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Fact to verify Biden’s claims about the trade deficit, the rescue of the car and its annual income

We looked at some of the statements Biden made during these stops and the facts behind them.

During a campaign speech in Michigan focused on its production and union support, Biden said the US trade deficit had reached a record high in the current administration.

“Under President Trump, the US trade deficit has widened,” Biden said. “It has reached an all-time record. Let me say it again. The trade deficit in the United States is at its peak of all time, under Trump in the last three years.”

Facts first: Biden is wrong. While the trade deficit has widened under Trump, measuring both goods and services, the overall trade deficit has not reached a record for all time under Trump. Measured only with goods, however, Biden is faithful. However, he did not specify that he was talking only about goods.

The trade deficit refers to the balance remaining after deducting the quantity of goods and services imported into a country from the number exported. While some see the trade deficit as a negative thing, many economists dispute this characteristic.
The total trade deficit reached a record $ 763.5 billion in 2006 under George W. Bush. By the end of Barack Obama̵
7;s term, he had fluctuated, falling to $ 481.2 billion in 2016, according to the Census Bureau.

The deficit widened under Trump, reaching $ 576.9 billion in 2019, despite Trump’s promises during the 2016 campaign that he would reduce it.

If you just look at the trade deficit in goods and ignore the trade surplus – which includes things like communications, technical and financial services – the US had a record trade deficit of $ 880.3 billion in 2018. This year also saw a record trade surplus in services. amounting to $ 300.4 billion.

The United States has not seen a trade surplus in goods and services since the 1970s.

Automatic rescue

On Wednesday, Biden wrote on Twitter that “President Obama and I saved the automotive industry.”

Facts first: Biden leaves an outstanding context, not to mention the efforts of President George W. Bush.

With only a few weeks left in his presidency and in the midst of the Great Recession and the automotive crisis in the United States, on December 19, 2008, Bush announced an automatic rescue of $ 17.4 billion – $ 13.4 billion of which would be distributed almost immediately.
After the Senate rejected an automatic rescue bill, Bush took the money from the Distressed Assets Program. Obama continued where Bush left off and by June 2009 had given – in combination with the amount under Bush – $ 80 billion in bankruptcy loans from TARP, mostly to Chrysler and General Motors.

Biden’s salary

When discussing his tax plan – which would raise taxes for those who make more than $ 400,000 a year – Biden said he had never made that much money.

“We’re not going to punish anyone,” Biden told several steelmakers in Michigan on Wednesday. “No one who earns less than $ 400,000, which is more money than I’ve ever made, will have to pay more taxes.”

Facts first: Biden has earned more than $ 400,000, albeit in the last few years alone.

In 2017, after leaving office, Biden and his wife Jill reported income of $ 11 million, and in 2018 brought in $ 4.6 million. Much of the new revenue comes from book sales and engagements, according to Forbes.

The only other year Bidens made over $ 400,000 was in 2013, when they won $ 407,009.

Otherwise, the applicants would withdraw less than $ 400,000 each year, which would cover additional taxes under his plan.


Criticizing Trump after numerous reports, including from the Atlantic, that Trump called soldiers killed in battle “losers,” Biden promoted his son Bo. Trump denied saying so.

“My son agreed to go – as an assistant to the US Attorney in Philadelphia – to go to Kosovo. He was there for six months,” Biden told CNN’s Jake Tapper. “They erected a monument to him, thanking him for the service, I think the only American they did it for. And was it a shoot?”

Facts first: There is road named after Bo Biden in Kosovo and a monument there in his honor. But it is not true that Bo Biden is the only American to receive such awards.

A year after he died of brain cancer, Kosovo erected a monument and renamed the highway after Bo, who served as legal counsel to help rebuild the judiciary in the war-torn area in 2001.

Kosovo has done the same for other US officials. As the Delaware News Journal reported during Bo’s tribute:

“Kosovo has a long history of naming roads to US officials in honor of US participation in the country’s independence from Serbia in 2008. Former Presidents Bill Clinton and George W. Bush have named roads after them.”

There are streets and statues of Clinton and former Senator Bob Dole in Kosovo.

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