Scott Bessent

Well, I think what happened, the Democrats will tell you that the big spending bills were needed for rescue. And I would say in March 2020, of 21, the economy didn't need rescue. It was already in recovery. So these were rescue-sized packages. And even Larry Summers, I remember there was a great debate between Larry Summers and Paul Krugman.

Well, I think what happened, the Democrats will tell you that the big spending bills were needed for rescue. And I would say in March 2020, of 21, the economy didn't need rescue. It was already in recovery. So these were rescue-sized packages. And even Larry Summers, I remember there was a great debate between Larry Summers and Paul Krugman.

And Summers, I think, said, look, this is at least $900 billion, a trillion too much. And the Federal Reserve was, to the summer of 23, 22, Federal Reserve was very slow off the mark. And we ended up, and again, imagine top 10% has assets, stock market is flying, you're in the bottom 50%, you have no assets, but you have debt.

And Summers, I think, said, look, this is at least $900 billion, a trillion too much. And the Federal Reserve was, to the summer of 23, 22, Federal Reserve was very slow off the mark. And we ended up, and again, imagine top 10% has assets, stock market is flying, you're in the bottom 50%, you have no assets, but you have debt.

So credit cards are up, mortgages, impossible to buy a house, house prices had gone through the roof due to COVID. So it really did end the American dream. But we've been suffering these distributional effects.

So credit cards are up, mortgages, impossible to buy a house, house prices had gone through the roof due to COVID. So it really did end the American dream. But we've been suffering these distributional effects.

I think the American dream is what it's always been. But after World War II, I think 90% of American families The children made more than the parents. Now I think it's 50-50. But it's to own a home. It's financial security. It's to some level of comfort. It's purpose in your work. It's to be able to support your family, to be able to have choices, to not have to work two jobs.

I think the American dream is what it's always been. But after World War II, I think 90% of American families The children made more than the parents. Now I think it's 50-50. But it's to own a home. It's financial security. It's to some level of comfort. It's purpose in your work. It's to be able to support your family, to be able to have choices, to not have to work two jobs.

I made a remark at the Economic Club of New York. last week, two weeks ago, and Mike Pence decided he was going to troll me, because I said the American dream is not built on cheap goods. And he said, well, yes, it is. And I just say, with Vice President Pence, this let them eat flat screens economic policy that doesn't isn't what people want. They don't want the baubles from China.

I made a remark at the Economic Club of New York. last week, two weeks ago, and Mike Pence decided he was going to troll me, because I said the American dream is not built on cheap goods. And he said, well, yes, it is. And I just say, with Vice President Pence, this let them eat flat screens economic policy that doesn't isn't what people want. They don't want the baubles from China.

It's like the old... They want progression.

It's like the old... They want progression.

Well, I think a lot of it's scarcity. Because what you're talking about is like out in San Francisco, super tight zoning laws. So there's scarcity for homes. If you think like Ivy League education, all of a sudden you gave all these people access to Ivy League education. You

Well, I think a lot of it's scarcity. Because what you're talking about is like out in San Francisco, super tight zoning laws. So there's scarcity for homes. If you think like Ivy League education, all of a sudden you gave all these people access to Ivy League education. You

brought in international students, but the number of degrees awarded at Harvard, Yale, Princeton probably hasn't changed very much since the 1950s. So you created just this demand for scarce things, which leads to this anxiety. But you also created, I think, a sense of hopelessness.

brought in international students, but the number of degrees awarded at Harvard, Yale, Princeton probably hasn't changed very much since the 1950s. So you created just this demand for scarce things, which leads to this anxiety. But you also created, I think, a sense of hopelessness.

No, look, they're subject to big revisions over time. And I thought one of the big mistakes the Biden administration made, and thank goodness they made it, was they refused to vote. They went with the numbers, not what the American people were feeling. They said, No, it's a vibe session and you really don't understand how good you have it. This has happened, this has happened. When in reality,

No, look, they're subject to big revisions over time. And I thought one of the big mistakes the Biden administration made, and thank goodness they made it, was they refused to vote. They went with the numbers, not what the American people were feeling. They said, No, it's a vibe session and you really don't understand how good you have it. This has happened, this has happened. When in reality,

I was on Meet the Press yesterday, and there was something that said, well, the American people don't believe Donald Trump's doing enough on the economy. And I told the host, I said, you know, the one thing I'm not going to answer is that they don't know what they're talking about. I have to have respect for how they feel, and then we need to go back and look at what is causing this anxiety.

I was on Meet the Press yesterday, and there was something that said, well, the American people don't believe Donald Trump's doing enough on the economy. And I told the host, I said, you know, the one thing I'm not going to answer is that they don't know what they're talking about. I have to have respect for how they feel, and then we need to go back and look at what is causing this anxiety.