By Molly Goddard
5:30am PDT, May 3, 2025
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J.D. Vance blames
Joe Biden for the lackluster economy.
During a Thursday, May 1, interview with Fox News'
Bret Baier, the vice president was pressed about why America's wealth "shrank" during
Donald Trump's first 100 days back in office. Despite the commander-in-chief setting off a trade war with other countries, Vance claimed the lack of funds in the United States was the former Democratic leader's fault.
Keep reading to learn what the right-winger said about Biden…
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While sitting down with Bret Baier for an episode the
Special Report at a steel plant in South Carolina, the host asked J.D. Vance about a report that showed how America's economy shrank by 0.3% since Donald Trump returned to the
White House.
"The economy shrank. First time in three years," Baier said. "People are pointing to the tariff policy. There are people looking at their 401(k)s that are worried. What do you tell them? Is this going to work?"
"So the first thing is, when you talk about the economy, this is Joe Biden's economy," Vance claimed. "And we inherited $2 trillion of debt, the highest peacetime deficits in American history. A $1.2 trillion trade deficit, which fundamentally means we're not making enough of our own stuff. And then the president came in and he said, 'This is not always going to be easy.' It would've been very easy for Donald Trump to do what administrations in the past have done, which is borrow a lot of money and continue fueling the national debt. He said, 'No. We need a reset. We need American workers to have better jobs.'"
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J.D. Vance defended Donald Trump's efforts with tariffs and emphasized the goal of bringing jobs back to the
United States.
"There's a lot of criticism that Donald Trump is trying to bring back the jobs of the past. These are the jobs of the future, making American steel, building bridges and automobiles, homes for American people," the former Ohio senator explained. "The president thinks that we have to make more of our own stuff."
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Donald Trump also blamed Joe Biden for the economy's downturn: "Our Country will boom, but we have to get rid of the
Biden 'overhang,'" he wrote on Truth Social.
"This will take a while, has NOTHING TO DO WITH TARIFFS, only that he left us with bad numbers, but when the boom begins, it will be like no other. BE PATIENT!!!" the former reality star added.
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Despite J.D. Vance and Donald Trump pointing the finger at Joe Biden, CNBC's
Steve Liesman claimed Wall Street isn't buying the excuses from the current administration.
"Well, he tried yesterday to blame the stock market on Biden," he told host
Nicolle Wallace on the Thursday, May 1, episode of
Deadline: White House on MSNBC. "And I think there was a lot of laughter around Wall Street, I think on that one. I think that people pretty squarely put this on the shoulders of President Trump."
"The normal circuit breaker on this tends to be government spending. And what's happening with government spending, that's coming down, at the same time, you have the supply shock," he explained. "So, we could be in for a twofer here over time."
