its duration. "Inflation was nonexistent. … We were at zero. We actually got it to exactly 1%, the perfect number, one thing every economist agrees, have it at 1%."Inflation was lower under Trump than it has been under Biden. Until the pandemic hit, inflation hovered around 2%, just as it had forIn recent years, the Federal Reserve, the chief federal entity charged with keeping prices stable, has considered 2% its target for inflation. So that goal was largely met under Trump.
However, inflation never went to "zero" during his presidency. It came close to that in April and May of 2020, but that was when the economy was in a free-fall at the start of the pandemic. Much economic activity stopped amid the initial pandemic shutdowns, and demand for goods and services cratered. So claiming credit for inflation of 1% or less glosses over the fact that the rate was that low not because of economic strength, but rather widespread economic distress.
Under Biden, the inflation rate has been at 40-year highs. Economists say that Biden’s American Rescue Plan, the coronavirus and economic relief bill passed early in his tenure, may have
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