Trump: Good economy is mine, bad economy is Biden's
Add Axios as your preferred source to
see more of our stories on Google.
President Trump addresses the National Association of Realtors in 2019. Photo: Alex Wong/Getty Images
President Trump said Sunday he was responsible for the "good parts" of the economy, though his administration's trade policies have rattled America and stoked fears of an imminent recession.
Why it matters: It is the strongest signal yet of Trump's intention to deflect blame for any economic fallout that could happen in coming months.
What they're saying: "I think the good parts are the Trump economy and the bad parts are the Biden economy because he's done a terrible job," Trump said in an interview that aired Sunday on NBC's "Meet the Press with Kristen Welker."
The big picture: Official economic data suggests the economy is holding up, despite closely-watched surveys that show businesses and consumers are on edge as tariffs take effect.
- The economy contracted at an annualized 0.3% rate in the first three months of the year, according to GDP data released on Wednesday.
- But the report was negatively distorted by a huge swing in imports, as businesses rushed to stockpile ahead of tariffs taking effect. Without that effect, underlying economic demand held up.
- The April jobs report showed employers added 177,000 jobs last month, while the unemployment rate held at an historically low level.
The big picture: Trump told "Meet the Press" that he ultimately takes "responsibility for everything."
- "But I've only just been here for a little more than three months," Trump added. "And the tariffs have just started kicking in. And we're doing really well."
Reality check: The White House said the economic contraction — the first in 3 years — was fallout from the Biden era, though economists point to Trump's trade policies, and efforts to dodge them, for weighing on the headline figure.
- The economy grew at an annualized 2.8% rate in the fourth quarter of 2024 — the last that fully captured Biden's time in office.
- When the better-than-expected jobs report was released on Friday, Trump bragged about the economy in a post on Truth Social that noted strong employment.
What to watch: Many Wall Street economic forecasters anticipate Trump's tariff policies — if upheld — will slow growth and raise costs this year.
- Goldman Sachs says the economy will grow just 0.5% this year, a significant slowdown from the 2.3% growth rate in 2024.
