Donald Trump’s Treasury Secretary pick, hedge fund mogul Scott Bessent, called out irresponsible and inflationary government spending and offered solutions to America’s financial crises in his opening statement.
At his Senate confirmation hearing, Bessent criticized the out-of-control spending that members of both parties in Congress and the Biden-Harris administration have fueled. Bessent further emphasized the importance of having the U.S. dollar as world reserve currency and proposed tax cuts and tariffs as key solutions to the economic and financial crises America is currently facing.
After predicting “a new economic golden age that will create more jobs, wealth and prosperity for all Americans” under Trump and touching on supply chains and sanctions, Bessent referred to the increasing international effort by America’s enemies to undermine the dollar as world reserve currency. Biden fueled that movement with his horrible policies, but Trump aims to reverse the trend. “Critically, we must ensure that the U.S. dollar remains the world’s reserve currency,” Bessent stated.
SCOTT BESSENT: "We must secure supply chains that are vulnerable to competitors, and we must carefully deploy sanctions as part of an approach to address our national security requirements, and critically, we must ensure that the dollar remains the world's reserve currency." pic.twitter.com/4IyEWLVKTJ
— CAPITAL (@capitalnewshq) January 16, 2025
He continued, “Today, Americans face significant challenges in an economy that has not created enough opportunities for working men and women. We have an affordability crisis, a housing shortage, and for the first time in my lifetime, parents feel as though the American dream is slipping away from their children.” That’s Bidenomics at work.
Bessent cut to the heart of the problem: “The federal government has a significant spending problem driving deficits that have averaged an historically high 7% of GDP during the past four years. We must work to get our fiscal house in order and adjust federal domestic discretionary spending that has grown by an astonishing 40% over the past four years. Productive investment that grows the economy must be prioritized over wasteful spending that drives inflation.”
Government spending spurs inflation, and the U.S. just doesn’t have the money it is spending, let alone extra available for increased spending (a fact congressmen on both sides of the aisle need to acknowledge). As of September, over $1 trillion was required just to service the national debt. That is not sustainable.
One solution Bessent proposed was tax cuts. “If Congress fails to act, Americans will face the largest tax increase in history, a crushing 4 trillion tax hike,” he warned. Later in the hearing, he also discussed the value of tariffs.
Treasury Secretary Nominee Scott Bessent SHUTS DOWN Democrat lies about President Trump's tariff policy 🔥 pic.twitter.com/ISxaPIwKtA
— Trump War Room (@TrumpWarRoom) January 16, 2025
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With tariffs, the Trump administration aims to return manufacturing to America, make money, target America’s enemies (particularly Communist China), and even the playing field. Some countries are still allowed to impose high tariffs on American goods while America does not impose anywhere near the same tariffs on their goods, which is a relic of post-World War II policies. That is unfair and unacceptable.
With Bessent and Trump, Americans can hope to see the American Dream restored and common sense creating prosperity for all.
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