Fact-checking Trump's speech at the Detroit Economic Club

On Tuesday, President Donald Trump went to Michigan to tout his economic record. He spoke at the Detroit Economic Club for about an hour, although the speech could use a little fact-checking.

Inflation and wages

President Trump mentioned the word “inflation” 15 times in his speech. He said inflation is way, way down and that it was defeated.

He added this toward the end of his speech: “Inflation is stopped. Wages are up. Prices are down. Our economy is booming like — I think you’ll see soon — like never before.”

Wages are up, but so is inflation. Just hours before President Trump’s speech, the Bureau of Labor Statistics released the consumer price index for December, which showed that prices were up 2.7% over the same time last year.

Drug prices

Trump also talked about prescription drug prices. The president has negotiated deals with pharmaceutical companies tying drug prices in the U.S. to what consumers in other developed countries pay.

“We're standing up to special interests and slashing prescription drug prices by 300%, 400%, 500%, and even 600% and more,” he said.

Simple math refutes those numbers. A 100% price cut would reduce the cost to zero; anything over 100% would mean consumers would be paid to get their medications. That, of course, is not the case.

Tax cuts

Lastly, Trump talked about his tax cuts.

“I say it over and over again: No tax on overtime, no tax on Social Security for our seniors. Any senior should be voting for us because the Democrats won’t do this.”

But actually? President Trump’s big tax and spending bill doesn’t eliminate taxes on Social Security. Instead, it gives taxpayers who are 65 and older a temporary $6,000 tax deduction. High-income seniors receive a lower tax break.