I've learned a thing or two over the years about facing tough truths head-on.
Like when I jumped from an airplane with President Bush, or got a crash course in tennis before playing at the White House.
Preparation matters. And right now, the U.S. economy seems to be facing its own tough truth.
For years, the market and the economy have become hooked, become addicted, to excessive government spending.
And we may have felt comfortable. But now, that comfort feels as if it is ending. And just like pulling off a bandage, it’s probably going to sting at first.
Wall Street pros have already started lowering their expectations. Politicians are finally pulling back spending.
And even Scott Bessent, the Treasury Secretary himself, admitted “there’s going to be a detox period”
As you could guess, stoic President Trump himself didn’t sugarcoat it: