Treasury Secretary Scott Bessent has been having difficulty defending the Trump administration’s poor economic decisions—and it shows, said MSNBC host Stephanie Ruhle on The Daily Beast Podcast.
“Scott Bessent deeply understands economics,” Ruhle, a former Wall Street executive, explained, which “is why this is so hard for him to justify all of it.”
She noted that the hedge fund billionaire “deeply understands how trade and trade deficit works,” but has now been put in a position that requires him to “defend a position that’s not rooted in truth.”
“One of the reasons he struggles on television is because he’s not telling the truth, right?” Ruhle told host Joanna Coles. “You and I both know being on television is really hard and we’re actually reporting the truth. We’re speaking facts.”
Bessent has, over his years at hedge funds and investment firms, worked with both Republicans and Democrats alike. He had previously donated to Democratic causes, including Al Gore’s presidential run in 2000.
He also used to work for George Soros, who personally donated $170 million to Democratic candidates and campaigns during the 2022 midterms.
But he has now turned into yet another mouthpiece for the administration, spouting lies about the economy to justify the president’s actions, though he does so with great difficulty, said Ruhle.
“But isn’t it also hard for Scott Bessent to go on television because it’s really about an audience of one, right?” asked Coles. “He’s sort of scrambling to obey his boss.”
“It’s extremely difficult for him,” replied Ruhle, drawing a contrast with Trump’s Secretary of Commerce, Howard Lutnick. The latter official is, she said, always “happy to put on the show and the performance because that’s what he’s always done,” she added.
Ruhle said that Lutnick is the “middle guy” who will “sell whatever Donald Trump wants him to sell that day to win the trade, to get the commission,” whereas Bessent, who has a stronger grasp on the economy, knows when the administration is “manufacturing lies.”
“Scott, in some ways, you know, is backed into a corner and he’s frustrated because how does he defend Trump’s position, or where does he go from here?” she said.
New episodes of The Daily Beast Podcast are released every Tuesday, Thursday and Sunday. Follow our new feed on your favorite podcast platform at beast.pub/dailybeastpod and subscribe on YouTube to watch full episodes.
