Overview

• Treasury Secretary Scott Bessent claimed recession-like conditions stem from the previous administration's manufacturing policies, deflecting criticism of current economic strategies.
• In a Fox Business interview, Bessent outlined plans to 're-privatize' the economy through deficit control, workforce reductions, and bank deregulation to stimulate growth.
• Economists, including Ernie Tedeschi and Justin Wolfers, criticized Bessent’s remarks as misleading, citing positive manufacturing data and accusing him of ignoring present challenges.
• JPMorgan Chase CEO Jamie Dimon and other financial experts cautioned that Trump’s steep tariffs and deregulation efforts are increasing recession risks and financial instability.
• Business leaders report growing concerns over the economic outlook, with some suggesting the U.S. is already experiencing recessionary conditions under the current policies.