FactCheck.org Analyzes Trump’s Economic Speech
In a rally held in Pennsylvania on December 9, President Donald Trump focused on economic issues leading up to the midterm elections. His campaign message centered around “lower prices, bigger paychecks.” However, many of Trump’s statements about the economy lacked accuracy.
Inaccurate Claims About Inflation
Trump claimed that he inherited “the worst inflation” in U.S. history and asserted that it “stopped” during his administration. This statement is incorrect. The highest inflation rate recorded in U.S. history occurred after World War I, with a significant increase of 23.7% from June 1919 to June 1920.
As of September, inflation was reported at 3% on a year-over-year basis. The most substantial annual increase was 9.1% for the period ending in June 2022, the highest since 1981. Experts have noted that inflation remains a concern, contradicting Trump’s assertion that it has ceased.
Energy Prices and Gasoline Costs
While Trump acknowledged that oil prices have dropped since his administration began, his claims about gasoline prices were exaggerated. The national average for a gallon of regular gasoline was $2.94 as of December 8, 2022. Trump suggested it was as low as $1.99 in several states, although no statewide average reflected such a figure.
- Average gas price nationally: $2.94
- Lowest reported state average: $2.37 (Oklahoma)
Investment Figures and Job Creation
Trump claimed responsibility for nearly $18 trillion in new investments in the U.S. since taking office. However, official White House data indicated this figure is closer to $9.6 trillion as of December 10, 2022. Many of these investments remain unfulfilled promises rather than realized funds.
Furthermore, Trump asserted that 4,000 manufacturing jobs were created in Pennsylvania during his term, while Bureau of Labor Statistics (BLS) data showed a decline of 49,000 manufacturing jobs nationally since January 2022.
Employment Statistics
In discussing employment, Trump claimed more Americans are working than at any point in history. While the total number of nonfarm employees hit nearly 160 million by September 2022, population growth plays a significant role in this statistic. The labor force participation rate has remained relatively unchanged at 62.4%.
- Total nonfarm employees (September 2022): ~160 million
- Labor force participation rate: 62.4%
Conclusion
Trump’s economic remarks at the Pennsylvania rally highlighted several inaccuracies. His claims about inflation, energy prices, investments, and manufacturing jobs do not align with the available data. As the midterm elections approach, it is crucial for voters to critically assess the information presented by political figures.
