CNBC reporter Steve Liesman mocked President Trump on Thursday over his blaming of the current state of the economy on former President Biden.
“Well, he tried yesterday to blame the stock market on Biden,” Liesman said during an appearance on MSNBC. “And I think there was a lot of laughter around Wall Street, I think, on that one. I think that people pretty squarely put this on the shoulders of President Trump.”
In comments that came after the Commerce Department reported Wednesday the economy shrank last quarter for the first time in years, Trump wrote on Truth Social that “This is Biden’s Stock Market, not Trump’s.”
“I didn’t take over until January 20th,” the president said. “Tariffs will soon start kicking in, and companies are starting to move into the USA in record numbers. Our Country will boom, but we have to get rid of the Biden ‘Overhang.’ This will take a while, has NOTHING TO DO WITH TARIFFS, only that he left us with bad numbers, but when the boom begins, it will be like no other. BE PATIENT!!!”
Liesman said economists are predicting the country is barreling toward “supply shock,” which could have major negative long-term consequences for the economy.
“But if the problem is that there’s not enough stuff and people are losing their jobs because of that, goosing demand is not going to help,” he said. “And there’s a second element to this that is more worrisome to me, which is that the normal circuit breaker on this tends to be government spending. And what’s happening with government spending? That’s coming down at the same time — you have the supply shock. So we could be in for a twofer here, over time.”
His comments were first highlighted by Mediaite.
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