PolitiFact has fact-checked more than 260 statements by Joe Biden since 2007, when he was a U.S. senator from Delaware seeking the Democratic presidential...
“one quarter” of the $31.4 trillion federal debt “was accumulated in the four years of my predecessor.”
His number is accurate, but omits important context about how the debt increased under Trump. Assigning debt to a particular president can be misleading because so much of it traces back to decades-old, bipartisan legislation that set the parameters for Social Security and Medicare. Biden said in a February speech in Philadelphia, “We created more new jobs in two years than any president did in their entire term.”. In raw numbers, Biden did oversee greater job growth than any post-World War II president’s first term in office .
But this achievement comes with asterisks. Measured by percentage increase from the time the presidents took office, Biden rates in the middle of the pack. Biden has singled out Republicans repeatedly for favoring tax policy that benefits more wealthy Americans. In a July speech in Cleveland, he said the “average federal income tax” paid by the richest Americans is “8%. … If you’re a cop, a teacher, a firefighter, union worker, you probably pay two to three times that.”. The richest Americans pay an effective tax rate of more than 20% of their income as counted under the current tax code, not 8%.
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