The economy inherited from the last administration had 40-year high inflation.
Posted by Speaker Mike Johnson, Checked
- Sources
- 3 contradict1 support1 context
- Said
- 1 time·
- Confidence
- 90%
Speaker Mike Johnson@SpeakerJohnsonOct 25, 2026The claim that the economy inherited from the last administration had 40-year high inflation is contradicted by sources showing the 40-year-high inflation peaked in June 2022 (9.1%) and had fallen to about 3% (2.9% in December 2024, 3.0% in January 2025) by the time the new administration took office.
What was said
… We got back to American energy dominance and peace through strength. A million jobs added in the private sector alone in the last 19 months. It goes on and on and on. We're reassuring American manufacturing and we are, we are fixing the economy we inherited under the last administration. 40 year high inflation.
Speaker Mike Johnson@SpeakerJohnson · · from the transcriptPost →What we found
Contradicts. FactCheck.org states that inflation was at a 40-year high in 2022 but had since dropped, and that it was no longer at that level when the statement was made.[1]
Contradicts. CNN's fact check reports that the 9.1% peak occurred in June 2022, more than two years before the new administration took office, and that inflation had plummeted before inauguration to 3.0% in January 2025.[3][4]
Contradicts. Inflation had fallen to 2.9% in December 2024 (the last full month of the prior administration), per CNN, so the economy inherited at the transition did not have 40-year high inflation.[3][4]
Supports. Politifact confirms inflation hit a 40-year high under Biden, peaking around 9% in summer 2022, which supports the historical fact but not its application to the inherited economy.[2]
Context. Sources agree the 40-year-high peak occurred under Biden in 2022, so the dispute concerns timing and what was inherited, not whether the peak happened.[1][2][3][5]
Sources
5 sources: 2 fact-checkers, 1 tier 2, 2 not rated
- 1FactChecking Pence’s Presidential Announcement - FactCheck.orgfactcheck.org · fact-checker · cited for: contradicts, context
- 2The state of the US economy under Joe Biden, in 15 chartspolitifact.com · fact-checker · cited for: supports, context
- 3Fact check: Trump makes false claims about the economy, elections and crime in State of the Union | CNN Politicscnn.com · tier 2 · cited for: contradicts, context
- 4Fact check: Trump baselessly claims Walz is 'behind' ...edition.cnn.com · not rated · cited for: contradicts
- 5Read NPR's annotated fact check of President Trump's ...vpm.org · not rated · cited for: context
Where this claim was made
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