Secretary of the Treasury Scott Bessent criticized the media’s shifting narrative on the economy — pointing out that during the Biden administration, reporters downplayed economic struggles, dismissing concerns from working-class Americans. Now that President Donald Trump is back in office, he said, the same outlets are portraying the economy as struggling — despite clear signs of improvement.

Bessent noted that throughout Biden’s presidency and during the campaign, major news networks insisted the economy was strong — calling concerns over inflation and affordability a “vibe session.” He argued that this dismissive attitude ignored the real hardships Americans were facing — including skyrocketing costs for necessities. He suggested that voters chose Trump in part because of the affordability crisis that had worsened under Biden’s policies.

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According to Bessent, the economic troubles of the past four years were caused by reckless government spending and burdensome regulations. He explained that excessive federal spending created a demand surge that the economy couldn’t match due to overregulation — leading to higher prices and worsening inflation. He said Trump’s administration is now focused on rolling back these regulations and reducing government spending to address the root of the problem.

Despite inheriting a struggling economy, Bessent said the new administration is making progress. He pointed out that the yield on 10-year bonds — a key economic indicator — has declined every week since Trump took office, signaling growing confidence in the markets. Mortgage rates have also dropped steadily — offering relief to homebuyers and homeowners.

Though Trump has only been back in office for five weeks, Bessent said the administration is working daily to undo the damage caused by Biden’s economic policies. He stressed that while it took years to reach this point, steps are already being taken to steer the economy in a better direction.