Treasury Secretary Scott Bessent underscored the Trump administration’s commitment to tackling the nation’s affordability crisis, emphasizing that officials are actively working to ease financial pressures on American households. Speaking on CBS News’ Face the Nation with Margaret Brennan, Bessent outlined the administration’s economic strategy, focusing on interest rates, deregulation, and government spending reductions.
When Brennan cited a recent poll showing that at least half of Americans are struggling with the costs of food, housing, and other essentials, she pressed Bessent for details on how the administration plans to respond. He stated that economic concerns were a key factor in President Trump’s election and reaffirmed the administration’s dedication to addressing them.
“We’re working every day,” Bessent said, highlighting the steady decline in the 10-year bond yield since Trump took office. He argued that lower bond yields have contributed to reduced mortgage rates, making housing and other major purchases more attainable.
🚨🇺🇸TREASURY SEC BESSENT: MEDIA LIED ABOUT THE ECONOMY—TRUMP IS FIXING BIDEN’S DISASTER
“After 4 years of disastrous policies…they were running these gigantic deficits that led to the affordability problem, massive government regulation.
So what we had was a demand shock from… https://t.co/8WtXlef48d pic.twitter.com/zvAQHsdBpH
— Mario Nawfal (@MarioNawfal) March 2, 2025
Beyond interest rates, Bessent pointed to the administration’s broader economic approach, which includes rolling back regulatory restrictions and curbing federal spending. He attributed the current affordability crisis to what he described as “four years of disastrous policies” that led to excessive government deficits.
“The government’s spending surge created a demand shock while excessive regulations restricted supply,” Bessent explained. He suggested that the administration’s efforts to reduce regulation and cut spending aim to correct these economic imbalances and promote long-term stability.
Bessent also addressed mortgage rate fluctuations, referencing data from the Mortgage Bankers Association. After reaching a six-month high of 6.97% for 30-year fixed mortgages in late 2024, rates have since declined slightly to 6.88% as of February 2025. He characterized this trend as a “strong start” toward improving housing and auto affordability, noted The Daily Caller.
To further combat the affordability crisis, the Treasury Department plans to appoint an “affordability czar,” a new position tasked with identifying key areas where the administration can make the most significant impact for working-class Americans.
While acknowledging that economic recovery takes time, Bessent reiterated the administration’s commitment to reducing costs. “President Trump has said he’ll take full responsibility for the economy in six to twelve months,” he noted. “But I can assure you, we are working every day to bring prices down.”
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CUT
Interest rates
Inflation
Spending
Debt
Yes
Firstly, it is imperative to take spending approval out of the hands of unelected bureaucrats that is going on now at every one of the Alphabet agencies created by Congress without any public input. This happened many decades ago because politicians thought the Founders didn’t know what they were doing wanting a government that was “of the people, by the people and for the people”. Politicians are totally responsible for our disastrous fiscal condition. This is what happens when politicians overreach their authority. Congress, every member , needs to be put back in their place, reporting everything they want to do to the taxpayers. Politicians have no self control, only self interest. They run the government as if it is their own private “piggy back” and that needs to be STOPPED….NOW !!! Politicians are supposed to be “servants of the public” NOT OUR MASTERS. . If they don’t agree then they need to look for different work. Private sector rules need to be codified that makes politicians accountable to the citizens so they can be fired from their jobs immediately instead of this bull crap that we must wait until the next election. Where does it say anything like that in the Constitution or Bill of Rights. Elected is exactly the same as hired. There is no guaranteed tenure in politics. Do your job as the people expect or be removed immediately.
Most politicians go into the business because they get off on spending vast quantities of other folks’ money on their priorities. Period.