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American Stock Story[2024]

U.S. Treasury Secretary's pretty important post... WSJ article on Bessent

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U.S. Treasury Secretary's pretty important post... WSJ article on Bessent

Bessent, Trump's nominee for Treasury secretary, has been studying economic history for the past four decades and worried about excessive U.S. debt. Bessent makes a profit by betting on large market fluctuations by analyzing geopolitical situations and economic data from Soros' fund manager and his hedge fund. He invests in currencies, interest rates, stocks and other wealth groups around the world. Feeling a sense of crisis that there is not much time left to reduce the excessive fiscal deficit, he joins the Trump campaign

Bessent's top priorities as Treasury secretary are the realization of Trump's tax-cutting commitments. They include permanent first-term tax breaks and eliminating taxes on tips, Social Security benefits, and overtime pay. He has also focused on imposing tariffs and cutting government spending, saying he will try to maintain the dollar's status as the world's reserve currency.

Those who have worked with Bessent described him as a quiet, bookish figure. "We're going to need some form of major global economic realignment. I want to be a part of it. I've been working on it for a long time," Bessent said at a June event

Besent added depth to Trump's economic policies and defended his trade policies, gaining Trump's trust, arguing that this approach would bring positive change to the economy

Besent proposes a "3-3-3 policy" inspired by former Japanese Prime Minister Shinzo Abe's "three arrows" policy, which aims to reduce the fiscal deficit against GDP to 3% by 2028, achieve GDP growth of 3% due to deregulation, and secure an additional 3 million barrels of oil production per day

It also proposes some reorganization of the IRA, including a freeze on non-defense budget spending and subsidies for electric vehicles. He insists on using tariffs as a tool for securing tax revenues and negotiating trade, and proposes to strengthen tariffs related to national security and establish a fair trade bloc with allies. "Realizing free trade requires a more aggressive international approach," Bessent said.

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