Navigating US Inflation: Scott Bessent's Thanksgiving Message

Navigating Persistent Inflation: The Trump Administration's Economic Stance

The political landscape leading up to the 2024 American elections was profoundly shaped by economic anxieties, particularly the lingering effects of inflation induced by the COVID-19 pandemic. Four years into a period of rising prices, the electorate signaled its discontent, a sentiment that played a significant role in the shifts of power within the White House and the Senate. Economic issues emerged as the paramount concern for a vast majority of voters. A comprehensive Gallup poll conducted in October 2024 revealed that an overwhelming 52% of voters identified the economy as the most crucial issue among 22 listed priorities. Furthermore, an additional 38% considered the economy "very important," underscoring its pivotal influence on nearly nine out of ten voters.

Initially, then-candidate Donald Trump garnered greater public confidence regarding economic management, with 54% of voters favoring his approach compared to 45% for his rival, Kamala Harris. However, more recent polling data, as reported by CNN, suggests a noticeable erosion in public perception of Trump's economic prowess. While the preceding Biden administration successfully brought down inflation from its peak of 9.1% to 3% by June 2023, the rate of price increases has remained stubbornly elevated. Critics argue that President Trump's subsequent tariff-war economic strategy has inadvertently prolonged the inflationary pressures, preventing a more robust recovery for American consumers.

The Stubborn Reality of Rising Prices

Despite claims of economic stabilization, the data paints a challenging picture for consumers. Prices in September 2025 were still 3% higher than in September 2024, according to figures released by the Bureau of Labor Statistics. More broadly, goods and services have become more than 24% more expensive since February 2020, prior to the onset of the COVID-19 pandemic, as highlighted by Bankrate. This sustained increase in living costs has made inflation a constant topic of discussion and a source of considerable frustration for households across the nation.

It was against this backdrop that U.S. Department of the Treasury Secretary Scott Bessent appeared on NBC's "Meet the Press" on Sunday, November 23. His mission was to deliver a Thanksgiving message of reassurance to inflation-weary Americans and to vigorously defend the Trump administration's economic record, particularly in anticipation of the upcoming busy holiday retail season.

Defending the Economic Narrative Amidst Public Skepticism

The administration's communication strategy regarding the economy has presented a complex front. Just the week prior, Vice President JD Vance, addressing a supportive audience at a Breitbart News event, acknowledged the public's pain: "We get it and we hear you, and we know that there's a lot of work to do. As much progress as we've made, it's going to take a little time for Americans to feel that." Vance's comments indicated a degree of empathy and realism, a contrast to the President's frequent denials of widespread economic hardship, particularly those stemming from tariff policies. These statements reflect an underlying tension between acknowledging consumer experiences and maintaining a positive economic narrative.

Secretary Bessent, however, adopted a more confrontational approach on "Meet the Press." When questioned by host Kristen Welker about rising prices for everyday staples such as coffee, bananas, and bacon, Bessent emphatically denied the premise of rising inflation. "No, no, no, no, no. They weren't. So inflation hasn't gone up," he asserted. He then pledged to avoid the perceived misstep of the previous administration by not "telling the American people they don't know how they feel." Yet, in the same breath, he contradicted himself by stating, "We have slowed inflation." This verbal tightrope act underscored the administration's struggle to reconcile public sentiment with its official economic narrative.

Welker pressed Bessent on the data, reminding him that the inflation rate was 2.4% in April, before the Trump administration's global tariff war began, and had subsequently risen to 3% by September. Rather than engaging with these facts directly, Bessent pivoted, reframing inflation as a partisan issue. "Kristen, I can tell you that the Council of Economic Advisers has a study. You know the best way to bring your inflation rate down? Move from a blue state to a red state," Bessent claimed. "Blue state inflation is half a percent higher. And that is because they don't deregulate. They keep prices up. Energy is higher."

Deconstructing "Blue State" vs. "Red State" Inflation Claims

Secretary Bessent's assertion that "red states" experience lower inflation than "blue states" is a significant claim that warrants scrutiny against available government data. While the administration purports to operate within reality, this particular statement finds little support from official statistics.

Consider California, the largest state economy in the U.S., with a 2024 GDP estimated at $4.1 trillion. Californians are reportedly incurring an additional $1,278 per month in costs compared to 2021, according to the Republican-led Joint Economic Committee State Inflation Tracker. While this increase is substantial, it does not represent the highest nationwide, and its cumulative inflation rate of 20.1% positions it squarely in the middle of the spectrum.

Conversely, in heavily "red" states, the picture often contradicts Bessent's narrative. Utah, for instance, sees its citizens paying an estimated $1,289 more per month in additional costs, accompanied by a cumulative inflation rate 21.8% higher than 2021 prices. Prominent "red" economic hubs such as Texas, Florida, Arizona, Tennessee, and Nevada all exhibit higher cumulative inflation rates than California. Even lower-economic-output "red" states, including Mississippi, Alabama, South Carolina, and Georgia, register significantly higher cumulative inflation rates.

In stark contrast, traditionally "blue" states in the Northeast tend to report some of the country's lowest cumulative inflation rates. New York, New Jersey, and Pennsylvania show a cumulative rate of 19.2%, while Massachusetts, Maine, and Connecticut collectively stand at 17.9%, placing these states among those with the most controlled inflation nationally. The Midwest, as a region, reports an average inflation rate exceeding 20%.

The Tariff Paradox: Public Defense vs. Pragmatic Adjustments

During his "Meet the Press" appearance, Secretary Bessent attempted to bolster his inflation claims by dissecting economic sectors. He argued that "imported goods, the inflation has actually been flat. Inflation is up because of the service economy and services. So that has nothing to do with tariffs. And many of the food items where the inflation is coming down," he stated, attempting to decouple tariff policy from rising consumer prices.

However, Welker again presented direct counter-evidence: banana prices were up nearly 7%, and coffee prices surged by almost 19%. Faced with these specifics, Bessent resorted to a metaphorical defense. "Kristen, how much does your arm weigh?" he asked rhetorically, baffling Welker. He then elaborated, "But you know how much you weigh, and you get on the scale every morning. Inflation is a composite number. And we look at everything. So we are trying — we try to push down the things we can control."

The unspoken truth behind Bessent's statement is that the administration *is* actively controlling what it can by strategically lowering tariffs on specific staple items. In a move that subtly contradicted the broader defense of the tariff war, President Donald Trump issued two distinct Executive Orders within a span of ten days to reduce tariffs on Brazilian agricultural products, explicitly aimed at mitigating inflationary pressures. As of November 20, certain agricultural exports from Brazil, notably coffee, were exempted from the substantial 40% tariffs that Bessent and Trump had previously imposed after declaring a national emergency, citing an "unusual and extraordinary threat" from Brazil to U.S. national security. Beyond Brazilian products, the administration has also eased tariffs on other essential food items, including beef and tomatoes.

This demonstrates a fascinating duality: while Secretary Bessent publicly defends the administration's overall tariff strategy in the face of persistent inflation, the reality on the ground shows a pragmatic pivot, with targeted tariff reductions being implemented to provide tangible relief to American consumers ahead of key holiday periods. This strategic adjustment aims to ease price burdens, potentially contributing to a more economically comfortable Thanksgiving for many Americans.