Finance Minister Scott Bessent rejected concerns on Sunday that the Americans may have a potential impending recession and status of their pension plans, and said President Donald Trump and his administration build “the long -term economic foundations for prosperity”.
In an interview with NBC News’ “Meet the Press”, Besseter it described it as a “false story” that people who are almost retired can be back after their retirement provision has decreased due to the stock market market last week.
“I think that’s a wrong story,” he said moderator Kristen Welker. “Americans who now want to retire, the Americans who have been put in their savings accounts for years, I think they don’t look at the daily fluctuations.
“In fact, most Americans don’t have everything on the market,” he added. “People have a long -term perspective. … The reason why the stock market is considered a good investment is that it is a long -term investment. If it looks up from day to week from day to week, it is very risky. In the long term, it is a good investment.”
Later in the program, Senator Adam Schiff, D-Calif., Trump, because he set “retirement savings on fire” and then brought the White House to Golf in his Mar-Lago resort in Florida.
“He is eating our economy. I think people have seen their pension on fire, and there he is on the golf course. That could end the most constant picture of the Trump presidency. This is the president from the golf car while the retirement of people is on fire,” he said.
Ship also criticized the remarks from Bessent directly and pointed to his and Trump’s wealth.
“The finance minister says that people are not looking at where the pension is – maybe he has to be wealth; he doesn’t have to. Perhaps the president does not have to with his assets. But what I hear from the Californers is the one who is currently retired, those who are at the prediction of retirement, they are frightened,” said Schiff.
Better said
“Donald Trump underestimates the market,” said Bessent to Welker.
He later added in the interview: “Who knows how the market will react in a week in a week? What we look at is to build the long -term economic foundations for prosperity, and I think the previous administration brought us the course towards financial disasters.”
The US stock market crashed after Trump announced the tariffs with the Nasdaq, the Dow Jones Industrial Average and the S&P 500 publication losses, which have not been seen since the beginning of the Covid pandemic.
The agricultural secretary Brooke Rollins also played down the reaction of the market in an interview on Sunday on CNN and said: “We knew that there would be uncertainty.”
“But to take on Thursday or Friday … and to say: ‘Oh, the world ends. The markets are plunging off’ – the markets adapt,” said Rollins.
On Saturday, Trump defended his tariff plan after the market descent and asked consumers and investors to “hang tough”.
“We bring jobs and companies back like never before. More than five trillion dollars investment and a quick increase! This is an economic revolution, and we will win. Hang hard, it will not be easy, but the end result will be historical,” he wrote about the social truth.
When asked how long Americans live with economic uncertainty and “hang hard”, Bessent said that the government would “keep the course” to impose tariffs and reduce inflation, but not to say how long it would take.
“This is an adaptation process,” he said. “What we saw with President (Ronald) Reagan when he brought down the great inflation, and we passed the (President Jimmy) Carter -without being over, there was a little sticker at that time, but he held the course and we will hold the course.”
Senator James Lankford, R-OKLA., Beselted Point and said Welker: “The economy back to the United States is good for us. There is no question that cause short-term tariffs.
Bessent said that the previous “non -sustainable trading system of trade” was also responsible for today’s economic uncertainties and said Welker that “this year in the building, years in the development, this was not sustainable system”.
“Our trading partners took advantage of us. We can see this through the big surpluses. We can see this through the large budget deficits,” he said.
In an interview with ABCS “this week”, Kevin Hassett, the director of the National Economic Council, also played down concerns about the effects of tariffs on consumers and explains that other countries have the main load of the effects.
“If US consumers bear the costs, there is no reason that the countries are angry. So the fact is that the countries are angry and retaed,” said Hassett.
He added that several countries turn to the United States to negotiate a way out of high tariffs.
“They do this because they understand that they are wearing a large part of the tariff. And that’s why I don’t think they will see a major impact on the consumer in the USA,” he said.
Later in the interview, he admitted that “now, there could be an increase in prices”, but he argued that the previous tariff status quo had led to a decline in the reality wages of the Americans.
“If cheap goods were the answer if cheap goods improved America’s real wages, real well -being would be in operation, then real income would have increased,” Hassett told ABC News. “Instead, they went down because wages went more than the prices. So we got the cheap goods in the grocery store, but then we had fewer jobs.”
