CNBC Panel Says Biden Owns The Affordability Crisis: ‘Full Stop’

Host Joe Kernen and guest, former SEC Chair Jay Clayton, declared on Wednesday that President Joe Biden should have full and complete ownership of the affordability crisis that is currently facing many Americans.

Kernen raised the issue early Wednesday morning on “Squawk Box,” arguing that the economy under President Donald Trump was still struggling under some of the baggage Biden’s economic policies had left behind.

WATCH:

Joe Kernen: “The affordability issue is from the 22% increase in prices under Biden—full stop.”

Former SEC Chair Jay Clayton: “[Trump was] thrown, what I would say, the worst economy for the average American in my adult lifetime.” pic.twitter.com/5vljwi1KPm

— Rapid Response 47 (@RapidResponse47) December 10, 2025

“The affordability issue is from the 22% increase in prices and inflation under Biden, there’s just — full stop, right there. That’s the affordability issue — and you gotta be able to explain that,” Kernen said.

“That’s right,” Clayton agreed. “And look, I think that with the economic team — President Trump and the economic team led by Scott Bessent — you have people who very much understand this. And it was a — they were thrown, what I would say, the worst economy for the average American in my adult lifetime, in terms of like you said, the incredible increase in prices at the household.”

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The Trump administration has been talking a lot about the idea of affordability, particularly in the wake of New York City’s election of Democratic socialist Zohran Mamdani, who ran on a platform focused on that. And while not all prices have come down as quickly as many would have liked, gas prices have been on a steady decline, and the rollback of Biden-era “green” energy standards could soon pay off for consumers in the market for new automobiles.

“Lower energy, lower regulation… [eliminated] CAFE standards… That’s going to reduce the price of cars by, we estimate, between $1,000-$2,000 for the typical car,” Kevin Hassett explained.

NEC Director Kevin Hassett on @POTUS‘ moves to lower costs: “Lower energy, lower regulation… [eliminated] CAFE standards… That’s going to reduce the price of cars by, we estimate, between $1,000-$2,000 for the typical car.” pic.twitter.com/xFspIRrWNg

— Rapid Response 47 (@RapidResponse47) December 9, 2025