特朗普总统的经济官员承认，仅靠强劲的经济无法说服美国人，他们在这位总统的领导下生活得更好。
President Trump's economic officials acknowledge that a strong economy alone will not persuade Americans that they are better off under this president.
为什么重要：特朗普政府正试图避免它所认为的贝南克时代的错误：在美国人仍因特朗普政策导致的价格历史性上涨而步履蹒跚之际，兜售强劲的经济数据。
Why it matters: The administration is trying to avoid what it sees as a Biden-era mistake: touting strong economic data while Americans are still reeling from a historic run-up in prices to which Trump's policies have contributed.
- 这是中期选举前几周的一次高空传递信息：政府希望促进强劲增长，同时又不忽视美国人对生活成本的不满。
• It is a high-wire messaging act just weeks before the midterms: The administration wants to promote strong growth without appearing to dismiss Americans' frustration over the cost of living.
- “如果我说，‘哦，人们错了，经济很好’，那么看起来我麻木不仁。如果我再深入探讨经济为何如此伟大，那看起来我就麻木不仁了，”白宫高级经济学家凯文·哈塞特周日在美国有线电视新闻网（CNN）的“国情咨文”节目中表示。
• "If I say, 'Oh, people are wrong, the economy is great,' then it looks like I'm insensitive. And if I then go into why the economy is great, then it looks like I'm insensitive," top White House economist Kevin Hassett said on CNN's "State of the Union" on Sunday.
他们在说什么：贝森特周五在《Axios Show》节目中接受内容广泛的采访时告诉Axios的迈克·艾伦：“我们不会做的就是做拜登人民所做的事情，告诉美国人民他们的生活有多好。”" ·贝森特表示，尽管最近通胀飙升，但经济仍然强劲。“除了整体通胀率，任何一个数字都相当强劲，”其中包括中东冲突推高的能源价格。他预测能源冲击将“逐渐消失。"
What they're saying: "What we're not going to do is do what the Biden people did and tell the American people how good they had it," Bessent told Axios' Mike Allen on Friday in a wide-ranging interview on "The Axios Show." • Bessent said that the economy remains strong despite the recent inflation surge. "Any of the numbers are quite strong, other than headline inflation," which includes energy prices driven up by the Middle East conflict. He predicted the energy shock would "fade away."
- 他承认美国人仍在应对物价上涨带来的累积打击：“有时我感觉自己像一名急诊室医生。...美国人民受到通货膨胀麦克·卡车的支持。"
• He acknowledged that Americans are still dealing with the cumulative hit from higher prices: "Sometimes I feel like an emergency room doctor. ... The American people were backed over by the inflation Mack Truck."
- 财政部长表示，现在的工资与通胀同步不足以弥补早期购买力的侵蚀。“在拜登时代发生的事情发生后，扭亏为盈并不是我们的目标。"
• The Treasury secretary said that wages keeping pace with inflation now isn't enough to make up for the earlier erosion in purchasing power. "Breaking even after what happened during the Biden years is not our goal." Yes, but:
是的，但是：尽管总体经济指标掩盖了美国人仍然感受到的金融压力，但政府仍然希望在纸面上为强劲的经济创造荣誉。
The administration still wants credit for the strong economy on paper, even as the headline economic indicators obscure the financial strain Americans still feel.
- “有既定的偏好和透露的偏好，”贝森特说，指的是美国人的消费行为与疲软的情绪。
• "There is the stated preference and revealed preference," Bessent said, referring to Americans' spending behavior versus their weak sentiment. The other side:
另一边：“我们所做的就是说，‘嘿，我们知道你们正在苦苦挣扎，我们正在努力帮助物价，但看看这份良好的GDP或就业报告！拜登领导下的前白宫首席经济学家贾里德·伯恩斯坦（Jared Bernstein）在一份声明中告诉Axios：“这让过去的人都听了。”
"What we did was to say, 'hey, we know you're struggling and we're trying to help with prices, but look at this good GDP or jobs report!' That talked past people," Jared Bernstein, former White House top economist under Biden, told Axios in an
- “他们大多说的是‘你没有挣扎！经济蓬勃发展。“这也能谈论过去的人。"
• "What they mostly say is 'You're not struggling! And the economy's booming.' That too talks past people."
- 伯恩斯坦认为，政府不仅忽视了负担能力问题--特朗普去年称负担能力危机为“骗局”--而且通过关税、预算削减和战争加剧了负担能力问题。
• Bernstein argued that the administration has not only dismissed affordability concerns — Trump called the affordability crisis a "hoax" last year — but worsened them through tariffs, budget cuts and the war.
大局：随着长期利率大幅上升和抵押贷款利率突破7%，债券市场正在使政府的负担能力努力变得复杂。
The big picture: The bond market is complicating the administration's affordability push as long-term interest rates rise sharply and mortgage rates top 7%.
- 贝森特已将较低的国债收益率作为政府推动负担能力的支柱。他去年发表的演讲中有一部分题为“国债市场作为负担能力晴雨表”。"
• Bessent has made lower Treasury yields a pillar of the administration's affordability push. A speech he gave last year had one section titled "Treasury Markets as a Barometer for Affordability."
- 贝森特在接受Axios采访时淡化了最近收益率飙升的信号，指出世界各地的借贷成本都在攀升。
• Speaking to Axios, Bessent played down the signal from the recent yield surge, pointing out that borrowing costs have climbed around the world.
- “如果我们出现某种特殊的崛起，我会担心，”他说。“这是全球性的崛起。"该怎么今年夏天的干预之后，财政部长认识到了他对债券市场的影响力的局限性·“我无法控制债券市场，”他说。“我能做的就是尝试让人们放慢脚步思考。"
• "I would be concerned if we were having some kind of idiosyncratic rise," he said. "It's been a global rise." What to The Treasury secretary recognized the limits of his influence on the bond market after this summer's intervention • "I can't control the bond market," he said. "What I can do is try to get people to slow down and think."
- 贝森特表示，他并不后悔上个月宣布“我现在就是房子”，这指的是他相对于华尔街的信息优势。“房子并不是赢得每一把手。众议院玩百分比游戏。"
• Bessent said he does not regret declaring last month that "I am the house now," a reference to his informational advantage over Wall Street. "The house doesn't win every hand. The house plays percentages."