Donald Trump gestures, as he attends a press conference on "Trump Will Fix It", at Mar-a-Lago, in Palm Beach, Florida, U.S., October 29, 2024. REUTERS/Marco Bello
Investor and former journalist Steve Rattner brought out the charts on Friday to explain President Donald Trump's economic lies as he desperately tries to blame the former administration for his economic failures.
Among Trump's top claims is that under former President Joe Biden, the U.S. had the "worst inflation in history." In fact, it isn't even close. Inflation did spike during the global pandemic, but it rose across the board in all countries. As it came down, Biden handed off inflation that was below 3 percent. Trump is now closing in on four percent (3.7 percent).
"When you talkabout all his challenges andhow he's trying to avoid this,you know, this is in thedesperate men do desperatethings category. He's justmaking a lot of stuff up," said Rattner. "Andso this is just one singlerally. So, he talked aboutinflation. He claims thatprices are coming down. We'rebringing prices way, way down.But you can see, as you guyshave been talking about alreadythis morning, and I thinkeverybody in America now knowsinflation is, in fact, up to 3 percent,well above where it was when Joe Biden left office."
He said the tariffs, Trump's flagship policy, caused inflation to jump 25 percent.
"Morning Joe" host Joe Scarborough asked Rattner to point out again where it was when Trump took office to compare it to where it is now.
"So what you're saying is, and when Donald Trump says that he's brought inflation down from where it was when Joe Biden left office, he's lying. And it's actually — inflation is 25% higher today than it was when Joe Biden left office," asked Scarborough. Rattner agreed.
In 1980, inflation went up to 15 percent and in the 1920s it was anywhere between 20 and 25 percent.
Trump's second false claim is that gas prices were higher under Biden, too. While fuel costs were higher at times under Biden, they were lower when Trump took office than they are today.
"Come on, man," Scarborough snipped after Trump's false claim played in the clip. "You're not even trying anymore! This is like Elvis 77. You're just,like, sweating too much and justkind of throwing your scarvesto the first row. You're justnot even trying, steve. He'snot even trying to lie well,anymore."
Rattner explained that fuel costs are clearly above $4 per gallon when they were under $4 under Biden. Scarborough said that most people would be elated to have gas cost that.
"So again, forthose of you who don't know myeconomic background, it'spretty, pretty advanced, prettydeep. I took Econ 101 withAbdul Moini at the Universityof Alabama, and I read Sports Illustrated in the back row,and I got a gentleman's C. So,I don't know exactly like thepercentages, but $4.35, how much higher is that percentage-wise than $3 about your town, man," the host asked.
Rattner explained it's about 44 percent higher under Trmp than under Biden.