Yesterday at the World Economic Forum in Davos, US Treasury Secretary Scott Bessent sounded the alarm on rising money woes among American households. Facing questions about financial pressure, Bessent warned that many families are “teetering on the edge” of a breaking point.
He pointed to policies from the previous administration, highlighting income growth during Donald Trump’s first term. According to Bessent, those gains haven’t reached everyone equally—creating a “two-speed” economy where some thrive while others struggle.
But many economists dispute his claims, pointing out that average income figures mask deep gaps in wealth and opportunity. While some households saw pay bumps, others are coping with stubborn inflation, rent hikes, and student debt. As one expert put it, "averages don’t tell the full story."
For young people juggling gig work, rent, and online side hustles, the warning hits close to home. With inflation still hovering above target and wages lagging behind living costs, Bessent called for targeted tax relief and stronger social safety nets 💸🤔.
As Davos wraps up, all eyes turn to upcoming policy moves in Washington and the next Federal Reserve meeting. Whether these measures can steer Americans away from a money crunch remains to be seen—but the debate over past policies is just heating up. 📊
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U.S. Treasury Secretary addresses Americans nearing a financial breaking point
cgtn.com
