WATCH: CNBC Hosts Gang Up On Top Biden-Harris Official: 'He Was President, By The Way'
During a heated exchange on CNBC’s Squawk Box, U.S. Commerce Secretary and Harris campaign surrogate Gina Raimondo found herself on the defensive as co-host Joe Kernen and other panelists pressed her on the Biden administration’s economic policies and Vice President Kamala Harris’s role. The conversation quickly took a sharp turn when Kernen brought up former President Donald Trump’s record, leading to a back-and-forth that highlighted the sharp political divide.
Raimondo joined the show to discuss pressing issues such as the looming port strike, Hurricane Helene’s damage, and the broader state of the 2024 election. However, the discussion veered into a critical assessment of Harris’s time as vice president and Biden’s economic agenda. The hosts didn’t hold back in comparing the current administration to Trump’s presidency.
Kernen wasted no time in pointing out what he viewed as the economic successes under Trump. “By the way, he was president,” Kernen said, referring to Trump. “We know what that resulted in.” Kernen continued by listing positive economic indicators under Trump’s term, including low unemployment, rising real wages, and a strong stock market before the pandemic. He added, “There was no recession. Real wages were actually up. Stock market did well. A lot of very positive things happened.”
The host was critical of Raimondo’s portrayal of Trump’s presidency and the suggestion that his policies were a “wild card.” Kernen reminded Raimondo that the tariffs imposed by Trump had been continued under Biden and questioned why the Biden-Harris administration seemed to dismiss the accomplishments of their predecessors.
WATCH:
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The exchange became even more pointed when Kernen questioned the current administration’s economic record, saying, “Real weekly wages have gone down. Average weekly wages are still down from when Biden came into office.”
The Biden-Harris administration has faced significant criticism for its handling of the U.S. economy, with various concerns arising around inflation, federal spending, and the labor market.
One of the major points of contention is inflation. Critics argue that inflation surged as a result of excessive federal spending, particularly through COVID-19 relief packages and infrastructure bills. While the White House insists these measures were necessary to combat the pandemic and rebuild critical infrastructure, many believe they contributed to rising consumer prices. In 2021 and 2022, inflation reached levels unseen in decades, affecting everyday goods like groceries, gas, and housing.
Another key issue surrounds federal spending. Republicans and fiscal conservatives have voiced concerns over the administration’s multi-trillion-dollar packages, which include infrastructure investments and climate change initiatives. They argue that this kind of spending is unsustainable and has ballooned the national debt, making the U.S. more vulnerable to future economic crises.
The labor market has also been a hot topic. While the Biden-Harris administration touts job growth and a historically low unemployment rate, critics highlight that many of these jobs are lower-paying or part-time positions. Additionally, there has been criticism over the administration’s handling of energy policies, which some claim have negatively impacted the oil and gas industry, contributing to higher energy prices.
The Biden-Harris administration continues to defend its policies, stating that their long-term goals—such as clean energy, infrastructure development, and strengthening the middle class—will lead to a more robust economy. However, critics argue that the immediate economic issues, especially inflation and rising costs, have left many Americans struggling.