WASHINGTON (Reuters) – U.S. Treasury Secretary Scott Bessent on Tuesday argued that the U.S. economy is more fragile under the surface than economic metrics suggest, citing interest rate volatility, sticky inflation and job growth focused on the government sector.
In a wide-ranging speech at the Australian embassy, Bessent took aim at what he called excessive government spending and overregulation under former President Joe Biden, pledging a dramatic shift in approach under President Donald Trump.
“The previous administration’s over-reliance on excessive government spending and overbearing regulation left us with an economy that may have exhibited some reasonable metrics but ultimately was brittle underneath,” he said.
(Reporting by David Lawder, writing by Andrea Shalal; Editing by Chizu Nomiyama)
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