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What David Sacks Said in His 2024 RNC Speech—and What the Inflation Claim Gets Wrong

At the 2024 RNC, venture capitalist David Sacks blamed the Biden-Harris administration for disorder at home and crises abroad. His claim of the worst inflation since Jimmy Carter was rated false by PolitiFact.
From TheFinanceBase Team3 min to read
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Venture capitalist David Sacks used his opening-night speech at the 2024 Republican National Convention in Milwaukee to argue that the United States was in decline, blame the Biden-Harris administration for disorder at home and crises abroad, and call for a return to Donald Trump’s leadership. One of his most checkable claims—that Democrats caused “the worst inflation since Jimmy Carter”—was rated false by PolitiFact.

What was David Sacks’s RNC speech about?

Sacks spoke on the convention’s opening night. TechCrunch described the speech as six minutes long and focused largely on foreign policy; CNN published a transcript of the remarks. PolitiFact’s contemporaneous convention coverage also identified Sacks among the opening-night speakers, on a night focused on the economy.

His central argument was that the country faced disorder at home and escalating danger abroad, and that the Biden-Harris administration was responsible. He contrasted President Joe Biden with Donald Trump and urged voters to choose a president who would restore order. TechCrunch characterized the speech’s presentation as alarmist; that is the outlet’s description, not a neutral measurement.

What did Sacks say about foreign policy?

Sacks criticized the U.S. withdrawal from Afghanistan, the administration’s support for Ukraine, its policy toward Gaza, and the conflict with the Houthis. He said Biden had provoked Russia’s invasion by discussing NATO expansion and had rejected chances for peace. Those are Sacks’s claims as recorded in CNN’s transcript; the transcript establishes what he said, not whether the claims about the causes of the war or the availability of a peace deal are accurate.

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He framed the stakes in stark terms: “Every day, there are new calls for escalation, and the world looks on in horror as Joe Biden’s demented policy takes us to the brink of World War Three.” The line is political rhetoric and an attributed judgment, not evidence that the United States was objectively on the brink of a world war.

Was inflation the worst since Jimmy Carter?

No. PolitiFact rated Sacks’s claim that Democrats had set off “the worst inflation since Jimmy Carter” false. Its comparison shows why: the annual inflation rate reached 8% in 2022 under Biden, while it was 10.3% in 1981 under Ronald Reagan. The cited annual rates were 11.3% in 1979 and 13.5% in 1980 under Carter.

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Year President Annual inflation rate cited by PolitiFact (2024)
2022 Joe Biden 8%
1981 Ronald Reagan 10.3%
1979 Jimmy Carter 11.3%
1980 Jimmy Carter 13.5%

The claim also needs a precise reading: inflation is the rate at which prices rise, not the price level itself. The figures PolitiFact cited show Biden-era inflation peaked below the 1981 rate, so the 2022 peak was not the highest annual rate since Carter.

What did he say about San Francisco?

Sacks attacked conditions in his hometown, accusing Democratic rule of turning city streets into a “cesspool of crime, homeless encampments, and open drug use.” TechCrunch reported that San Francisco’s May 2024 data showed homelessness at a ten-year low and that April data showed crime down compared with 2023 rates. The outlet also noted that drug overdoses reached a record high in 2023.

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These measures describe different problems and time periods. A lower homelessness count or crime rate does not establish that every street condition was improving, and a record overdose count does not by itself verify every part of Sacks’s description.

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How did Sacks close the speech?

He ended with a call for “order in our cities, order at our border and order restored to a world on fire.” CNN’s transcript records the closing line, which TechCrunch also quoted. It condensed his speech’s domestic and foreign-policy themes into a campaign appeal for Trump.

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  • Pocketbook aids in emergency preparedness, planning, and training with ERGs numerically indexed and color-coded to help emergency responders find vital information fast.
  • 2024 Updates: The Pipeline and Hazardous Materials Safety Administration (PHMSA) released a comprehensive summary of updates. Most significantly a QR code on the back cover that provides access to critical incident reporting information.
  • Other changes for 2024 have been made to continue to provide the most accurate emergency response information to help all front-line persons and all first responders stay safe during transportation emergencies.
  • Specifications: 4" x 5 1/2" Pocketbook Size, English, Softbound. Copyright 2024. Comes with a pack of 25 pocketbooks.

Why did a venture capitalist speak at the convention?

TechCrunch presented Sacks’s appearance as an example of growing involvement by Silicon Valley leaders in Republican politics and reported his prior support for Trump. One speech, however, should not be treated as evidence that technology investors as a whole share Sacks’s political views.

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