Retirement Fears Called a “False Narrative”
U.S. Treasury Secretary Scott Bessent has dismissed concerns that Americans nearing retirement are at risk due to recent market turbulence. In a Sunday interview on NBC’s Meet the Press, Bessent said the idea that retirees are delaying plans because of stock market losses is misguided. “I think that’s a false narrative,” he told moderator Kristen Welker, noting that most Americans do not base retirement decisions on day-to-day market shifts.
“Americans who put money aside for years tend to take a long-term view,” Scott Bessent said, adding that many people do not have their full savings in the market. He emphasized that while short-term volatility can be risky, long-term investments like stocks historically deliver solid returns. The comments come amid concerns over market instability following a steep sell-off triggered by President Donald Trump’s recent tariff announcements.
Market Jitters and Trump’s Economic Agenda
The stock market took a major hit last week after Trump revealed plans to impose tariffs of up to 54% on several key trading partners. The Dow Jones Industrial Average, Nasdaq, and S&P 500 all recorded losses not seen since the early days of the COVID-19 pandemic. Despite the downturn, Bessent expressed confidence in Trump’s economic strategy, stating that the administration is focused on “building the long-term economic fundamentals for prosperity.”
He also claimed that the markets often underestimate the impact of Trump’s decisions. “Who knows how the market is going to react in a day or a week,” Bessent said. “We’re looking at the bigger picture.” He argued that the previous administration had left the U.S. on a path to “financial calamity” and that the current administration is working to reverse that trajectory.
Tariffs, Inflation, and the Long Game
In response to questions about how long Americans will need to “hang tough” amid economic uncertainty, Bessent pointed to historical precedent. He referenced former President Ronald Reagan’s policies in the 1980s, which brought down inflation after a period of economic malaise under President Jimmy Carter. “There was some choppiness at that time, but he held the course, and we’re going to hold the course,” Scott Bessent said.
Scott Bessent also defended the administration’s protectionist trade measures, arguing that the existing global trade system had long been unsustainable. He accused U.S. trading partners of exploiting America’s economy, citing large trade surpluses and budget deficits as proof. “This has been years in the making,” he said. “Our trading partners have taken advantage of us.”
President Trump echoed that sentiment in a Truth Social post on Saturday, calling his economic strategy an “economic revolution” and urging Americans to remain steadfast. “HANG TOUGH,” he wrote, pledging that the outcome would be “historic.”
As the administration continues its push for structural economic reform, Bessent’s remarks suggest a steady commitment to long-term change—even if it means enduring short-term volatility.
