WASHINGTON – Treasury Secretary Scott Bescent only told Breitbart News Thursday that President Donald Trump's administration is adopting a “all deck on the deck” approach to cancel the damage to the economy left behind by Democrats like former President Joe Biden.
Bescent sat at Breitbart News for an exclusive camera-on-camera interview for over half an hour at the Salmon Chase Suite at the Treasury Department headquarters in downtown Washington, D.C., next to the White House. Named after the former Treasury Secretary and later Supreme Court Justice of Salmon Chase, the suite is one of the building's most historic offices. It is in this room that Chase and then President Abraham Lincoln developed much of modern monetary policy for the United States as a way to fund the preservation of the American Republic during the Civil War. The Greenbacks, the Sculpture and Printing Bureau, and even the IRS, can trace their roots to this room.
Bessent has now been working for a month. He welcomed the Senate on February 3, 2025. This week marks the first month of inflation, and in President Trump's first month, both consumer and producer prices are showing economists are getting better than expected. The administration has yet to go out of the woods regarding the US economy, but Bescent has clearly expressed optimism about the country's long-term views. Asked about this major development and what to do, Bescent said the Trump White House had “inherited” the “affordable crisis” from Biden, and for now the administration is doing everything it can to prevent “reflexive Biden flation.”
“You're just right, but there were a lot out of control. So inflation was out of control. We inherited the affordable crisis,” Bessent told Breitbart News. “Hopefully we won't get a recursive Biden flation. We're very wary. It could happen again. But we're doing everything we can to keep it down. We want to support affordability as well before we take down inflation. So, as we cut inflation, we want to lower the absolute price level by deregulation and lowering interest rates for car payments. Then, we see some early signs of inflation, I say. Oil has been down about 15% since President Trump took office. That's what we're focusing on. Since he took office, mortgage rates have fallen weekly. So, there are some good signs, but like you said, there have been a lot of punk spending and a lot of blown-up inflation.”
Asked what Trump's team had already done to combat this economic disaster, Biden said the “first thing” was to “put government spending under control” and pointed to the efforts of Government Efficiency (DOGE) led by businessman Elon Musk. He then pointed out that USDA Secretary Brooke Rollins worked to lower egg prices. And he pointed out what Home Secretary Doug Burgham and Energy Secretary Chris Wright are doing to unleash America's energy production. This broad vision, he said, is a “every hand, every field of government, every field of government” approach to stabilizing the US economy.
“The first thing is to manage your spending. I've said several times that mainstream media likes Lamphoon and Parody Doge,” Bescent said. “But this is a serious business. I don't think anyone thinks the federal government can't do things better for the dollar with fewer people and in a more effective way. So we're trying to beat spending and we're determined to do that. We're trying to give the federal government the rights. We're committed to it. As I said, we're lowering oil prices. Secretary Rollins had a very good plan to lower the price of eggs. So, Deer promoted it when it was going up, but now it's down 25% from its peak and we don't hear much about it. So it's kind of all at hand, all the areas of government that we're trying to do. Secretary Burgham and Secretary Wright are working on energy planning whether they allow prices to be lowered or this pipeline on the East Coast. The governor of New York needs to be a partner. So, a lot of good things are happening.”
But perhaps the most surprising thing for Bescent is how bad the establishment and legacy media are as Trump's presidency covers the economy. Bessent told Breitbart News he doesn't believe the term “Fake News” is strong enough to explain how inaccurate and off it is.
“When I was on the other side of the wall, I really didn't like the term 'fake news',” Bescent said when asked about founding media. “Now I can be inside and see what they're reporting. I think the term “fake news” is probably not strong enough. That's not really the case. They start with Apriori and write stories. Many of the stories I have been involved in are just as far apart. There was a story in New York Times The other day, about 50% of staff fell due to the IRS. No one is talking about it. These were in the background. They weren't named as sources – and they're just trying to incite a stir during taxpayer filing season. It's crazy. ”
More is coming from an interview with Breitbart News at the Treasury Department.
