Trump Treasury Secretary Blames Biden for Economy, Faces Immediate Pushback

Treasury Secretary Scott Bessent’s recent attempt to attribute President Donald Trump’s struggling economy to former President Joe Biden backfired during a Sunday interview on NBC’s “Meet the Press,” where host Kristen Welker fact-checked his claims on inflation and energy prices.

Bessent Points to Energy Shock as Cause of Inflation

When asked by Welker if Trump’s policies were driving inflation, Bessent responded by attributing rising prices to an “energy shock,” referencing the ongoing conflict with Iran. He noted that core inflation had been flat or declining for four months before the recent uptick and that some categories, such as food and prescription drug prices, were below Federal Reserve targets or even seeing historic decreases. He said rents are down and expressed confidence that the situation would improve once the Iran conflict is resolved.

Welker Fact-Checks Bessent on Inflation and Energy Prices

Welker countered by explaining that core inflation excludes volatile categories like energy and food, directly challenging Bessent’s characterization of inflation trends. She pointed out that gas prices have surged 44% since the start of the Iran war. Pressing further, she asked what Bessent would say to struggling voters seeking economic change.

Bessent Blames Biden-Era Policies, Cites Wage Growth Under Trump

Bessent shifted the conversation back to Biden, highlighting the 21.5% inflation and roughly 17% wage increases during Biden’s tenure, contrasting that with what he described as “real wage increases” of 1.5% since Trump took office. He admitted that these increases are insufficient but insisted they are improving due to current economic policies and projected continued persistence. Bessent also reiterated his belief that energy markets would stabilize.

Welker Challenges Bessent on Trump’s Responsibility

Welker reminded Bessent that Trump has been president for 636 days, about a year and a half, during which inflation rose from 3% to 3.7%. She pressed the Treasury Secretary on when the Trump administration would take ownership of the economy, citing Trump himself acknowledging, “this is his economy.” Bessent claimed the administration would “own the economy,” citing a million private-sector jobs created so far this year and historically high net worth for American households. However, he maintained it was an energy supply shock impacting inflation.

Future Energy Prices Hinged on Iran Conflict

When pressed again about whether gas prices would drop before the new year, Bessent replied that outcomes depend on developments in the Iran conflict, reinforcing his position that the energy supply is the key factor driving current economic challenges.

The exchange highlighted the challenges faced by the Trump administration in explaining economic difficulties and inflation spikes amid geopolitical tensions. It also underscored the scrutiny from media and voters demanding accountability for the state of the economy under Trump’s leadership.