Bessent says Americans who are ready to retire aren't worried about 'day-to-day' fluctuations
Treasury Secretary Scott Bessent dismissed concerns Americans might be having about a potential impending recession and the status of their retirement plans.
Treasury Secretary Scott Bessent on Sunday dismissed concerns Americans might be having about a potential impending recession and the status of their retirement plans, saying President Donald Trump and his administration are "building the long-term economic fundamentals for prosperity."
In an interview with NBC News’ “Meet the Press,” Bessent called it a “false narrative” that people who are close to retiring may be reluctant after their retirement savings may have dropped last week because of the stock market downturn.
“I think that’s a false narrative,” he told moderator Kristen Welker. “Americans who want to retire right now, the Americans who put away for years in their savings accounts, I think they don’t look at the day-to-day fluctuations.
“In fact, most Americans don’t have everything in the market,” he added. “People have a long-term view. ... The reason the stock market is considered a good investment is because it’s a long-term investment. If you look day to day, week to week, it’s very risky. Over the long term, it’s a good investment.”
Later in the program, Sen. Adam Schiff, D-Calif., blasted Trump for setting "retirement savings on fire" and then leaving the White House to golf at his Mar-a-Lago resort in Florida.
Rating: 5