The remarks come ahead of November’s midterm elections, with economic data offering a more mixed picture of the economy
US Treasury Secretary Scott Bessent has said the country’s long-running economic divide between wealthier and lower-income Americans is narrowing, even as inflation and high living costs continue to weigh on consumers.
Bessent made the remarks in an interview with CNBC this week, dismissing the idea that the US remains a “K-shaped economy” – a term describing an economy in which wealthier households continue to prosper while lower-income groups fall further behind.
“I got sick of hearing about this K-shaped economy,” Bessent said. “I can say here definitively, the K-shaped economy is...
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