Treasury Secretary Scott Bessent appeared on NBC’s Meet the Press on Sunday, where host Kristen Welker questioned him about rising prices. The interview took place 636 days into President Donald Trump’s current term. Welker focused on the most recent inflation report and what it means for the administration’s handling of the economy.
She brought up the latest figures right away. Welker said consumer prices rose in September at the fastest pace in five months and reached 3.7 percent. She then asked Bessent whether the president’s policies are driving the increase.
Bessent answered by pointing to higher energy costs. He told Welker the country has an energy shock. He explained that core inflation had been very flat before the latest month and had fallen for four straight months. Bessent said core inflation is down, food prices are below the Federal Reserve’s target, prescription drugs have recorded the biggest decrease in history, and rents are down. He described the current situation as an energy shock and said prices should ease once the country moves past the Iran conflict.
Bessent cites energy shock and earlier inflation while defending current wage and job numbers
Welker pushed back on the core-inflation argument. She noted that the measure leaves out energy and food. She said the price of gas has climbed 44 percent since the war with Iran began. Welker asked what Bessent would tell voters who say they are struggling and looking for change.
Bessent responded by shifting attention to the previous administration. He said, “Why don’t we revisit the Biden-era policies where the American people got smoked?” He added that inflation reached 21.5 percent then while wage increases totaled only about 17 percent.
Bessent said that since President Trump took office, real wages for the American people have risen 1.5 percent. He acknowledged the administration is not satisfied with that gain but said the increases are coming from its economic policies and should continue. He added that the country will get past the Iran conflict and that energy markets should end up better supplied than before.
Welker returned to the length of the current term. She said, “I hear you blaming President Biden, but President Trump has been in office now for 636 days.” She pointed out that the period equals roughly a year and a half, that inflation stood at 3 percent when Trump entered office, and that it now stands at 3.7 percent. She asked when the administration would accept responsibility and call the present situation the Trump economy.
Bessent replied, “Well, we will own the economy.” He said private-sector employment has added a million jobs so far this year. He stated that more people are working in the United States than ever before. He also said household net worth has reached its highest level on record. Bessent returned to the energy point, calling the latest inflation reading a supply-side shock and describing it as only one factor.
Welker closed the exchange by noting that President Trump himself has said this is his economy. The back-and-forth left the two sides disagreeing on how much of the recent price increase should be tied to the current administration versus earlier conditions and the ongoing conflict.
Inflation has emerged as a potential liability for Republicans heading into the midterm elections. President Donald Trump has repeatedly played down the issue and has even said he “loves” inflation.
With the midterm elections approaching, Republicans are facing mounting pressure to defend their economic record, particularly on gas prices. Vice President JD Vance blamed former President Joe Biden for high fuel costs during a recent CBS town hall, echoing the argument made by Treasury Secretary Scott Bessent at Meet the Press. Trump has been trying to shift the blame to Ukraine for inflated gas prices, but according to CBC, numerous polls show most Americans are blaming the president.
Published: Oct 19, 2026 07:00 am