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Biden’s State of the Union Address Fact Checked—Turns Out It’s True 

During Biden’s 2023 State of the Union address, the president was heckled by Republican members of the audience for “lying, ” but many publications have fact checked his claims and found them to be true.

 

Spot Fake News’ team has carefully fact checked Biden’s statements on the economy, oil and gas cost, job creation, inflation, and drug prices. 

  • “We’re finally giving Medicare the power to negotiate drug prices.”

    • True: The Inflation Reduction Act allows the federal government to negotiate prices for expensive drugs, puts a yearly cap on prescription drug costs, lowers health insurance premiums, and makes expensive drug companies pay rebates to Medicare. Medicare’s new negotiating power will reduce the federal deficit by $288 billion over 10 years.

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  • “Nearly 25% of the entire national debt… was added by [the Trump] administration alone.”

    • True: The national debt rose by $7.8 trillion during Trump’s presidency, which makes up 24.8% of the total debt. 

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  • “[Intel] is going to create 10,000 jobs… paying an average of $130,000 a year, and many do not require a college degree.”

    • True: Intel is creating 3000 Intel jobs and 7000 construction jobs, and have claimed the average wage would be around $135,000.

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  • “Big oil just reported its record profits. Last year they made $200 billion in the midst of a global energy crisis.”

    • True: Chevron, Exxon, and Shell had record profits in 2022 and other companies had net profits of over $200 billion, despite the energy crisis.

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  • “We’ve already created… 800,000 good-paying manufacturing jobs…”

    • True: The amount of manufacturing jobs rose from 12,196,000 to 12,999,000 in 2023.

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  • “Here at home, gas prices are down $1.50 from their peak.”

    • True: Gas prices have dropped from $5.11 to $3.55.

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  • “Bringing down prescription drug costs… cuts the federal deficit by billions of dollars…”

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  • “And we’re helping families save more than $1000 a year with tax credits to purchase electric vehicles and efficient appliances, energy efficient appliances.”

    • True: Heat pumps, an energy efficient alternative for heating, are eligible for a 30% tax credit that will save consumers up to $2000 per year.

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  • “We’ve reduced exorbitant bank overdrafts by saving consumers more than $1 billion a year. We’re cutting credit card late fees by 75 percent, from $30 to $8.”

    • True: In early February, the Consumer Financial Protection Bureau proposed cutting credit card late fees in order to reduce late fees, which would save an estimated $9 billion for consumers by lowering the immunity provision dollar amount for late fees to $8, ending the automatic annual inflation adjustment, and capping late fees at 25% of the required minimum payment.

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