Treasury Secretary Scott Bessent is in a Senate hearing this morning and pushed back on Democrat claims that we are heading for a recession because of 1st quarter GDP numbers.
Bessent said he doesn’t believe we headed for a recession and explains why:
His point about ‘revisions’ is an interesting one. Biden nearly always started high and revised downward on reports about jobs and the economy, because his policies were horrible. Bessent’s belief about Trump’s numbers is the opposite, suggesting they will be revised up and show there was no negative GDP growth in the first quarter. If true, that will take away a big talking point from the Dems.