Bessent Takes Aim At Mamdani: ‘A Young Man With A Lot Of Old Ideas’
U.S. Treasury Secretary Scott Bessent offered blunt criticism of incoming New York City Mayor Zohran Mamdani on Tuesday, calling him “a young man with a lot of old ideas that have never worked” during an appearance on CNBC’s Squawk Box.
Bessent, who was present for President Donald Trump’s recent meeting with Mamdani in the Oval Office, acknowledged the socialist mayor-elect’s impressive campaign, but questioned whether his policies would hold up in the real world.
“You’ve got to have some admiration for a candidate who ran a campaign the way he did,” Bessent said. “It was a great, great campaign. But the practical everyday of keeping people safe, picking up the trash, making the subways run on time… we’ll see.”
Bessent emphasized that while Mamdani has become the new face of the Democratic Party’s radical left, his ideas lack historical or economic justification. “Point to one example where policies like his have led to anything other than a decline,” Bessent added.
Despite the sharp criticism, the Treasury Secretary credited President Trump for welcoming Mamdani to the White House. “He is clearly the leader of the Democratic Party now,” Bessent said, suggesting that Trump’s willingness to meet with the mayor-elect showed “open-mindedness and respect for voters.”
Mamdani’s rise has put pressure on Democratic leaders, especially in New York. Bessent noted that Senate Minority Leader Chuck Schumer never endorsed Mamdani and has yet to meet with him in person. Though Schumer has claimed to have a “good relationship” with the incoming mayor, he has kept his distance publicly.
Bessent also returned to his now-familiar theme of what he calls the “three I’s” straining the American economy: immigration, interest rates, and inflation. He said all three pressures have eased under the Trump administration’s policies, pointing to stronger border enforcement, falling rates, and new efforts to reduce inflation.
But on Tuesday, he introduced what he called a “fourth I” — insanity.
According to Bessent, Democrats’ reckless behavior in Washington is undermining economic stability. He pointed specifically to last month’s government shutdown fight over Obamacare tax credits and warned of another looming crisis.
“We’re on the eve of another potential shutdown,” Bessent said. “The last one caused a 1.5% hit to GDP and an $11 billion permanent hit. That’s not affordability — that’s insanity.”
As Mamdani prepares to take office, Bessent’s message was clear: good campaigns don’t always translate into good governance, especially when they’re built on failed ideas.