About Scott Bessent
Treasury Secretary Scott Bessent has promoted the Trump administration’s economic record, citing strong job growth and tax policies. In a June 2026 interview, he said the U.S. created 900,000 private-sector jobs since President Trump took office and described the past three months of job creation as “a blowout,” with 170,000 to 180,000 jobs per month. He attributed a manufacturing “rebirth” to tariffs and tax policy, and said core inflation had surprised on the downside at 2%. Bessent also expressed confidence that energy prices would decline once the conflict with Iran is resolved, stating that oil was already 25 to 30 percent off its peak.
Bessent joined First Lady Melania Trump in June 2026 to announce “Fostering the Future” accounts, a savings and investment vehicle for foster youth. He described the accounts as part of the broader “Trump accounts” program, which provides a $1,000 seed contribution from the Treasury for every child born between January 2025 and December 2028. Bessent said that, assuming historical growth rates, the deposit could grow to at least $500,000 by retirement. He stated that the program aims to give foster children the same opportunity for asset ownership and long-term wealth building as other children, and that it would help ensure their futures are shaped by possibilities rather than circumstances. During a House Ways and Means Committee hearing, Bessent defended the administration’s tax cuts, including provisions eliminating taxes on tips, overtime, and Social Security benefits, and said 62 million Americans claimed at least one of those provisions. He also faced questions from Democratic lawmakers about the economic impact of tariffs, the IRS settlement with President Trump, and the administration’s budget deficit projections.
Source: AI-verified profile updated from Scott Bessent's recent appearances.
Browse all interviews →
✨ AI-enhanced transcript with speaker attribution
S
Scott Bessent0:00
I spent my career in the financial sector, and 45% of our small and community banks disappeared since the great financial crisis. Senator Warren likes to say, 'Ooh, we might have a bank failure.' She killed 45% of the small banks.
I
Interviewer0:14
I think it's safe to say that you have probably worked as hard as anyone over the last 18 months, and no one has done more for the American people than this administration and this Treasury Department. Mr. Secretary, when President Trump took office, what were the biggest economic challenges facing the administration?
S
Scott Bessent0:30
Well, we inherited a mess. We had the worst inflation in 49 years, and I think in many ways the worst for working people in our nation's history. Someone was asking me about the inflation indices earlier, that's the average for working families. It is thought that many of their goods and services inflated as much as 35% with an 18% wage gain. So, the loss of purchasing power was tremendous. We were running the biggest deficit to GDP that we'd ever run, 6.7, 6.9% when we were not at war, not in a recession, and we had to get that under control. And then everything that was happening to our American workers, you know, from the border being open, and whether it was safety or jobs being taken.
I
Interviewer1:24
So, since January of last year, what would you say are the largest economic indicators have been showing the greatest improvement?
S
Scott Bessent1:31
I would say that every month except this past April, we've seen real wage increases. We've seen on average 2.6% GDP growth for the past four quarters, and the underlying resilience of the economy. We pulled down the fiscal deficit to GDP. We got it down to about 5.5%, so we had a fiscal contraction and still grew. And everything that we're doing, the jobs we're creating, they're in the private sector and they're for Americans.
I
Interviewer2:05
I appreciate you saying that because the previous administration often pointed to job growth as evidence of economic success, but much of that growth, as you just mentioned, came from government hiring. So, can you explain the difference between an economy that is driven by government job creation versus that in the private sector?
S
Scott Bessent2:23
Well, we see the productivity go up, but more importantly for the people who are getting those jobs, it's very difficult to create real wage increases. Traditionally, government jobs are indexed to the CPI, so you're just keeping up. With the private sector, people can move up. And we are creating, with the Tax Cuts and Jobs Act, a building boom in manufacturing structures. If someone who's economically illiterate said to me, 'Well, where are all these manufacturing jobs?' Manufacturing jobs take time. I was up in my hometown of Charleston, South Carolina, Boeing is expanding their facility there by 50%, it's the Dreamliner production facility. So, first you get construction jobs, then you get a thousand high-paying jobs in the Boeing factory, and we're seeing that again and again.
I
Interviewer3:22
Well, I think the goal of public policy shouldn't be to make government dependency more comfortable, right? But it should be to make economic independence more attainable. And so, would you agree that the most effective way to improve a family's financial situation is not through government assistance but through higher wages and better job opportunities?
S
Scott Bessent3:38
100%, and the opportunity to start your own business. And that's what we're seeing too, in terms of Main Street coming back. One of the things, I spent my career in the financial sector, and 45% of our small and community banks disappeared since the great financial crisis. Senator Warren likes to say, 'Ooh, we might have a bank failure.' She killed 45% of the small banks.
I
Interviewer4:03
Yeah. I think the Trump administration is rightly focused on creating the conditions for private sector growth and for private sector hiring, because every new private sector job represents an American who is less dependent on government and more empowered into their own future. And I think as Congress considers policies that encourage work and reduce dependency, I do believe that we have a responsibility to connect people with opportunity. So, I'm going to ask you, what are you doing on August 6th?
S
Scott Bessent4:27
I'm not even sure what I'm doing.
I
Interviewer4:29
Let me tell you. For the fifth consecutive year, I am hosting what has become the nation's largest job fair. Last year, we had over 500 businesses that represented over 33,000 jobs, and we had about 35,000 people came last year to Globe Life Field. And we're going to do it again this year, August 6th. And we would love to have you there. I am formally inviting you right now to attend. Because if you want to know about economic policy, don't ask anybody in Washington. Ask the single mom who now has a job that pays the bills. Ask a vet who now finds a new career. Ask a worker who can get off federal government assistance because he's got a job that has given him a new opportunity. These are the real scorecards that I think that we should be looking at.
S
Scott Bessent5:15
Well, I was just in Texas a few weeks ago. I'm going to be there next week, and that is the land of opportunity.
I
Interviewer5:22
I appreciate you saying that. I think the clearest measure of successful domestic policy is whether Americans believe opportunity exists. And I think on August 6th, over 35,000 people are going to walk into Globe Life Field looking for jobs, and over 500 businesses will be there because they need workers. And to me, that's the strongest real-world indicator that President Trump's economic agenda is working. And with that, I yield back.
