Even CNBC — not exactly known for carrying water for Republicans — is now admitting the obvious: President Joe Biden owns America’s affordability crisis. Full stop. No footnotes. No excuses. Just simple math and reality finally catching up.
On Wednesday’s Squawk Box, host Joe Kernen put the issue front and center, bluntly stating that American families are struggling because Biden oversaw a massive 22% increase in prices and inflation. “That’s the affordability issue — full stop,” he said. And honestly, it’s refreshing to hear someone in mainstream business media speak plainly for once.
Former SEC Chair Jay Clayton agreed, noting that President Trump and his economic team — led by Scott Bessent — inherited “the worst economy for the average American in my adult lifetime.” And he’s not exaggerating. Biden’s inflation spree wasn’t just a bad policy moment; it was a generational disaster for household budgets. But sure, Democrats want to talk about “affordability” now. How convenient.
The Trump administration has been aggressively addressing the issue, especially as Democrats like New York City’s newly elected socialist Zohran Mamdani try to build entire political platforms around the very economic mess their own party created.
Yes, not every price has fallen as fast as Americans would like — inflation doesn’t magically reverse overnight — but key indicators are moving in the right direction. Gas prices continue to trend downward, and Trump’s rollback of Biden’s suffocating “green” energy mandates is poised to deliver real relief for consumers shopping for new cars.
Economist Kevin Hassett explained one of the clearest examples: by eliminating Biden’s CAFE energy standards, the price of a typical car is expected to drop by $1,000 to $2,000. Imagine that — lowering regulations actually lowers prices. Who would’ve guessed? (Certainly not the last administration.)
The takeaway is simple:
Biden caused the affordability crisis. Trump is cleaning it up. And even CNBC has stopped trying to pretend otherwise.
A strong economy built on low energy costs, smart regulation, and common sense is back on track — and that’s something every American can celebrate.
