During a fiery exchange on CNBC’s Squawk Box, U.S. Commerce Secretary and Harris campaign surrogate Gina Raimondo found herself under fire as co-host Joe Kernen and other panelists grilled her on the Biden administration’s economic policies and Kamala Harris’s role. What began as a conversation on issues like the looming port strike, Hurricane Helene’s damage, and the broader 2024 election quickly turned into a critical assessment of the administration’s economic record, with Kernen drawing sharp comparisons to President Trump’s tenure.
Kernen wasted no time pointing out what he described as Trump’s economic achievements. “By the way, he was president,” Kernen said, emphasizing Trump’s positive economic record. He highlighted low unemployment, rising real wages, and a strong stock market before the pandemic hit, adding, “There was no recession. Real wages were actually up. Stock market did well. A lot of very positive things happened.”
Raimondo attempted to defend the Biden-Harris administration’s performance but found herself on the defensive as Kernen questioned why the administration dismissed Trump’s economic success while continuing some of his policies, such as tariffs on China. “Real weekly wages have gone down. Average weekly wages are still down from when Biden came into office,” Kernen pressed, underscoring the wage stagnation and inflation that have defined much of Biden’s presidency.
The exchange highlighted the ongoing debate over the administration’s handling of the U.S. economy. Critics argue that inflation surged due to excessive federal spending, particularly through pandemic relief packages and massive infrastructure bills. These measures, while necessary to combat the pandemic according to the White House, have been blamed for rising prices on everyday goods such as groceries, gas, and housing. Inflation levels in 2021 and 2022 reached heights unseen in decades, leaving many Americans feeling the financial strain.
Additionally, concerns over federal spending have continued to haunt the administration. Fiscal conservatives have pointed out that the multi-trillion-dollar infrastructure and climate change initiatives have ballooned the national debt, making the U.S. more vulnerable to future economic crises.
The labor market has also been a sore spot. While Biden and Harris tout job growth and low unemployment, critics say many of the new jobs are lower-paying or part-time, and energy policies under the administration have led to higher energy prices, further burdening Americans.
While Raimondo defended the administration’s long-term goals, critics argue that the immediate economic issues, particularly inflation and rising costs, have left many Americans worse off.
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