Treasury Secretary Scott Bessent took aim at the media’s shifting narrative on the economy, saying they spent years defending the Biden administration’s economic failures but have suddenly turned critical now that President Donald Trump is working to fix the damage.
Bessent pointed out that for over a year, media outlets dismissed concerns about inflation and rising costs, insisting the economy was strong and that any discontent was merely a “perception problem.” He argued that working-class Americans knew better because they were feeling the effects of skyrocketing prices and declining affordability. Now, with Trump back in office and markets showing signs of recovery, the same media voices are claiming the economy is struggling.
He explained that the core of the problem was excessive government spending, combined with burdensome regulations that stifled economic growth. Bessent described Biden’s economic policies as reckless, saying they created an artificial demand surge while keeping businesses tied up in red tape. He said the new administration is now reversing course by cutting spending and reducing regulatory barriers to allow businesses to expand and prices to stabilize.
One of the strongest signs of improvement, according to Bessent, is the steady decline in mortgage rates and the 10-year bond yield since Trump returned to office. He said these key indicators show renewed confidence in the market and potential relief for families struggling to afford homes.
Despite these positive trends, Bessent noted that the media has refused to acknowledge the progress being made. He said that while it took four years for the economy to reach this point, the Trump administration is moving quickly to repair the damage.
Bessent emphasized that although rebuilding the economy will take time, the early indicators show that the policies being implemented are already having a positive effect.
