Bessent: Democrats Know All About The Affordability Crisis. They Created It. President Trump Is Fixing It.
U.S. Treasury Secretary Scott Bessent discusses takeaways from President Donald Trump’s meeting with Saudi Arabian Crown Prince Mohammed bin Salman, the affordability crisis, the Federal Reserve, and more in an interview with FOX News host Bret Baier on Tuesday’s “Special Report.”
BRET BAIER, FOX NEWS: Is there an affordability crisis? You listen to Democrats, that’s obviously the word they’re using. The president’s talking about it more as well. Is there a crisis when it comes to that? TREASURY SECRETARY SCOTT BESSENT: Well, they should know about it because they caused it. It was the worst inflation in 40 or 50 years by this massive government spending, spend, spend, spend. And if we go back, what did they do that the president, differently than the president did in his first term? So they had a demand shock induced by this massive wave of government overspending. But to make it worse, they had this huge regulatory buildup. So demand shock and supply constraint, that’s the recipe for this inflation. President Trump, now and during his first term, you get a demand shock from the private sector, but you deregulate and then you can go back to the non-inflationary growth. But look, we are working on this every day. And my prediction is the first quarter, second quarter, what we are going to see is we have brought the inflation down. It is curving down and real income, the other side of that equation is real income growth. And we are going to see this from all this investment.
