During NBC’s post-debate coverage on Wednesday, host Chuck Todd and NBC News Senior Washington Correspondent Hallie Jackson acknowledged that 2024 Republican presidential candidate Sen. Tim Scott (R-SC) is correct that inflation is far higher over the past two years and that the elevated inflation has forced the Federal Reserve to hike interest rates, which has forced mortgage rates to 20-year highs.
Jackson played video of Scott saying, “What we also need to understand is that Joe Biden’s Bidenomics has led to the loss of $10,000 of spending power for the average family. When you see 16% inflation, your gas is up 40%, your food is up 20%, your electricity is up 20%, we can stop that by turning the spigot off in Washington, sending the money back to the states, and allowing the decisions to be made at their own houses.”
She then stated, “Inflation matters to people, we know that’s a big driver. It hit a 40-year high last summer of about 9%. It is down now, 3.2%. It’s lower than it was. It’s still higher than what the Fed wants to see, which is why they’ve kept raising interest rates. It does mean that the mortgage rate — which you heard about — is up to 7.5%. That’s the highest it’s been in 20 years. Overall national debt, $33 trillion, you heard Nikki Haley talk about the economy from the Trump perspective, pointing out that Donald Trump, under his administration, added 8 trillion to the national debt. That’s true.”
Todd then said, “So, both Scott and Haley were basically accurate.”
Jackson responded, “Well, some of the — yeah, some of the — the Scott numbers were a little bit tweaked, but generally, inflation is now down more than it was a year ago, and Donald Trump did have –.”
Todd then cut in to say, “But it’s still higher than it was, which is what he was saying.” Jackson agreed.
Follow Ian Hanchett on Twitter @IanHanchett
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