On Sunday, the Trump administration's Secretary of the Treasury, Scott Bessent, appeared on "Face the Nation" to answer some questions from host Margaret Brennan about the Trump economy, a little over four months into President Trump's first term. Mr. Bessent painted an optimistic picture, and he brought the receipts to back it up.
The first segment of note is on inflation.
.@SecScottBessent: "We wanted to make sure that there aren't price increases, Margaret — and thus far, there have been no price increases. Everything has been alarmist. The inflation numbers are actually dropping. We saw the first drop in inflation in four years." pic.twitter.com/asuc8YnHYZ
— Rapid Response 47 (@RapidResponse47) June 1, 2025
In that segment:
Secretary Bessent: We want to make sure that there aren't price increases, Margaret, and thus far there have been no price increases. Everything has been alarmist. That, the inflation numbers are actually dropping. We saw the first drop in inflation in four years. The inflation numbers last week they were very... they were pro consumer. We've seen...
Margaret Brennan (interjecting): But you listen to earnings calls. Just like we do. You know what Walmart's saying, what Best Buy's saying, and what Target are saying.
SB: But Margaret, I also know what Home Depot and Amazon are saying. I know what the South China Morning Post wrote within the last 24 hours, that 65 percent, 65 percent, of the tariffs, will likely be eaten by the Chinese producers.
It's early yet; we should remember that President Trump only resumed office a little over four months ago. But prices on eggs are down and, more importantly, gasoline and diesel fuel prices are down; those are key indicators, as the price of every product and commodity sold anywhere in the country is impacted by fuel costs.
The interview continues with a cautionary note from the secretary on predictions:
.@SecScottBessent: "When we were here in March, you said there was going to be big inflation. There hasn't been any inflation. Actually, the inflation numbers are the best in four years. So why don't we stop trying to say this COULD happen — wait and see what DOES happen." 🔥 pic.twitter.com/1LeTZf2UX1
— Rapid Response 47 (@RapidResponse47) June 1, 2025
MB: The reality is, there will either be less inventory or things at higher prices, or both.
SB: Margaret, when we were here in March, you said there was going to be big inflation. There hasn't been any inflation. Actually, the inflation numbers are the best in four years. So, why don't we stop trying to say this could happen, why don't we wait and see what does happen.
In the interest of accuracy, we should note that there has been inflation, but the inflation rate has not only not increased, but it has dropped. And, the secretary is correct, inflation rates have been dropping steadily since President Trump resumed office.
Finally, on the federal budget deficit:
.@SecScottBessent: "The deficit this year is going to be lower than the deficit last year — and it two years, it will be lower again. We are going to bring the deficit down slowly. We didn't get here in one year." pic.twitter.com/2eulQ8JG4V
— Rapid Response 47 (@RapidResponse47) June 1, 2025
SB: One of the reasons I'm sitting here talking to you today and not at home watching your show, is that I was concerned about the level of debts. So, the deficit this year is going to be lower than the deficit last year, and in two years it will be lower again. We are going to bring the deficit down slowly. We didn't get here in one year, we didn't get here in one year, and this has been a long process. So, the goal is to bring it down over the next four years, leave the country in great shape in 2028.
I've been saying and writing for years that there are three ways out of the current debt crisis: We can repudiate the debt, essentially a declaration of national bankruptcy, which would send the global economy into a tailspin. We can inflate our way out of it, again sending the global economy into a tailspin. Or, and this is the most favorable option, we can attempt to grow our way out of it.
This will, of course, require not only growing out of the annual budget deficits, but also devoting effort to not only stop borrowing, but to pay down the national debt. We owe it to the generations to come to get this done.
See Also: Relax, People. Paul Krugman Is Predicting a Disastrous Recession.
It's very early into President Trump's second and last term. It seems at times like he's been back in the Oval Office longer than four months; he's accomplished a lot, and the Biden administration was eminently forgettable. But there's a lot of work left to do if we're to set this ship back on course.
You can see the entire interview here.
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