In the midst of the ongoing 2024 ad wars, Donald J. Trump's campaign released a new advertisement that focuses on the economy, comparing his own track record to that of President Joe Biden. The ad, which aired recently, claims that Trump outperformed Biden in key economic areas, including take-home pay, mortgage rates, and personal investments.
However, a fact-checking analysis reveals that some of the claims made in the advertisement are either partially true or false. Let's take a closer look at the assertions made by the Trump campaign.
The first claim addressed is the assertion that gas prices doubled under Biden, which is found to be false. After careful examination, it is revealed that gas prices have increased by approximately $1 on average compared to the prices during the Trump administration, not by $2, as stated in the ad. Currently, the average retail price stands at $3.08.
The second claim made by the advertisement pertains to take-home pay, stating that under Trump, it increased by $6,000 while under Biden, it decreased by $7,000. While partially true, a Census Bureau report indicates that median household income rose by nearly 7% in 2019 compared to the previous year. However, the pandemic took a toll on incomes, resulting in a decline of almost 3% or $2,000 in 2020, not the $7,000 stated in the ad. It's important to note that incomes also fell by nearly 3% in Trump's final year in office.
Lastly, the advertisement claims that mortgage rates were low under Trump but have become punishing under Biden. This assertion is found to be true. Mortgage rates have significantly risen since the pandemic, as the Federal Reserve has taken action to combat inflation. Rates have reached as high as 5% under Trump and are currently closer to 7%.
While the Trump campaign's ad attempts to depict a stark contrast between the economic records of Trump and Biden, the fact-checking analysis reveals that some of the claims made are inaccurate or misleading. It is crucial to scrutinize and verify the accuracy of information presented in political advertisements to ensure that voters are well-informed.
As the 2024 presidential election continues to unfold, it is expected that both candidates will engage in vigorous campaigning, presenting their views on various issues, including the economy. It is vital for voters to seek out reliable and factual information to make informed decisions when casting their votes in the upcoming election.
