The US stock market has seen a significant decline over the last three weeks, losing $5 trillion in value due to impending tariffs and rising inflation. However, Treasury Secretary Scott Bessent is optimistic about the situation, describing the drop as “healthy” and “normal”. He believes that good tax policies, deregulation, and energy security will lead to a strong market recovery.
Bessent recently stated on NBC’s Meet the Press that corrections in the market are normal and not something to worry about. When asked if he thinks a recession is imminent, Bessent didn’t rule it out but emphasized that his administration is implementing robust policies that will be durable.
The secretary also defended the Trump administration’s approach to trade by saying that access to cheap goods is not the essence of the American dream. He argued that the American dream is about more than just affordable consumer goods, and that families should prioritize stability and security over fleeting economic gains.
Despite Bessent’s confidence in the economy’s recovery, recent polls suggest that many Americans are worried about their investments. A NBC News poll found that 54% of voters disapprove of Trump’s handling of the economy, with similar disapproval ratings on inflation and cost of living.
As a multimillionaire himself, Bessent has a significant financial cushion that may insulate him from market fluctuations. However, for many Americans, job losses and lost retirement savings are a real concern if the economy enters a recession.
Source: https://www.rollingstone.com/politics/politics-news/treasury-secretary-stock-market-drop-healthy-1235297435