Scott Bessent has some good news for consumers this morning: The K-shaped economy is officially over! Consumers on the lower end of the income spectrum are no longer being left behind by their richer counterparts, he insists.
The only problem is that the data has yet to subscribe to Bessent’s feelings.
The Treasury Secretary said he is “sick of hearing about this K-shaped economy,” during a CNBC interview yesterday, adding: “I can say here definitively, the K-shaped economy is over.”
Instead, Bessent said, U.S. households are in a C-shaped economy, “where the lower end of wage earners are finally calling it back, just like they did in President Trump’s first term.”
