Lubbock Times

WASHINGTON, D.C. – Last night, President Biden and President Trump participated in the first presidential debate of the year. President Biden attempted to present his presidency as beneficial for the American people, but this perspective has been challenged by the House Budget Committee.

The committee released a statement addressing several claims made by President Biden during the debate. They argue that his economic policies have led to unprecedented levels of national debt, significant inflation, and financial struggles for many Americans.

Regarding inflation, President Biden stated he is "working to bring down the price around the kitchen table" for Americans. The committee counters this claim by highlighting that since January 2021, inflation has risen by 19.3 percent while average weekly earnings have only increased by 14.6 percent. They attribute this disparity to over-regulation and excessive government spending under unified Democratic control.

On fiscal health, President Biden claimed concern for America's financial state. However, according to the committee, interest spending on national debt has surged by $540 billion or 153 percent since he took office. They assert that more is now spent on servicing debt than on national defense.

In terms of job creation, President Biden initially misstated creating 15,000 jobs before correcting himself to say 15 million jobs were created during his administration. The committee contends that much of this job growth was part of a post-pandemic recovery and notes that labor force participation remains below pre-pandemic levels with approximately 2.08 million fewer Americans in the workforce when adjusted for population gains.

On health policy, President Biden's claim about lowering drug prices was scrutinized. He mentioned reducing insulin costs from $400 to $15 per shot. The committee argues that capping insulin prices could lead insurers to increase premiums for patients due to additional government mandates.

Addressing student loans, President Biden boasted about efforts to forgive student loan debt amounting to $167 billion for over 4.7 million Americans. The committee criticizes this approach as merely transferring debt rather than canceling it and suggests it burdens working-class taxpayers who do not hold student loans while incentivizing colleges to raise tuition fees.

The House Budget Committee concludes their statement asserting that no amount of positive spin can obscure what they describe as "Four Years of Fiscal Failure" under President Biden’s tenure.

More information from the House Budget Committee is expected soon.

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