Scott Bessent said on television that most people kept 401(k) money in a 60 percent stock fund. It’s not quite that simple.

Trump administration officials made the rounds this weekend to try to answer the nearly unanswerable: Why tank the stock market by starting a trade war? And are you subtracting trillions of dollars in unrealized losses out of people’s savings on purpose?

Treasury Secretary Scott Bessent’s appearance on NBC’s “Meet the Press” was particularly odd.

“Most Americans in a 401(k) have what’s called a 60/40 account,” he said, without explaining what he was talking about. These accounts, he added, “are down 5, 6 percent on the year.”

Most Americans in a 401(k) do not have a 60/40 account. By saying so, Mr. Bessent understates the risk in people’s portfolios, the fear they feel and how being frightened can affect their retirement security if they sell while scared.

Let’s take this apart a bit.

A 60/40

Keep reading this article on The New York Times Your Money.