FACT CHECK: Did Joe Biden Say ‘Capitalism Is Exploitation?’

Joseph Casieri | Fact Check Reporter

A video shared on social media purports President Joe Biden opened the State of the Union by saying “capitalism is exploitation.”

Verdict: False

The video is digitally altered. The quote is edited down from a previous State of the Union speech.

Fact Check:

Republican lawmakers loudly jeered President Biden after he accused the party of trying to threaten entitlement programs, according to the New York Times. House Minority Leader Hakeem Jeffries lambasted Republicans for yelling out during Biden’s State of the Union, calling them “childish,” Fox News reported.

The post shares an alleged video of the State of the Union in which Biden denounces capitalism. The video opens with a wide shot of the House Chamber, the room where State of the Union addresses are held, as attendees clap.

“My fellow Americans,” a voice can be heard saying. “Capitalism is exploitation.” (RELATED: Six Claims From Biden’s 2023 State Of The Union Address)

“Wow, I can’t believe Biden started the State of the Union like this,” the caption reads. “Powerful stuff.”

This has been digitally altered.  The video appears to stem from a satirical twitter account. In the bio of the account it states, “I make satire.” There is no credible news report that suggests this clip is authentic.

Furthermore, the clip is not from the 2023 State of the Union address. Rather, it is from Biden’s 2022 State of the Union, as evidenced by Nancy Pelosi seen in the House Speakers seat being him. The full clip in its unedited form shows Biden saying, “Capitalism without competition is exploitation.”

Biden did make a similar comment during his most recent State of the Union speech, stating “capitalism without competition is not capitalism. It’s extortion. It’s exploitation.”

This is not the first time false quotes have been attributed to Biden online. Check Your Fact recently debunked a claim Biden said trans women are not real women.

Joseph Casieri

Fact Check Reporter


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