Fact-checking Joe Biden on inflation, the deficit and consumer confidence in the State of the Union

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As president, Joe Biden saw the economy endure 40-year-high levels of inflation. But during his 2024 State of the Union address, he took a victory lap on the reduced inflation rate, job creation and other economic metrics.“I came to office determined to get us through one of the toughest periods in our nation’s history,” Biden said. “And we have. It doesn’t make the news, but in thousands of cities and towns the American people are writing the greatest comeback story never told.”AdvertisementWe have found many of the statements he repeated to be accurate or close.AdvertisementRelated:Fact-checking Joe Biden’s 2024 State of the Union addressBreaking NewsGet the latest breaking news from North Texas and beyond.Biden said the U.S. has seen “15 million new jobs in just three years.” (Rounded, he’s correct; it’s about 14.8 million.) He said unemployment is “at 50-year lows.” (It was at 50-year lows in 2023 but has climbed marginally since then.) He said there are “800,000 new manufacturing jobs in America and counting.” (We rated a similar Biden statement Mostly True.)He said, “The racial wealth gap is the smallest it’s been in 20 years.” (This is accurate by one measure but not by another.) And he said, “Wages keep going up and inflation keeps coming down.” (Wages adjusted for inflation are on track to return to where they were when Biden was inaugurated within a few months; for the past year-plus, wages …

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