CNN fact-checker Daniel Dale pointed out on Monday night, during the network’s coverage of the Democratic National Convention, that President Joe Biden made “some false or misleading claims” in his speech.
Host Jake Tapper began by asking, “I guess let’s start with the precedent. What did you make of it?”
Dale responded, “There were certainly some false or misleading claims, especially on the subject of the economy. I want you to listen to something he said about U.S. imports and exports.”
During his speech, Biden stated, “We used to import products and export jobs. Now we export American products and create American jobs. Right here in America where jobs belong.”
Dale analyzed this claim, saying, “This claim is misleading, Jake. U.S. exports of goods have increased under President Biden, so that part is accurate. But contrary to the other part of that claim, we are still importing a whole lot of stuff too. What he didn’t mention is that U.S. imports have increased during his presidency—increased, not decreased. In fact, they have increased by more than exports have increased. So therefore, the trade deficit in goods has increased under President Biden, not declined as this claim suggested. It was over $1 trillion in each of his first three years in office. It never hit that level before. I also want to highlight something else he said on the subject of the economy and the budget. This is what he claimed about billionaires and tax rates.”
Biden stated, “We have 1,000 billionaires in America. Know what their average tax rate is? They pay 8.2%.”
Dale responded, “I’ve called this misleading before, and it’s still misleading. An expert at the nonpartisan Tax Policy Center has told me this number is ‘way too low.’ Now, he said the average federal tax rate for billionaires is 8.2%. What he doesn’t explain is that this number is not an actual tax rate. What it is, is an alternative calculation from economists in his own administration that factors in unrealized capital gains, which are not actually treated as taxable income under current law.”
