Treasury Secretary Scott Bessent criticized the media for their shifting stance on the economy, saying they ignored the financial struggles of American families under Biden but are now suddenly concerned about economic challenges as Trump works to fix them.
During Biden’s presidency, Bessent noted, mainstream media outlets repeatedly claimed the economy was strong, despite record inflation and the affordability crisis hitting working-class Americans. Concerns over rising costs were dismissed, with reports insisting that people simply had a distorted view of their financial struggles. Now, just weeks into Trump’s presidency, those same outlets are treating economic concerns as front-page news.
Bessent laid the blame for the nation’s economic troubles on Biden’s massive government spending and heavy-handed regulations. He said the combination of overspending and restricted supply led to higher prices and financial hardship for everyday Americans. He explained that Trump’s administration is tackling these issues by rolling back regulations and cutting wasteful government spending to ease economic pressures.
Markets have already responded positively, according to Bessent, with mortgage rates declining every week since Trump’s return to office. He also pointed to the steady drop in 10-year bond yields, a key indicator that suggests investor confidence in the administration’s economic strategy.
Despite these improvements, Bessent said the media has ignored the progress, preferring to create a narrative that the economy is in trouble under Trump. He said the administration is focused on undoing the damage caused by Biden’s policies and that while it will take time, the path to recovery is already taking shape.
Bessent noted that the media’s refusal to report on these gains exposes their bias, adding that Americans should look at the real economic data rather than rely on media spin.
