U.S. Treasury Secretary Scott Bessent speaks onstage during the 2025 New York Times DealBook Summit at Jazz at Lincoln Center on December 3, 2025 in New York City.
David Dee Delgado | Getty Images Entertainment | Getty Images
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The latest inflation report, delayed by the government shutdown, showed consumer prices rose 3% year-on-year in September, including a 3.1% rise in the cost of food at home.
As rising prices continue to impact consumers, President Donald Trump has dismissed the idea that Americans are in financial trouble.
“The word ‘affordability’ is a Democrat hoax,” Trump said during a Cabinet meeting on Tuesday. “The word ‘affordability’ is a Democratic scam.”
Lately, voters have expressed frustration with Trump’s handling of the economy. According to a recent NBC News poll, about two-thirds of registered voters believe the Trump administration has failed on the economy and the cost of living.
Asked about Trump’s comments on Sunday, Bessent said the administration was dealing with inflation issues left over from the Biden administration and pointed to media coverage as a source of Americans’ view of the economy.
“The American people don’t know how good they have it,” he said. “Now the Democrats have created shortages, whether it’s energy or over-regulation. Now we’re seeing this affordability problem, and I think next year we’ll move on to prosperity.”
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