6 Misleading Claims Made by POTUS

Social Security, part 1

POTUS declared at a Democratic fundraiser in Pennsylvania that “for the first time in 10 years, seniors are about to get the biggest increase in each of their Social Security checks they have gotten.”

Also, he didn’t miss the opportunity to tout the 2023 increase in Social Security payments at other events he had to attend. However, his way of boasting leaves out a critical context, in such a manner that his statements become highly misleading.

Naturally, he never mentioned that the increase in Social Security payments for the next year of 8.7% is completely unusual, and it’s due to the fact that the inflation has been unusually big. There’s a law that passed in the 1970s, which says that Social Security payments have to increase at the same pace with a certain measure of inflation. It’s known as a cost-of-living adjustment.

Social Security, part 2

Biden mentioned at a Democratic meeting in Florida that since he has been in charge, for the first time in 10 years, seniors have access to a big increase in their Social Security checks. The claim that the following increase in Social Security payments is the only one in 10 years is inaccurate.

The truth is that there has been a remarkable cost-of-living increase every year since 2017. But what we can conclude from his remark in Florida is that he might have botched the same old campaign line about Social Security payments increasing at the same pace as Medicare premiums are declining. No matter his intentions, he was wrong.

A new corporate tax

POTUS suggested many times in his speeches that he signed a brand new law in August, which is known as the Inflation Reduction Act. It seems that this law will completely stop the practice of all successful corporations that don’t have to pay any corporate income tax.

Biden made this claim very explicit in one of his tweets: “These are the facts. In 2020, 55 corporations made no less than $40 billion, paying zero federal taxes. My Inflation Reduction Act ends all this.” But it’s highly exaggerated to say that the law will absolutely END any of this. It’s true that the Act might reduce the number of companies that didn’t pay, but this doesn’t mean that it will fully eliminate all the names on the list.