Days after his fourth indictment, former President Donald Trump released a video on a very different topic: the economy.
, released on the conservative video site Rumble and mass emailed to supporters, Trump touted his economic record and suggested it outperformed that of his successor and potential 2024 presidential rival, Joe Biden.
Although some of Trump’s statements are accurate, particularly on mortgage rates, others are either misleading or plain wrong. He often cherry-picks data to minimize the economic fallout during his presidency, while maximizing the pandemic’s impact on the economy during Biden’s tenure."Under Biden, real incomes have gone down by $7,400 per family. Under President Trump, yearly income went up by more than $6,000.", saying it"increased from $66,657 in 2016 to $72,808 in 2019.
Trump’s method of using the first 30 months superficially seems fair to Biden, who has served that many months in office. But it effectively eliminates any pandemic job losses from Trump’s column and shifts them all to Biden.Inflation did hit the highest level in four decades in June 2022, at about 9%. But it fell to about one-third of that level in the subsequent year.For the most recent week available at the time of Trump’s video, the week of Aug.
But Trump leaves out that this low point for mortgage rates came amid the pandemic, when officials were more concerned about promoting economic activity. At the time, the Federal Reserve was setting itsMortgage rates continued to be about that low during the first year of Biden’s presidency. But then. inflation concerns increased and the Fed began raising its interest rate.
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