CNN fact-checker Daniel Dale said Monday night on his network’s coverage of the Democratic National Convention that President Joe Biden made “some false or misleading claims” during his speech.
Host Jake Tapper said, “I guess let’s start with the precedent. What did you make of it.”
Dale said, “There were certainly some false or misleading claims especially on the subject of the economy. I want you to listen to something he said on the subject of U.S. imports and exports.”
During his speech, Biden said, “We used to import products and export jobs. Now we export American products and create American jobs. Right here in America were jobs belong.”
Dale said, “This claim is misleading Jake, U.S. exports of goods have increased under President Biden so far so good with that claim. but contrary to the other part of that claim, we are still importing a whole lot of stuff to. What he didn’t mention is that U.S. imports have increased during his presidency, increased, not decreased. In fact, 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 play something else. While he said on the subject of the economy and the budget, this is something he said about billionaires and tax rates.”
Biden said, “We have 1,000 billionaires in America. Know what their average tax rate? They pay a 8.2%.”
Dale said, “I’ve called this misleading before 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 that 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 that are not actually treated as taxable income under current law.”
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