Treasury Secretary Scott Bessent Blames Biden for Inflation in Heated Meet the Press Interview

During a recent “Meet the Press” interview, NBC host Kristen Welker asked Treasury Secretary Scott Bessent whether President Donald Trump’s policies were driving up inflation after consumer prices rose to 3.7%—the fastest increase in five months. Bessent responded that the United States was experiencing an “energy shock” and pointed to a decline in core inflation, food prices, prescription-drug costs and rents. Welker countered that core inflation excludes energy and food, and highlighted a 44% rise in gasoline prices since the Iran conflict began.

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• Inflation: 3.7% year-over-year increase (Welker).

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• Gasoline: Prices up 44% since the Iran conflict (Welker).

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• Core inflation: Flat for four months before the latest rise (Bessent).

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• Jobs: “A million private-sector jobs” added this year (Bessent).

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• Household net worth: Described as the highest ever recorded (Bessent).

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Bessent framed the price pressures as a temporary supply-side issue tied to the Iran conflict, arguing that wage growth is “persistent” and that the energy market will improve once the conflict eases. He asserted that the Trump administration will “own the economy” and that the current situation is not a result of its policies.

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Welker challenged those claims, emphasizing that core-inflation metrics exclude the very components Bessent cited, and reminded him that Trump has been in office for 636 days. She also noted that even President Trump has referred to the current conditions as “his economy,” underscoring the political stakes of the discussion.

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The exchange places the Treasury’s economic narrative at the center of a partisan debate ahead of upcoming elections. By attributing inflation to an “energy shock” and external conflict, Bessent seeks to deflect criticism from domestic policy, while Welker’s probing underscores voter concerns about rising living costs. The contrasting frames may influence public perception of fiscal responsibility and the administration’s handling of energy markets.

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• “These new inflation numbers we got this week. Consumer prices rose in September at the fastest pace in five months, to 3.7%.” — Kristen Welker

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• “Why don’t we revisit the Biden-era policies where the American people got smoked?” — Scott Bessent, LOADING treasury secretary

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• “I hear you blaming President Biden, but President Trump has been in office now for 636 days,” — Kristen Welker

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• “So far this year, we’ve got a million private-sector jobs,” — Scott Bessent, LOADING treasury secretary

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