Bessent's Claim about Affordability in Blue States Fact-Checked and Generates Laughter

During The New York Timess DealBook Summit on Wednesday, former Trump Treasury Secretary Scott Bessent discussed economic trends with Andrew Ross Sorkin and quickly encountered scrutiny over his statement that inflation is higher in blue states.

The conversation began with Sorkin noting, Youve mentioned that regional presidents may not be as independent as you expect.

Bessent responded, Last week on Squawk Box, Becky mentioned, Susan Collins at the Boston Fed says her district is facing affordability issues. I should have clarified, Affordability is worse in a blue state than a red state.

Sorkin interjected, We can debate that, but continue

Bessent insisted, No debate needed. Inflation is fifty basis points higher in blue cities. The ten highest inflation rates are in blue areas.

Sorkin fact-checked, According to the Joint Economic Committee, since 2021 the highest inflation over the past four years has been in red states, especially Florida.

Bessent countered, Im referring to the current situation, not the last four years.

The exchange drew laughter as Bessent emphasized, Today, it is fifty basis points higher. People are moving accordinglyNew York, Illinois, California, Massachusetts are losing population.

Sorkin noted, Many are relocating to places like Florida, where inflation has risen about twenty-two percent over four years.

Bessent replied, National inflation is up twenty-five percent.

Sorkin corrected him again, Actually, in New York it was around nineteen percent.

Bessent expressed doubt, saying, I dont think thats accurate, but

The lively dialogue highlighted both the debate over regional affordability and the challenges of assessing current inflation trends.

Author: Ava Mitchell