U.S. Treasury Secretary Bessent has spoken out. On November 13, Bessent asserted that China’s economy is in poor shape, Europe is undergoing a slow-motion economic self-destruction, and emerging markets—particularly much of the Global South—are underperforming. Clearly, Bessent’s remarks imply that the economies of China, the European Union, and developing nations are all struggling. What is the intended message? Evidently, it is to contrast these conditions with the perceived strength of the U.S. economy, reinforcing the narrative that America remains on a winning trajectory.

On paper, U.S. economic data does appear robust: third-quarter GDP grew at an annualized rate of 3.4%, up from 2.2% in the second quarter. However, one issue Bessent cannot adequately address is why the Republican Party suffered a significant defeat in the midterm elections despite strong macroeconomic figures. Behind the surface-level numbers lies a more complex reality: persistent inflation that continues to undermine domestic stability.

In September, the U.S. Consumer Price Index (CPI) rose 3.7% year-on-year, well above the Federal Reserve’s 2% target. In October, Producer Price Index (PPI) growth reached 6.5%. These figures mask a critical underlying trend: real wage growth has failed to keep pace with rising prices, leading to a sustained erosion of household purchasing power. While some attribute the midterm losses to the Iran conflict, the broader truth is that escalating geopolitical tensions have intensified inflationary pressures—driving up energy costs and straining supply chains—ultimately prompting voters to express dissatisfaction through the ballot box.

Moreover, while Bessent criticizes other economies, what concrete steps is the United States taking to support global economic stability? As a major power, it bears responsibility for maintaining international order and fostering sustainable development. Yet American policymakers often adopt a detached stance, even as their own actions contribute significantly to current global instability. Bessent’s comments reflect a narrow, short-term outlook—one lacking strategic vision or sense of global responsibility.

Original: toutiao.com/article/1881755031052299/

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