Treasury Secretary Scott Bessent is singing the praises of President Donald Trump's economic playbook, saying the 'America First' agenda is sparking a manufacturing revival. His argument? Construction is booming, factories are being built, and investment is flowing back into U.S. soil.

On Saturday, Bessent took to X to make the case, claiming Trump is 'creating the conditions for a manufacturing boom.' He pointed to construction jobs across factory and related sectors, which he said were growing '10x faster than under Biden.'

'Our America First pro-growth policies are creating the conditions for greater investment, stronger supply chains, and more opportunities for wage growth,' Bessent wrote. He doubled down on the idea that this construction surge is a precursor to broader manufacturing gains: 'This construction renaissance will continue to drive our manufacturing renaissance.'

It's a bold claim, and it fits neatly into the administration's narrative that tariffs and domestic-first policies are working. But not everyone is buying it, and the data tells a more nuanced story.

The 'America First' Debate Heats Up

Trump has been hammering the 'Buy American' message hard. He recently ordered federal agencies to prioritize American-made products, declaring, 'ALL FEDERAL AGENCIES MUST BUY AMERICAN — NO EXCUSES!' He's also going after misleading labels, saying, 'AMERICA FIRST means BUY AMERICAN!'

But critics argue the administration's actions don't always match its rhetoric. Former Gov. Chris Christie (R-N.J.) accused Trump of abandoning 'America First' for 'Iran First,' pointing to his handling of the U.S.-Iran conflict and alleged concessions to Tehran. Sen. Bernie Sanders (I-Vt.) echoed the sentiment, questioning whether Trump's foreign policy truly reflects the 'America First' principle. 'America first? Really?' Sanders asked.

The tension is clear: while the administration talks up domestic manufacturing, its foreign policy decisions are drawing fire from both sides of the aisle.

Manufacturing Jobs: The Numbers Tell a Different Story

Wall Street financier Steve Rattner isn't convinced by the boom narrative. He points to Bureau of Labor Statistics data showing that most U.S. job growth during Trump's second term has come from health care and education, not manufacturing. In fact, manufacturing has lost more than 100,000 jobs despite Trump's tariff policies.

According to the data Rattner shared, education and health services added about 1.1 million jobs between November 2024 and June 2026. Meanwhile, manufacturing payrolls declined by roughly 113,000 jobs over the same period.

'Despite promises to re-shore industry through tariffs, over 100,000 manufacturing jobs have been lost,' Rattner said.

That's a stark contrast to Bessent's optimistic picture. If a manufacturing boom is underway, it hasn't yet translated into factory jobs.

Investors are also split on what's really happening. Anthony Pompliano insists a 'manufacturing boom' is happening, while The Kobeissi Letter warns that stagflation pressures may be building. The debate over the strength of the U.S. economy is far from settled.

So who's right? It might depend on which metric you're watching. Construction jobs are up, but manufacturing payrolls are down. Tariffs are in place, but critics say the foreign policy doesn't match the 'America First' brand. The administration sees a renaissance; the data shows a mixed bag.

For now, Bessent is sticking to his story: 'This construction renaissance will continue to drive our manufacturing renaissance.' Whether that proves true is a question for the months ahead.