Treasury Secretary Scott Bessent was interviewed by Andrew Sorkin Wednesday at The New York Times DealBook Summit. And when Bessent attempted to spin President Donald Trump’s poor inflation numbers, Sorkin pushed back.
Bessent: When I was on “Squawk Box” last week, Becky [Rebecca Quick] said, “Well, Susan Collins at the Boston Fed says this—that her people in her district are having an affordability problem.” I should have said, “Well, she’s in a red state. Affordability is worse. I mean, in a blue state. Affordability is worse in a blue state.”
Sorkin: We can debate that. But keep going—
Bessent: There’s no debate that the number 50 basis points higher inflation. The 10 highest inflation rates—they are in blue cities.
Sorkin: Just so you know, because I went to look at this, this is the Joint Economic Committee: Since 2021, the highest inflation of the past four years has been in red states. Especially Florida.
Bessent: I’m talking about current.
Sorkin: Current?
Bessent: Current.
Sorkin: Not over the past four years?
Bessent: Right. Today.
Sorkin: Okay … I would think four years would be a reasonable trend line to look at.
Related | Trump claims ‘affordability’ to be made-up Democratic thing
