.jpg)
2 hours ago
2
Article content
(Bloomberg) — US Treasury Secretary Scott Bessent deflected concerns about high costs under President Donald Trump, saying the administration had inherited elevated price levels and that its policies would generate real income gains for American workers.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
“We inherited an affordability crisis,” Bessent said on MSNBC Tuesday, adding that inflation was the worst in 40 or 50 years under President Joe Biden. “We have slowed the price increases down, and they are going to continue to slow down.”
Article content
Article content
Article content
Bessent spoke a week after Democrats won several key elections by zeroing in concerns over the cost of living, including housing, groceries, utilities and health care. Trump himself has rebuffed such concerns, telling reporters last week “I don’t want to hear about the affordability” because prices are “much less.”
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
Bessent Aims to Succeed Where Yellen Failed: Economics Daily
Article content
The Treasury chief told MSNBC that “real working class wages will go up, and that will address the affordability issue.” He also pointed to Trump’s campaign to bring manufacturing back to the US, which he said would produce “substantial job growth” in the coming months and years.
Article content
Bessent also criticized reporting that he said minimized the decline in mortgage rates. “The single biggest component of buying a new home,” had undergone what he characterized as a “gigantic drop” since Trump’s inauguration.
Article content
Earlier: Trump Defends 50-Year Mortgage Plan, Calling It ‘Not a Big Deal’
Article content
As for utilities, Bessent said that “a lot of the home heating costs are actually driven by states.” He asserted that New Jersey had high energy costs because of policies adopted by the outgoing Democratic Governor Phil Murphy. Representative Mikie Sherrill, another Democrat, won the Garden State’s gubernatorial election last week.
Article content
Costs in New York State could be brought down if it put in natural gas pipelines, Bessent said. “So part of it’s a choice,” he said about utility costs.
Article content
English (US)