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Bessent Not Worried About Market, Calls Corrections HealthySecretary Scott Bessent said he is not concerned about the markets, as a selloff last week took the S&P 500 Index into a correction.Photographer: Victor J. Blue/BloombergTreasury Secretary Scott Bessent, a former hedge fund manager, said he’s not worried about the recent downturn that’s wiped trillions of dollars from the equities market as the US seeks to reshape its economic policies.“I’ve been in the investment business for 35 years, and I can tell you that corrections are healthy, they are normal,” Bessent said Sunday on NBC’s Meet The Press. “I‘m not worried about the markets. Over the long term, if we put good tax policy in place, deregulation and energy security, the markets will do great.”(...)
More Americans with college degrees are working multiple jobs, Fed report finds(...) Working multiple jobs “is a pretty complex phenomenon,” said Julia Pollak, chief economist at ZipRecruiter. On one hand, the trend can be driven by opportunity, Pollak said.Flexible, remote jobs may lend themselves to a side hustle, she said. For example, someone who works in a leadership and management role might also be paid for speaking engagements or consulting work.“But it is also driven by necessity,” Pollak said.People may need a second job to supplement income to cover expenses, pay off debt, save for the future, or pursue a different career path while maintaining a primary income, experts say.Wages generally have not kept up with inflation and essentials like housing costs, said certified financial planner Carolyn McClanahan, founder of Life Planning Partners in Jacksonville, Florida.You have to “work a lot harder to make ends meet,” said McClanahan, a member of CNBC’s Financial Advisor Council.“If you’re going to try to have some semblance of a traditional life with kids, and a house and transportation, [it] takes a lot of money to do that,” McClanahan said.Overemployment may also help people cobble together enough work hours as some employers cut back. The average workweek for all employees on private nonfarm payrolls was 34.1 hours in February, unchanged from the month prior, but down from 34.2 in December and 34.3 in February 2024, the BLS found.“If employers are seeing soft demand for labor and cutting hours, that’s another reason why people are taking on additional jobs to fill the week and to fill their bank accounts,” Pollak said.
Treasury Secretary Bessent says White House is heading off a ‘guaranteed’ financial crisisTreasury Secretary Scott Bessent speaking to CNBC on March 13th, 2025. CNBCTreasury Secretary Scott Bessent said Sunday the Trump administration is focused on preventing a financial crisis that could be the result of massive government spending over the past few years.“What I could guarantee is we would have had a financial crisis. I’ve studied it, I’ve taught it, and if we had kept up at these spending levels that -- everything was unsustainable,” Bessent said on NBC’s “Meet the Press.” “We are resetting, and we are putting things on a sustainable path.”President Donald Trump has made getting the government’s fiscal house in order a priority since taking office. He created the so-called Department of Government Efficiency, led by Elon Musk, to spearhead job cuts and early retirement incentives across multiple federal agencies.Still, the U.S. debt and deficit problem worsened during Trump’s first month in office, as the budget shortfall for February passed the $1 trillion mark.Bessent noted that there are “no guarantees” there won’t be a recession.The market has been on a tumultuous ride as of late as Trump’s widespread tariffs raised concerns about inflation and economic slowdown. The S&P 500 on Thursday fell into a 10% correction from its February high as volatility spiked.Bessent believes pullbacks like the one the market is in right now are benign, and Trump’s pro-business policies will boost the market and the economy over the long run.“I’ve been in the investment business for 35 years, and I can tell you that corrections are healthy. They’re normal,” he said. “What’s not healthy is straight up, that you get these euphoric markets. That’s how you get a financial crisis. It would have been much healthier if someone had put the brakes on in ’06, ’07. We wouldn’t have had the problems in ’08.”“I’m not worried about the markets. Over the long term, if we put good tax policy in place, deregulation and energy security, the markets will do great,” Bessent added. “I say that one week does not the market make.”