U.S. Treasury Secretary Scott Bessent speaks on stage at the New York Times Dealbook Summit 2025 at Jazz at Lincoln Center on December 3, 2025 in New York City.
David Dee Delgado | Getty Images Entertainment | Getty Images
The latest inflation report, delayed by the government shutdown, showed consumer prices rose 3% in September from a year earlier, including a 3.1% rise in household food costs.
President Donald Trump rejected the idea that Americans are in financial trouble as rising prices continue to impact consumers.
“The word ‘affordable’ is a fraud by Democrats,” President Trump said at a Cabinet meeting on Tuesday. “The word ‘affordable’ is a Democratic fraud.”
Voters have recently expressed dissatisfaction with President Trump’s handling of the economy. According to a recent NBC News poll, about two-thirds of registered voters say the Trump administration is not doing enough on the economy and the cost of living.
Asked about President Trump’s comments on Sunday, Bessent said the administration was addressing the inflation problem left over from the Biden administration and cited media coverage as a source of Americans’ views on the economy.
“The American people don’t realize how good they have,” he said. “Democrats created scarcity, whether it’s in the energy sector or overregulation. As a result, we now have this affordability issue. And I think next year we’ll move toward prosperity.”
