Bessent: Media Shielded Biden’s Economic Failures But Now Criticizes Trump’s Recovery

Treasury Secretary Scott Bessent called out the media for its inconsistent coverage of the economy — arguing that news outlets dismissed concerns during the Biden administration while now emphasizing economic struggles under President Donald Trump, despite key indicators showing improvement.

Bessent pointed out that for over a year, major media outlets repeatedly insisted the economy was strong — brushing off voter concerns as a matter of perception rather than reality. He said this attitude ignored the real hardships Americans were facing — particularly those in the working class. Now, with Trump back in office, the same media that downplayed inflation and affordability issues under Biden is suddenly warning about economic troubles.

.@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

The Treasury secretary explained that the affordability crisis was a direct result of excessive government spending and strict regulations — which created a surge in demand while restricting supply. He said the previous administration’s policies made the economy less competitive and forced consumers to bear the brunt of rising costs. In contrast, he said the Trump administration is working to reverse those policies by cutting spending and reducing burdensome regulations to allow businesses to grow and prices to stabilize.

Despite being in office for just five weeks, Bessent noted that financial markets have already responded positively to Trump’s economic policies. He pointed to the steady decline in mortgage rates and the 10-year bond yield — two indicators that show growing investor confidence and potential relief for American families looking to buy homes.

He emphasized that the economic problems the country faces took years to develop — but the administration is moving swiftly to change course. He said Trump’s team is focused on freeing up the supply side of the economy and bringing government spending under control — steps he believes are necessary to address the financial struggles Americans have endured.

Bessent made it clear that while fixing the economy will take time, early signs of recovery are already evident. He questioned why the media — which spent years dismissing economic concerns — is now suddenly focused on issues they previously ignored.