President Biden’s Claim on U.S. Inflation Rate and Unemployment Fact-Checked

March 16, 2024        Mary Scott       

President Biden recently made a statement about the state of America’s economy, highlighting the country’s low inflation rate and its long stretch of unemployment below 4%. This article fact-checks these claims to provide a clearer picture of the economic situation.

Inflation Rate Fact Check

While the United States may have had a relatively low inflation rate compared to some other countries, the claim that it was among the lowest in the world is not entirely accurate. According to the U.S. Bureau of Labor Statistics, the Consumer Price Index (CPI) for All Urban Consumers rose by 7.5% over the 12 months ending in January 2022, indicating a significant increase in inflation compared to previous years. This suggests that while the U.S. may not have had the highest inflation rate, it was not among the lowest either.

Unemployment Rate Fact Check

President Biden’s statement regarding unemployment staying below 4% for the longest stretch in more than 50 years is also inaccurate. While the unemployment rate did drop below 4% in 2018 and remained low until the COVID-19 pandemic, it had not been below 4% for the longest stretch in more than 50 years. The last time unemployment remained consistently below 4% for an extended period was in the late 1960s and early 1970s.

Conclusion

While President Biden’s statement about America’s inflation rate and unemployment was partially accurate, it did not provide the full context of the economic situation. The inflation rate in the U.S. has been rising, and while it may not be among the highest in the world, it is not among the lowest either. Additionally, while unemployment did remain below 4% for a period, it was not the longest stretch in more than 50 years. Fact-checking statements like these is crucial for understanding the true state of the economy and making informed decisions.

Right now, America’s inflation rate is among the lowest in the world while unemployment has remained below 4% for the longest stretch in more than 50 years.

— President Biden (@POTUS) March 16, 2024