Treasury Secretary Scott Bessent accused the media of covering for the Biden administration’s economic failures while unfairly portraying President Donald Trump’s early efforts to fix the economy as ineffective. He said that for years, news outlets dismissed voter concerns about inflation — only to change their tune the moment Trump returned to office.
Bessent noted that throughout the Biden presidency, the media repeatedly told Americans the economy was in good shape — even as people struggled with soaring costs. He said that working-class families knew their own financial realities — but their concerns were brushed aside. Now, despite signs that the economy is improving, the same media voices that defended Biden are suddenly warning about economic troubles under Trump.
.@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
He attributed the country’s affordability crisis to excessive government spending and strict regulations — which he said created a dangerous imbalance between supply and demand. Bessent explained that the government flooded the economy with money while simultaneously restricting businesses with regulations — making it harder to keep up with demand. He said Trump’s administration is now working to correct this by reducing spending and rolling back unnecessary rules to free up supply.
Bessent pointed to clear signs of economic improvement since Trump took office. Mortgage rates have steadily declined — and the 10-year bond yield has dropped each week since Trump was sworn in — indicating that investors and businesses see positive changes ahead.
While Trump has only been in office a short time, Bessent said the administration is working aggressively to undo the damage caused by four years of reckless policies. He said reversing the inflationary pressures created under Biden will take time — but emphasized that progress is already being made.
Bessent also called out the media for failing to acknowledge these early improvements — saying their sudden shift in tone exposes their bias. He questioned why the same journalists who ignored affordability concerns under Biden are now treating economic challenges as breaking news under Trump.
