Hedge finance mogul Scott Bessent, the nominee for the Treasury Secretary of Donald Trump, criticized careless and inflationary federal spending and proposed solutions to America’s economic crisis in his opening statement.
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Bessent criticized the excessive saving that both the Biden-Harris administration and members of both parties in Congress have fueled at his Senate assurance reading. Bessent added that the U.S. money should be used as the world reserve currency and that presented tax cuts and tariffs should be used as the main solutions to the economic and financial crises that America is already facing.
Bessent referred to the growing global efforts by America’s enemies to destroy the buck as earth reserve currency after predicting” a new financial beautiful time that will create more jobs, wealth, and prosperity for all Americans” under Trump and mentioning supply chains and sanctions. With his abhorrent policies, Biden fueled that movement, but Trump aims to change the pattern. ” Thoroughly, we must confirm that the U. S. money remains the country’s supply money”, Bessent stated.
SCOTT BESSENT:” We had secure supply chains that are prone to competitors, and we must thoroughly build sanctions as part of an approach to handle our national security requirements, and thoroughly, we must confirm that the dollar remains the world’s reserve currency”. pic. twitter.com/4IyEWLVKTJ— CAPITAL ( @capitalnewshq ) January 16, 2025
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He continued,” As of today, Americans face significant challenges in an economy that has not provided 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 addressed the root of the issue by stating that” the federal government has a significant spending problem that is causing deficits that have averaged an , historically high 7 % of GDP over the past four years. We must work to restore the balance in our fiscal framework and adjust our domestic discretionary spending, which has increased by an astonishing 40 % over the past four years. Priority must be given to productive spending that boosts the economy over shoddy spending that causes 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.
Bessent suggested one option: 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.  ,
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Nominee Scott Bessent, the secretary of state for foreign affairs, SHUTS DOWN Democrat libel against President Trump’s tariff plan. 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. While some nations are still able to impose high tariffs on American goods, America does not impose any of the same tariffs on its own goods, which is a remnant of post-World War II policies. That is unfair and unacceptable.
Americans can hope that with Bessent and Trump, prosperity can be brought back and that the American Dream is restored.
