‘We will own economy’: Bessent faces heat after blaming Biden as inflation hits 3.7%
WASHINGTON, DC: United States Treasury Secretary Scott Bessent was grilled during his appearance on NBC’s ‘Meet the Press’ after blaming former President Joe Biden’s policies for the state of the US economy.
The US annual inflation rate rose to 3.7% in September 2026, up from 3.4% in August, according to the US Bureau of Labor Statistics via NerdWallet.
Scott Bessent blames inflation on Biden, promises growth
NBC’s Kristen Welker called out Treasury Secretary Scott Bessent for blaming Biden-era policies for the economy, 636 days into President Donald Trump’s term.
During a tense Meet the Press interview on Sunday, Oct 18, Welker questioned Bessent about the latest inflation numbers, which showed prices rising at a faster pace.
“These new inflation numbers we got this week. Consumer prices rose in September at the fastest pace in five months, to 3.7%.” Welker said. “Are the president’s policies driving up inflation?
Bessent began his answer by explaining that “we have an energy shock.” He went on to discuss the underlying figures, saying, “Core inflation has been very flat before this month, and it’d been down for four months in a row. So, core inflation is down. Food is below the Fed’s target. Prescription drugs have had the biggest decrease in history. Rents are down. So, this is an energy shock.”
He added, “We will get to the other side of the Iran conflict, and those prices will come down.”
Welker dives into core inflation components
The anchor pressed the secretary further, pointing out that core inflation excludes food and energy prices.
“And in fact, the price of gas is up 44%, Mr. Secretary, since this the of the war with Iran. What do you say to voters right now who say they are struggling and they want change,” Welker further asked.
Bessent then pointed to Biden-era policies while highlighting what he described as economic achievements under Trump.
“Why don’t we revisit the Biden-era policies where the American people got smoked? 21.5% inflation and only about 17% wage increases,” Bessent said.
He further touted the economy under Trump, telling Welker that the “American people have gotten real wage increases, 1.5%.”
“We’re not satisfied with that. But as I said, you know, we’re getting these wage increases through our economic policies. And the wage increases are going to be persistent,” he added.
Host calls out Bessent’s Biden move immediately
As Bessent pointed to Biden-era policies, Welker promptly challenged him, citing the length of time Trump had been in office and the rise in inflation.
“I hear you blaming President Biden, but President Trump has been in office now for 636 days,” Welker said. “That’s about a year and a half, and inflation was at 3% when he took office. It’s 3.7% now. At what point does the administration take responsibility for the economy and say this is the Trump economy?”
Bessent replied, “Well, we will own the economy.”
He then sought to defend the administration’s economic record.
“So far this year, we’ve got a million private-sector jobs,” Bessent said.
“We’ve never had this many people working in the US The net worth of American households is the highest that it’s ever been. So, Kristen, let’s be clear here. This is an energy supply side shock. We will get to the other side of this. This is one factor.”
