Bessent faces backlash after saying fewer jobs are needed following deportations and border closures
Key Takeaways
- •Treasury Secretary Scott Bessent said on CNBC that the U.S. economy does not need to create as many jobs following the administration's deportations and border closure.
- •Bessent was extending the administration's labor-supply argument, under which the number of jobs needed each month to keep unemployment steady depends on how quickly the labor force grows.
- •Southwest border apprehensions have fallen this year to their lowest levels in decades amid increased deportations and interior enforcement.
- •Foreign-born workers account for roughly one-fifth of the U.S. labor force, according to the Bureau of Labor Statistics, making reduced immigration a closely watched variable in this year's employment data.
- •Bessent's comments drew sharp criticism on social media, and upcoming monthly jobs reports from the Bureau of Labor Statistics remain at the center of the debate over the administration's economic record.
President Donald Trump's Treasury Secretary Scott Bessent was confronted with the latest underperforming jobs numbers on CNBC Thursday and tried to explain why weak job creation no longer matters as much.
“After the deportations that we've seen and the closing of the border, we don't need to produce as many jobs,” Bessent said.
Bessent, a former hedge fund manager who founded Key Square Group before joining the Cabinet, was extending a labor-supply argument the administration has leaned on as hiring has slowed: the number of jobs the economy needs to add each month to keep the unemployment rate steady depends on how fast the labor force grows. The administration has sharply stepped up deportations and interior enforcement, and southwest border apprehensions have fallen this year to their lowest levels in decades. Foreign-born workers account for roughly a fifth of the U.S. labor force, according to the Bureau of Labor Statistics, and reduced immigration has become a closely watched variable in this year's employment data.
The comment drew sharp criticism on social media, where commenters said the explanation did nothing to change the fact that the economy is slowing, regardless of the reason.
“They deported the jobs lmao,” wrote comedian Stacy Cay.
“Insane and desperate,” wrote Meidas Touch.
“Yes, the restaurant is losing customers, but after we removed half the tables, technically we don’t need as many waiters,” wrote political activist and podcaster Joanne “JoJo From Jerz” Carducci.
“The Trump administration is now saying it’s fine that fewer jobs are being created in this country, and that thousands of jobs are being eliminated completely,” wrote More Perfect Union.
“Man with a net worth of $700 million says putrid jobs numbers are fine because we don't need more jobs,” wrote Meidas Touch editor-in-chief Ron Filipkowski.
“In addition to being an amoral greedmonster, Scott Bessent is unbearably dumb,” wrote Mind War's Jim Stewartson.
The exchange keeps upcoming monthly jobs reports from the Bureau of Labor Statistics at the center of the running debate over the administration's economic record.
