(C) Common Dreams
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Treasury Secretary Bessent says economy could be 'starting to roll a little bit' [1]
['Jesse Pound', 'In Jesse-Pound']
Date: 2025-03-07
U.S. Treasury Secretary Scott Bessent attends at an Economic Club of New York event in New York City, U.S., March 6, 2025.
Treasury Secretary Scott Bessent on Friday acknowledged some signs of weakness in the U.S. economy.
"Could we be seeing that this economy that we inherited starting to roll a bit? Sure. And look, there's going to be a natural adjustment as we move away from public spending to private spending," Bessent said on CNBC's "Squawk Box."
"The market and the economy have just become hooked. We've become addicted to this government spending, and there's going to be a detox period," he added.
Describing the economy as inherited is a reference to the administration under then-President Joe Biden. Current President Donald Trump took office on Jan. 20.
Under Biden, the U.S. saw generally strong economic growth. However, there were signs of a slowdown in late 2024, and inflation remained above the Federal Reserve's 2% target.
In its first few months, the Trump administration has taken steps to reshape global trade policies and to reduce the federal workforce. There has not been much hard economic data reflecting Trump's term, though consumer surveys have shown a decline in confidence.
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[1] Url:
https://www.cnbc.com/2025/03/07/treasury-secretary-bessent-says-economy-could-be-starting-to-roll-a-little-bit.html
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