Bessent: "The American dream is not, 'let them eat flat screens' … the American dream is not contingent on cheap bobbles from China." pic.twitter.com/6a3Sm0AUN4
— Aaron Rupar (@atrupar) March 16, 2025
Everyone’s always saying that the Democrats need to learn to talk like Real Americans and appeal more to their economic needs and desires. I guess this must be what they’re talking about. Billionaires babbling about how Americans don’t need any more “baubles” and evoking Marie Antoinette.
Duly noted.
Here’s the transcript of most of Bessent’s interview. He is a tool. He either knows better and is lying or he’s a fool. If there’s one thing we’ve learned it’s that some of these guys can be billionaires but it doesn’t make them smart so who knows? Maybe he actually believes that painted orange freak knows what he’s doing.
KRISTEN WELKER:
And joining me now is Treasury Secretary Scott Bessent. Secretary Bessent, welcome to Meet The Press.
SEC. SCOTT BESSENT:Kristen, good to see you.
KRISTEN WELKER:
It’s wonderful to have you here. Thank you for being here in person. Let’s start off by talking about the big picture on the economy. A majority of Americans say they disapprove of President Trump’s handling of the economy. Consumer sentiment plunged this week to a 29-month low. JPMorgan, Goldman Sachs slashed growth expectations. Why are all of those folks wrong and President Trump is right about his tariff policy?
SEC. SCOTT BESSENT:
Well, Kristen, and thanks for having me here. And look, what I am not going to say that went on for a long time under the Biden administration and for a lot of the media, and I’m not going to point fingers. But they used to say it was a “vibecession,” and the American people don’t know what they talk about. And Donald Trump, his administration, myself all believe that the American people know what they’re feeling. And that we believe that our policies will change that. Clearly, they are traumatized from what’s happened with this affordability crisis that was brought on by the previous administration. They want relief. We’ve been in for eight weeks. We are putting the policies in place that will make the affordability crisis go down, inflation moderate. And that as we set the sails, I am confident that the American people will come our way, even if some of the media narrative doesn’t.
KRISTEN WELKER:
Well, and just to be clear, I mean, these are polls that are taken two months into President Trump’s presidency. But let’s talk about what happened in the stock market this week. Worst week for the market in two years. Does that worry you, Mr. Secretary?
SEC. SCOTT BESSENT:
Not at all. I’ve been in the investment business for 35 years. And I can tell you that corrections are healthy. They’re normal. What’s not healthy is straight-up, that is euphoric markets. That’s how you get a financial crisis. It would have been healthier if someone had put the brakes on in ’06-’07. We wouldn’t have had the problems in ’08. So I’m not worried about the markets. Over the long term, if we put good tax policy in place, deregulation, and energy security, the markets will do great.
KRISTEN WELKER:
I hear you say you’re not worried about the markets. But nearly 60% of Americans are invested in the markets. That’s their retirement savings. What do you say to Americans who have real concerns that their retirement savings may be in jeopardy?
SEC. SCOTT BESSENT:
I say that one week does not the market make. As Warren Buffett says, over the short-term the market is a voting machine, over the long term, it’s a weighing machine. And again, Kristen, it would have been very easy for us to come in, run these reckless policies that have been happening before. We’ve got these large government deficits, 6.7% of GDP. We’ve never seen this when we’re not in war time, not in recession. We are bringing those down in a responsible way. We are going to have a transition. And we are not going to have a crisis.
KRISTEN WELKER:
Let me play you what some business leaders all around the country have had to say in response to President Trump’s tariffs. Take a look.
[BEGIN TAPE]
JOSH GACKLE:
It would be difficult for U.S. farmers to try and get through some type of long-term trade war that affects our bottom line.
ETHAN MCGARY:
Building the average house is going to cost more.
RUSS KLISCH:
I don’t really understand the goal or the end play here on what’s all trying to occur.
[END TAPE]
KRISTEN WELKER:
Mr. Secretary, you heard that business owner say he doesn’t understand the end goal of these tariffs. So help bring some clarity if you can. Are these tariffs a temporary negotiating tactic or are they a permanent policy here to stay?
SEC. SCOTT BESSENT:
So Kristen, thanks for the question. And I can tell you. So April 2nd is going to be a big day. We’re going to roll out reciprocal tariffs. But what I can tell you, and I would encourage your viewers and the public and the media to follow, going into April 2nd and already now, we’ve seen some of our most imbalanced trading partners come forward and want to drop their tariffs. So, by President Trump pushing forward with a tariff plan, reciprocal tariffs, “If you drop yours, we’ll drop ours,” we are already seeing some of the worst offenders come down. April 2nd is an important day. But I would also tell everyone to look what happens from April 2nd to, say, June 30th as the other countries come down too. And President Trump’s created a win-win situation here. Either the tariff barriers come down. The U.S. can export more. Trade is fairer. It’s always been free, but not fair. And then we, or, if they don’t do it, we’ll take in substantial revenues.
KRISTEN WELKER:
I want to ask you about something that you actually said last week. And we’ll discuss it on the other side. Take a look.
[BEGIN TAPE]
SEC. SCOTT BESSENT:
Access to cheap goods is not the essence of the American dream. The American dream is rooted in the concept that any citizen can achieve prosperity, upward mobility, and economic security.
[END TAPE]
KRISTEN WELKER:
Mr. Secretary, are you there essentially saying that the Trump administration is comfortable to have consumers pay more for goods in America?
SEC. SCOTT BESSENT:
Not at all, Kristen. What I’m saying is the American dream is not, “Let them eat flat screens.” That if Americans, American families aren’t able to afford a home, don’t believe that their children will do better than they are. The American dream is not contingent on cheap bobbles they get from China. That it is more than that. And we are focused on affordability. But it’s mortgages, it’s cars, it’s real wage gains.
KRISTEN WELKER:
Do you acknowledge though that tariffs will ultimately drive up prices, at least in the short-term? That’s what economists, that’s what business leaders, that’s what CEOs say.
SEC. SCOTT BESSENT:
Well, look, they don’t have to because I believe especially with the China tariffs that China’s manufacturers, they will eat the VAT, will eat the price or eat the tariffs. I believe that the currency adjusts. And I believe if we look during President Trump’s first term, that the all the other things we do, if we’re deregulating, if we’re energy prices down, then, if we look across the spectrum, Americans will realize lower prices and better affordability.
KRISTEN WELKER:
As you know, the administration has been pressed repeatedly on the prospects of a recession. The messaging has been a little mixed. Let’s look at some of what we’ve heard.
[BEGIN TAPE]
PRES. DONALD TRUMP:
I hate to predict things like that. There is a period of transition.
SEC. HOWARD LUTNICK
There’s going to be no recession in America.
VICE PRES. JD VANCE
Well, look, you never can predict the future.
[END TAPE]
KRISTEN WELKER:
Mr. Secretary, can you guarantee the American people here and now that there will be no recession on President Trump’s watch?
SEC. SCOTT BESSENT:
Well, Kristen, you know that there are no guarantees. Like, who would have predicted COVID, right? So I can predict that we are putting in robust policies that will be durable. And could there be an adjustment? Because I tell you, this massive government spending that we’d had, that if that had kept going, we have to wean our country off of that. And on the other side, we are going to invigorate the private sector. I had a meeting with small bankers last week. And they are ready to start lending. And I can tell you that Main Street is going to do well.
KRISTEN WELKER:
So, what exactly do you mean when you say adjustment? Could that potentially lead to a recession?
SEC. SCOTT BESSENT:
There’s no reason that it has to. But I can tell you that if we’d kept on this track, what I could guarantee is we would have had a financial crisis. I’ve studied it. I’ve taught it. And if we had kept up at these spending levels, that everything was unsustainable. So we are putting the – we are resetting and we are putting things on a sustainable path.
KRISTEN WELKER:
Well let me ask you about some of these cuts to the federal government. Obviously President Trump’s been very clear. He thinks that no agency should be spared, a lot of focus on the IRS. How much of the workforce do you think will be cut from the IRS?
SEC. SCOTT BESSENT:
Well, again, and Kristen, I used to – when I was on the other side of the wall, I didn’t like the term “fake news.” Now that I’m on the inside, I got to say it might not be strong enough. Because some of the numbers that I’ve seen thrown out–
KRISTEN WELKER:
I didn’t give you a number. I’m letting you tell me.
SEC. SCOTT BESSENT:
No, no, no. But but —
KRISTEN WELKER:
You tell me.
SEC. SCOTT BESSENT:
Some very large print media is throwing out big numbers. That just doesn’t exist. So —
KRISTEN WELKER:
What is the number? That’s what I want to ask you.
SEC. SCOTT BESSENT:
Well, I will tell you that there were 15 – about 15,000 probationary employees that we could have let go. We kept about 7,500, 8,500 because we viewed them as essential to the mission. And, you know, we will know once we get inside. But what I can tell you, is that we are doing a big review. We’re not doing anything – we’re not doing anything. Right now is playoff season for us. April 15th is game day. And even employees who could take voluntary retirement, the rest of the federal workforce, their date was in February. Our date for them is in May. So I have three priorities for the IRS: collections, privacy, and customer service. And we’ll see what level is needed to prioritize all those.
There’s more and it’s all BS.
I think I miss Steve Mnuchin.