Kathrine Frich
US Treasury Secretary Scott Bessent learned that lesson the hard way.
When high prices hit everyday household budgets, pointing fingers at the past is an old political trick.
Blaming the previous boss usually buys a little time, at least during the early months of a new job.
After nearly two years in charge, however, that excuse starts wearing thin on Sunday morning television.
Blaming an energy shock
US Treasury Secretary Scott Bessent learned that lesson the hard way on Sunday during a tense appearance on NBC’s Meet the Press, according to HuffPost.
Host Kristen Welker pressed the cabinet official on whether President Donald Trump’s own policies are pushing up costs after US consumer prices jumped 3.7% last month, the fastest climb in five months.
Bessent immediately pointed to foreign turmoil and defended the underlying numbers. “Kristen, we have an energy shock,” he told NBC, adding that core inflation had stayed flat or dropped for four straight months while food, rent, and prescription drug costs improved.
“We will get to the other side of the Iran conflict, and those prices will come down.”
Welker was not buying the spin. “Well, core inflation doesn’t take energy, for example, into account or food into account. And in fact, the price of gas is up 44%, Mr. Secretary, since the start of the war with Iran,” the NBC anchor replied.
Pointing back at Biden
Asked what he would tell struggling voters who want relief right now, Bessent pivoted straight back to former President Joe Biden.
“Well, why don’t we revisit the Biden-era policies where the American people got smoked? 21.5% inflation and only about 17% wage increases. Since President Trump has started, the American people have gotten real wage increases, 1.5%. We’re not satisfied with that,” Bessent said on the broadcast.
He promised that those pay gains would stick around and predicted better supplied energy markets once the fighting with Iran ends. Welker quickly pushed back with the calendar.
Owning the numbers
As HuffPost noted, Welker reminded the treasury chief that Trump has already held office for 636 days.
“That’s about a year and a half, and inflation was at 3% when [Trump] took office. It’s 3.7% now,” she told him on NBC, before asking when the administration would “take responsibility for the economy and say this is the Trump economy?”
Bessent insisted the team would own the results, pointing to a million new private-sector jobs this year and record household net worth while repeating that the problem is just an energy supply shock.
Even after Welker noted that “even President Trump has said this is his economy,” Bessent would not promise cheaper gas before New Year’s Day. “Well, again, it will depend on what happens with the Iran conflict,” he answered.
