Here’s a roundup of statements in Biden’s State of the Union that were wrong or needed context.
President Joe Biden delivers the State of the Union address to a joint session of Congress at the Capitol, Thursday, March 7, 2024, in Washington.
The level reached in January, a tad under 13 million, is still below that of 2008, before the Great Recession. Left unsaid is that overall manufacturing jobs have declined by a third since a peak was reached in 1979, even as the number of available workers has climbed by nearly 60 percent.Biden presumably was comparing the United States with its peer countries, members of the Organization for Economic Cooperation and Development and the Group of Seven. The U.S.
This figure - over 100 million - is in dispute. Biden appears to be taking a high-end estimate from the Department of Health and Human Services that 50 million to 129 million non-elderly Americans have some type of preexisting health condition. But before the ACA, state-run high-risk insurance pools did help some people with preexisting conditions.
But Biden enacted additional covid relief funds and other new policies, resulting in the more modest decline in the deficit - and thus a bigger increase in the national debt. For instance, the deficit was projected to be about $1 trillion in 2022, and it turned out to be about $1.4 trillion. The deficit continued to get worse in 2023, climbing from CBO’s original estimate of $963 billion to $1.68 trillion.
In 2020, ITEP found that 55 profitable companies indicated that they paid no federal income tax even though they collectively earned almost $40.5 billion in pretax income. ITEP previously reported that 91 companies paid no federal income tax in 2018, so the situation has improved.
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