U.S. Treasury Secretary Scott Bessent’s remarks about Americans monitoring their retirement accounts sparked backlash on social media on Sunday after he suggested that people aren’t monitoring “day-to-day fluctuations.”
Newsweek reached out to the Treasury Department for comment on Sunday.
Why It Matters
President Donald Trump announced new tariffs last week on what he dubbed “Liberation Day, with the plan including a universal 10 percent tariff on all imports from countries and higher tariffs, up to more than 40 percent, on dozens of others. The stock market reacted negatively to the news, which directly impacts Americans’ pensions and 401(k)s.
The Dow Jones Industrial Average shedding more than 1,500 points on back-to-back days for the first time ever. The average plunged more than 2,200 points on Friday after dropping over 1,600 on Thursday.
What to Know
Bessent appeared for a Sunday morning interview with NBC News’ Meet the Press hosted by Kristen Welker. In the interview, Welker pressed the Trump administration official over the economic fallout from tariffs and how that’s impacting ordinary Americans hoping to retire.
“President Donald Trump promised that he was going to improve the economy starting on day one. He said prices are going to come down. More than 160 million Americans, Mr. secretary, as you know, are invested in the market. Many of them have spent their lives saving for their retirement,” Welker said. “What is your message to Americans who want to retire right now and have just seen their lifetime savings drop significantly?”
The treasury secretary dismissed the idea that Americans are checking the markets regularly.
“I think that’s a false narrative. Americans who want to retire right now, Americans who have put away for years in their savings accounts, I think they don’t look at the day-to-day fluctuations of what’s happening,” Bessent said.
He added: “In fact, most Americans don’t have everything in the market. Most Americans in a 401K have what’s called a 60/40 account. 60/40 accounts are down 5 or 6 percent on the year. People have a long-term view…If you look day-to-day, week-to-week, it’s very risky. Over the long term, it’s a good investment.”
Many on social media criticized the secretary’s remarks, suggesting he was disconnected from the reality of how ordinary Americans handle their finances. Bessent has a net worth in excess of $700 million, according to an analysis by The New York Times.
What People Are Saying
Neera Tanden, a liberal political who served as the Director of the Domestic Policy Council in the Biden administration, wrote on X, formerly Twitter: “There’s something very Marie Antoinette about maybe the wealthiest Treasury Secretary ever saying no one is worried about their 401ks that Trump just crashed.”
Matt McDermott, a Democratic pollster and strategist, wrote on X: “Every time Scott Bessent tries to downplay the damage Trump’s policies are doing to everyday Americans, just remember: he’s worth over half a billion dollars and lived in a $22 million mansion he called the Pink Palace.”
MSNBC host Lawrence O’Donnell on X: “In less than 100 days he has a firmly established public record identifying himself as the stupidest Treasury Secretary in history and should be regarded as such by interviewers.”
Bill Kristol, a conservative writer, on X: “Democrats should turn down all TV invitations and tell the bookers simply to have on Bessent, [Commerce Secretary Howard] Lutnick, or [Director of the National Economic Council Kevin] Hassett instead. Those guys do far more damage to Trump than any of his critics.”
Dane Rauschenberg, an author and long-distance runner, with more than 12,000 followers on X, wrote in response to a clip of the interview: “There needs to be a complete and utter embargo on anyone inviting any Trump representative onto any talk show of this nature. They provide no answers, they lie indiscriminately, and have no shame about either.”
The Trump’s Lies (Commentary) X account, which has over 95,000 followers, wrote: “Bessent is completely out of touch with the financial situation of most Americans. Tone deaf answer.”
What Happens Next
Trump and his allies have said there may be some temporary economic “disruption,” but that tariffs will ultimately benefit the U.S. economy and Americans.
Trading partners have responded in various ways to the newly imposed tariffs, with some announcing reciprocal measures. Others are holding off or attempting to negotiate with the Trump administration to lower the rates.
The president has insisted that markets will “boom” as a result of his trade war. Posting to Truth Social on Saturday, he wrote: “THIS IS AN ECONOMIC REVOLUTION, AND WE WILL WIN. HANG TOUGH, it won’t be easy, but the end result will be historic. We will, MAKE AMERICA GREAT AGAIN!!!”
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