The U.S. stock market has taken a significant hit, losing $5 trillion in value over the last three weeks. The drop comes in response to rising inflation and the Trump administration’s proposed tariffs, leaving many Americans anxious about their investments. Despite the concerns, Trump’s Treasury Secretary Scott Bessent remains unfazed, calling the decline both “healthy” and “normal.”
Speaking on a Sunday news program, Scott Bessent downplayed fears over the market’s downturn. He emphasized that, in the long run, the markets would perform well as long as strong tax policies, deregulation, and energy security measures were in place. When asked about the worst market week in two years, he insisted that corrections were part of the normal economic cycle and nothing to worry about.
When pressed on whether a recession could be looming, Bessent acknowledged that there were no guarantees. However, he remained optimistic, stating that the administration was implementing durable economic policies designed to stabilize the economy.
Another point of concern for many Americans is the rising cost of goods. In response to previous remarks he made about access to cheap goods not being the essence of the American dream, Scott Bessent was asked whether the administration was comfortable with consumers paying more. He dismissed the notion that affordability was solely about inexpensive products, arguing that the American dream was more than just having access to cheap imports. Instead, he emphasized that real prosperity meant homeownership and economic mobility, not just the ability to buy inexpensive goods from overseas.
Despite Bessent’s confidence in the administration’s economic approach, the American public appears less convinced. Recent polling data suggests a shift in sentiment, with 54 percent of voters disapproving of Trump’s handling of the economy, compared to 44 percent who approve. Similarly, 55 percent disapprove of his management of inflation and the rising cost of living, while only 42 percent support his approach. These numbers reflect a notable decline from previous polls, where Trump had enjoyed stronger support for his economic policies.
Scott Bessent, a former hedge fund executive, has significant personal wealth, with an estimated net worth of at least $521 million. His financial disclosures reveal ownership of luxury properties in the Bahamas and North Carolina, each valued between $5 and $25 million. However, while his wealth may cushion him from market fluctuations, the reality is far different for average Americans. A prolonged market downturn or potential recession could mean job losses, dwindling retirement savings, and financial instability for millions.
Although Scott Bessent remains confident that Trump’s policies will eventually lead to economic recovery, the immediate effects of inflation and market volatility continue to weigh heavily on American households. As the administration moves forward with its economic agenda, the real test will be whether these policies can deliver tangible improvements in financial security for everyday citizens.
