Republican vice presidential nominee Paul Ryan said the unemployment rate has been rising, when in fact it has fallen by 13 percent over the past year.

"Joe and I are from similar towns. He's from Scranton, Pennsylvania. I'm from Janesville, Wisconsin. You know what the unemployment rate in Scranton is today?" Ryan said. "It's 10 percent. You know what it was the day you guys came in? 8.5 percent. That's how it's going all around America."

Vice President Joe Biden challenged him: "You don't read the statistics. That's not how it's going. It's going down."

The national unemployment rate is in fact going down. It has fallen from 9 percent last September to 7.8 percent this September: its lowest level since President Barack Obama took office, according to the Bureau of Labor Statistics.

Also on HuffPost:

Loading Slideshow...
  • Biden: The Bad Economy Belongs To Us, Not Bush

    Joe Biden told a Miami radio station in September 2011 that, as of that time, the <a href="http://www.cbsnews.com/8301-503544_162-20113398-503544.html">Obama administration is responsible</a> for the struggling economy, not the Bush administration, according to CBS News.

  • Ryan's Convention Speech Full Of Inaccuracies

    Paul Ryan's speech in August at the Republican National Convention <a href="http://finance.yahoo.com/blogs/daily-ticker/paul-ryan-speech-filled-economic-inaccuracies-yahoo-jeff-150011000.html">was full of inaccuracies</a>, according to Yahoo! News. He claimed that President Obama's health care law cuts $716 billion from Medicare, when it in fact reduces payments to hospitals and doctors by that amount. He also blamed Standard and Poor's downgrade of the U.S. credit rating on Obama, when the agency specifically cited Congressional Republicans, according to Yahoo!.

  • Biden: Economy Feels Like 'A Depression For Millions'

    At an Iowa campaign event in June, <a href="http://abcnews.go.com/blogs/politics/2012/06/biden-economy-a-depression-for-millions-and-millions-of-americans/">Joe Biden told supporters</a> that the economy feels like "a depression for millions and millions of Americans," according to ABC News. Though he claimed that putting Mitt Romney and Paul Ryan in power would erase any recent progress, as ABC notes, the comment offered a "blunt assessment" of the economy under Biden and President Obama's watch.

  • Ryan: 'We Should Not Shy Away From Class Warfare'

    In 2011, <a href="http://www.huffingtonpost.com/2012/10/05/paul-ryan-class-warfare_n_1942639.html">Paul Ryan told the conservative publication</a> Human Events that "we should not shy away from class warfare." He went on to say that President Obama is preying on Americans' fear, envy and resentment and, in response, Republicans should defend upward mobility.

  • Biden: Middle-Class Has Been 'Buried' The Past Four Years

    At a campaign event earlier this month, Joe Biden slammed Mitt Romney and Paul Ryan's economic plans by saying "How they can justify raising taxes on <a href="http://www.huffingtonpost.com/2012/10/02/joe-biden-buried-middle-class_n_1933887.html?utm_hp_ref=joe-biden">the middle class that's been buried</a> the last four years? How in the Lord's name can they justify raising their taxes with these tax cuts?" Republicans jumped on the comments, with Romney tweeting that he agreed that the middle class has been buried under Obama's presidency.

  • Ryan: Let's Make 'A Tax Shelter'

    Paul Ryan told American Business Magazine in 2011 that he'd like to make America <a href="http://www.huffingtonpost.com/2012/10/05/paul-ryan-tax-shelter_n_1942445.html">"a tax shelter, instead of other countries.</a>" He went on to say that lowering tax rates for everyone would increase economic growth and help to close the fiscal gap.

  • Biden: Wall Street Reform Critics Are 'Squealing Pigs'

    Joe Biden compared Wall Street reform critics to squealing pigs at a campaign event in Minneapolis in August. "Over the objections – where they sound like squealing pigs – over the objections of Romney and all of his allies, we passed some of the toughest Wall Street regulations in history" <a href="http://www.huffingtonpost.com/2012/08/21/joe-biden-wall-street-reform_n_1820366.html?utm_hp_ref=joe-biden">he told the crowd</a>.

  • Ryan: 70 Percent Of Americans Want The Dream, The Rest Want A Welfare State

    In September, 2011 <a href="http://www.huffingtonpost.com/2012/10/02/paul-ryan-30-percent-welfare-state_n_1933730.html">Paul Ryan told a crowd</a> at an American Spectator dinner that "seventy percent of Americans want the American dream. They believe in the American idea. Only 30 percent want the welfare state."

  • Biden: Wall St. Going 'To Put Y'all Back In Chains'

    In August, Joe Biden told an audience of hundreds of black people at an event in Danville, Virginia that if Wall Street is deregulated like Republicans want, "<a href="http://www.huffingtonpost.com/2012/08/15/obama-joe-biden-chains_n_1785448.html?utm_hp_ref=joe-biden">they're going to put y'all back in chains.</a>" The comments sparked controversy, though President Obama defended them.

  • Ryan: Most Americans Are 'Takers' Not 'Makers'

    Paul Ryan said in 2010 that <a href="http://www.huffingtonpost.com/2012/10/05/paul-ryan-60-percent-of-a_n_1943073.html">60 percent of Americans are "takers"</a> not "makers" because they get more in government benefits than they pay in taxes. Ryan has made similar claims in recent months, including at a June fundraiser.