“If you’re explaining, you’re losing.” This line is usually attributed to Ronald Reagan. Whoever said it definitely had a point, and not just about politics. If you’re trying to explain to people, be they voters or bond investors, that you aren’t really as bad or untrustworthy as you seem, you’re already in deep trouble.
So when I saw Scott Bessent, the treasury secretary, declaring Sunday that “The United States of America is never going to default, that is never going to happen,” my reaction was, “Uh-oh.”
