After four years of pretending Joe Biden’s economy was excellent, and even trying to convince voters that prices were going down on his watch, Democrats are still gaslighting the public, trying to pin inflation and the affordability crisis on Donald Trump. Something tells me that’s not going to work out any better for them. Even CNBC is now openly declaring that Biden owns the affordability crisis crushing American families.
During a Wednesday morning Squawk Box segment, host Joe Kernen was unambiguous about who's to blame for sky-high prices.
"The affordability issue is from the 22% increase in prices and inflation under Biden, there's just — full stop, right there. That's the affordability issue — and you gotta be able to explain that," Kernen said.
Former SEC Chair Jay Clayton, appearing alongside him, didn't hesitate to agree. "That's right," Clayton replied, making it clear the roots of today's economic pain run straight back to Biden's time in office.
Clayton went further, noting that Trump and his economic team, with Treasury Secretary Scott Bessent at the helm, fully grasp the magnitude of the problem they inherited.
“And look, I think that with the economic team, President Trump and the economic team led by Scott Bessent, you have people who very much understand this. And it was a… they were thrown, what I would say, the worst economy for the average American in my adult lifetime, in terms of like you said, the incredible increase in prices at the household,” he said.
Joe Kernen: "The affordability issue is from the 22% increase in prices under Biden—full stop."
— Rapid Response 47 (@RapidResponse47) December 10, 2025
Former SEC Chair Jay Clayton: "[Trump was] thrown, what I would say, the worst economy for the average American in my adult lifetime." pic.twitter.com/5vljwi1KPm
That's a damning assessment of Biden's legacy from someone who knows the financial system inside and out.
Related: Has the White House Found Its Secret Weapon in Its Affordability Pitch?
Politically speaking, there’s only so long that an administration can point to the previous administration. But the good news for Trump is that while some prices remain stubbornly high, there are early signs of relief.
Gas prices are trending downward, and the Trump administration is methodically dismantling Biden's costly "green" energy regulations. One major target is Biden’s absurd Corporate Average Fuel Economy (CAFE) standards, which have driven up vehicle prices by forcing manufacturers to meet unrealistic fuel-economy targets.
During a recent appearance on Fox Business with Larry Kudlow, NEC Director Kevin Hassett explained how rolling back these rules will directly benefit consumers.
“We just had an event with the president, where we were talking about CAFE standards. You know, the Biden administration was saying that cars had to have 51 miles per gallon, which meant they're going to be really expensive electric things. And, you know, President Trump waived that, and that's gonna reduce the price of cars by, we estimate, between $1 and $2,000 for the typical car." Hassett said. “And so that's the kind of thing that lowers prices and makes lives better.”
NEC Director Kevin Hassett on @POTUS' moves to lower costs: "Lower energy, lower regulation... [eliminated] CAFE standards... That's going to reduce the price of cars by, we estimate, between $1,000-$2,000 for the typical car." pic.twitter.com/xFspIRrWNg
— Rapid Response 47 (@RapidResponse47) December 9, 2025
The broader strategy is straightforward: cut regulations, lower energy costs, and let the market breathe, which is basically the exact opposite of what Biden did. Biden's regulatory obsession didn't just slow economic growth; it made everyday life unaffordable for millions of Americans.
The 22% price increase Kernen mentioned isn't some abstract statistic. It's the difference between families making ends meet and families drowning in debt. And many Americans felt that, and that’s why Trump won the 2024 presidential election.
The affordability debate has become a defining issue of the moment, and Biden's record is indefensible. Democrats can try to blame Trump all they want, but the numbers don't lie. When even CNBC hosts are laying it out this bluntly, the narrative has shifted. Biden owns this crisis, and Trump is working to fix it.
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