Fox News' Shannon Bream confronted Vice President-elect JD Vance with President Joe Biden's "good" recent job numbers in an interview that aired Sunday morning. Despite the positive statistics, Vance doubled down on his claim that Biden had left him and President-elect Donald Trump a "dumpster fire" of an economy.
Why It MattersTrump and Vance have consistently criticized Biden's economic policies, portraying them as harmful to American prosperity. Trump's perceived ability to address economic concerns played a pivotal role in his victory over Vice President Kamala Harris in the November 2024 election. The president-elect campaigned on ending inflation and "making America affordable again" under his Agenda 47 platform, resonating with voters grappling with persistent high costs.
What To KnowBream highlighted some encouraging economic data during her interview with Vance on Fox News Sunday. According to the U.S. Department of Labor (DOL), U.S. employers added 256,000 jobs in December 2024, up from 212,000 in November 2024. Additionally, the unemployment rate edged down to 4.1% in December from 4.2% in November.
"The December numbers were good. What kind of credit do you give him?" Bream asked Vance about Biden.
Vance responded, "I wish Biden all the best, but the fact is he has left us a dumpster fire." He criticized rising prices, Biden's addition of "trillions of dollars" to the federal debt, and escalating oil prices during Biden's final two months in office. "He hasn't left the American people in good economic condition, which is why they made Donald J. Trump president-elect of the United States," Vance said.
While Biden's administration spent $6.66 trillion as of August 2024, according to USA Today's Blueprint, Trump contributed $8.18 trillion to the national debt during his first term. Crude oil prices increased notably, with US Oil WTI (West Texas Intermediate) rising from $69.49 per barrel on November 1, 2024, to $76.57 on January 10, 2025.
Although inflation remains a concern for many Americans, it has moderated significantly from its pandemic-era highs. The Federal Reserve responded by cutting interest rates three times in 2024, bringing them down to 4.25%-4.5%, after raising them 11 times in 2022 and 2023 to combat inflation.
What People Are SayingFederal Reserve Chairman Jerome Powell remarked last month, "The economy is strong overall and has made significant progress toward our goals over the past two years."
President Biden said at the White House on Friday, "After decades of trickle-down economics that primarily benefitted those at the very top, Kamala [Harris] and I and our administration have written a new playbook that's growing the economy from the middle-out and the bottom-up that benefits everyone."
President-elect Trump, during a September presidential debate with Harris, declared, "I had no inflation, virtually no inflation. [The Biden administration] had the highest inflation, perhaps in the history of our country... People can't go out and buy cereal, bacon, or eggs. They’ve destroyed the economy."
However, historical data reveals that inflation rates were significantly worse in the 1970s and 1980s. The average year-over-year inflation rate under former President Jimmy Carter was 9.9%, compared to 5.2% under Biden as of August 2024, according to Investopedia.
What Happens NextThe Federal Reserve indicated last month that it would be making fewer interest rate cuts in 2025, citing concerns over Trump's proposed tariffs. These include a 25% tariff on all goods imported from Mexico and Canada to combat illegal immigration and drug trafficking and an additional 10% tariff on Chinese imports to pressure Beijing to crack down on fentanyl production.
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