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Treasury Secretary Scott Bessent on Sunday sought to calm public concerns about the possibility of a recession and plummeting retirement savings, asserting that President Donald Trump’s administration is focused on long-term prosperity despite market volatility.
During an interview on NBC’s “Meet the Press,” Bessent called recent fears surrounding the stock market a “false narrative,” pushing back against claims that older Americans are reconsidering retirement due to sudden dips in their portfolios.
“Most Americans don’t have everything in the market,” Bessent said. “People have a long-term view … the reason the stock market is considered a good investment is because it’s a long-term investment.”
His remarks came days after U.S. markets plunged following Trump’s announcement of sweeping tariffs as high as 54% on major trading partners, sparking fears of a global trade war and leading to the worst week for the Dow, Nasdaq, and S&P 500 since the start of the COVID-19 pandemic.
Schiff: Trump ‘Set Retirement Savings on Fire’
Democrats pushed back fiercely. Sen. Adam Schiff (D-Calif.) accused Trump of igniting an economic firestorm, saying the president went golfing at Mar-a-Lago while average Americans watched their savings tank.
“He’s wrecking our economy,” Schiff told NBC’s Kristen Welker. “That may end up the most enduring image of the Trump presidency — the president out on the golf cart while people’s retirement is in flames.”
Schiff also criticized Bessent’s dismissive tone.
“Maybe [Bessent] doesn’t have to worry — he’s wealthy. But retirees, or those about to retire, they’re terrified.”
Trump Administration: ‘Hang Tough’
Trump, meanwhile, defended the tariffs and blamed past trade policies for current economic pain.
“We are bringing back jobs and businesses like never before. Already, more than FIVE TRILLION DOLLARS OF INVESTMENT… THIS IS AN ECONOMIC REVOLUTION,” Trump posted on Truth Social. “HANG TOUGH… the end result will be historic.”
Agriculture Secretary Brooke Rollins echoed that sentiment on CNN, saying market instability was expected.
“To say the markets are crashing — they’re adjusting,” she said.
White House: Tariffs Are Necessary Pain
Bessent insisted that short-term volatility is a necessary “adjustment process” to restore American manufacturing and economic independence.
“President Reagan faced similar choppiness when fixing Carter-era malaise,” Bessent said. “We’re going to hold the course.”
Sen. James Lankford (R-Okla.) supported the administration, acknowledging short-term pain but stressing the long-term gains of reshoring manufacturing.
“There’s no question short-term tariffs do cause an increase in price. But it’s a one-time increase. I want to get that down,” he said.
Kevin Hassett: Tariff Pain Falls on Other Countries
In a separate appearance on ABC’s “This Week,” National Economic Council Director Kevin Hassett claimed that foreign countries are bearing most of the tariff burden, not American consumers.
“If U.S. consumers were paying, other countries wouldn’t be retaliating,” he said, adding that multiple nations are now seeking to negotiate.
Hassett admitted prices may rise slightly, but said the old system led to falling wages despite cheap goods.
“We got the cheap goods at the grocery store, but we had fewer jobs,” he said.
Wall Street Reacts Sharply
The market’s reaction has been anything but muted:
- The Nasdaq suffered its largest weekly drop since 2020.
- The Dow Jones Industrial Average fell over 1,500 points in two days.
- The S&P 500 dropped nearly 7%, wiping out billions in retirement account value.
Despite the administration’s reassurances, analysts are warning that volatility could continue, especially if trade tensions escalate or consumer confidence wanes.
Uncertainty Ahead
When asked how long Americans must “hang tough,” Bessent didn’t offer a timeline but stressed commitment.
“This has been years in the building… We’re not going to blink now.”
As recession whispers grow louder, the administration’s gamble on tariffs and long-term economic restructuring faces increasing scrutiny — especially from those whose retirement security hangs in the balance.
