Treasury Secretary Scott Bessent took aim at the media’s shifting narrative on the economy — arguing that the press excused the damage caused by Biden’s policies but is now working to undermine confidence in Trump’s economic agenda. He said voters should take note of how the media’s portrayal of the economy changes depending on who is in office.
Bessent recalled how, during the Biden years, the media dismissed concerns about rising costs and inflation — insisting the economy was strong despite what Americans were experiencing. Working families, he said, were told they were imagining the financial strain they felt every day. Now, with Trump back in office, the same media outlets that defended Biden’s economy are suddenly warning of trouble — despite improving conditions.
.@SecScottBessent: What I find interesting is, for the past year and a half… most of the media said, "Oh, the economy is great…" Now that President Trump is in office, there's an "economic problem." … It took four years to get us here. President Trump's been in office five… pic.twitter.com/KNgbK15KGg
— Rapid Response 47 (@RapidResponse47) March 2, 2025
According to Bessent, Biden’s economic failures were caused by massive government spending and restrictive regulations — which drove up prices and squeezed businesses. He said these policies created an affordability crisis — making it harder for Americans to cover everyday expenses. Trump’s administration, he said, is working to reverse these problems by cutting spending and reducing the regulatory burden that has constrained economic growth.
He pointed to promising signs that the economy is already responding to Trump’s policies. Mortgage rates have declined every week since Trump took office — and the 10-year bond yield has also dropped steadily — indicating increased market confidence. He said these are strong signals that businesses and investors believe the economy is moving in the right direction.
Despite these positive developments, Bessent said the media refuses to acknowledge them. He said Trump’s administration is taking necessary steps to stabilize the economy after four years of reckless fiscal policies — but that the media appears more interested in creating a negative narrative than reporting the facts.
While acknowledging that it will take time to repair the economy, Bessent said the administration is working around the clock to bring costs down and restore financial stability. He said Americans should look past media spin and pay attention to what is actually happening in the markets and in their own lives.
