US Treasury Secretary Outlines Trump’s Economic Agenda Amidst Recession Fears
In a speech at the American Bankers Association’s Washington Summit, US Treasury Secretary Scott Bessent outlined the Trump administration’s economic agenda, emphasizing the need for Main Street businesses and consumers to thrive despite fears of a recession. According to Bessent, President Trump’s aim is to ensure that the economy benefits all Americans, not just Wall Street.
"For the last four decades, basically since I began my career in Wall Street, Wall Street has grown wealthier than ever before, and it can continue to grow and do well," Bessent said. "But for the next four years, the Trump agenda is focused on Main Street. It’s Main Street’s turn. It’s Main Street’s turn to hire workers. It’s Main Street’s turn to drive investment, and it’s Main Street’s turn to restore the American Dream."
The Treasury Secretary’s comments come at a time of heightened economic uncertainty, with the imposition of higher tariffs by President Trump last week contributing to a significant rout in stock markets. The S&P 500 has fallen nearly 19% from its record high in February and is now inches away from a 20% bear market. Despite these fears, Bessent expressed confidence that the Trump administration’s policies will help to drive economic growth and prosperity.
Bessent, a hedge fund veteran and founder of Key Square Capital Management, has become a key economic spokesman for Trump’s agenda of tax cuts, deregulation, and trade rebalancing. He emphasized the need to "de-leverage the government sector, re-leverage the private sector" in order to promote economic growth. "We can’t do it all at once, or that will cause a recession," he said. "What will keep us from having a recession is making sure that the tax bill doesn’t expire, adding back 100% depreciation and then adding some of President Trump’s agenda — No tax on tips, no tax on Social Security, no tax on overtime."
The Treasury Secretary’s comments were reported by AFP, which noted that recession fears have climbed in recent weeks as the Trump tariffs spur uncertainty over how wide the trade war will spread, and its impact on the pace of economic growth, inflation, and corporate profits. JPMorgan Chase CEO Jamie Dimon said on Wednesday that he sees the US economy likely headed for recession because of the trade battle.
According to Bessent, the Trump administration’s policies are designed to promote economic growth and prosperity for all Americans, not just those on Wall Street. He noted that the stock market helps form business confidence, which in turn affects small businesses. With the advent of Individual Retirement Accounts in the 1970s and 401(k)s in the presidency of Ronald Reagan, Main Street’s participation in the stock market has soared.
The issue of recession has become a growing concern, with many experts warning that the trade war could have a significant impact on the economy. As AFP reports, the Dow Jones Industrial Average has experienced significant volatility in recent weeks, with traders increasingly concerned about the impact of the trade war on corporate profits and economic growth.
In response to these concerns, Bessent emphasized the need for the Trump administration to promote economic growth through its policies. He noted that the administration’s agenda is focused on promoting growth and prosperity for all Americans, not just those on Wall Street. "We want to make sure that the tax bill doesn’t expire, adding back 100% depreciation and then adding some of President Trump’s agenda," he said.
The Treasury Secretary’s comments highlight the Trump administration’s focus on promoting economic growth and prosperity through its policies. As the trade war continues to contribute to economic uncertainty, Bessent’s remarks suggest that the administration is committed to finding ways to mitigate the impact of the trade war on the economy.
The US economy has experienced a period of significant growth since the financial crisis, but concerns about recession have grown in recent weeks. As the trade war continues to escalate, many experts are warning of a potential downturn. However, according to Bessent, the Trump administration’s policies are designed to promote economic growth and prosperity for all Americans.
The issue of recession has significant implications for American businesses and consumers. According to AFP, the US economy has experienced a period of significant growth since the financial crisis, but concerns about recession have grown in recent weeks.
The American Bankers Association’s Washington Summit provided a platform for Bessent to outline the Trump administration’s economic agenda. In his speech, he emphasised that the administration is committed to promoting economic growth and prosperity through its policies.
The US Treasury Secretary went on to say that “it’s Main Street’s turn to hire workers. It’s Main Street’s turn to drive investment, and it’s Main Street’s turn to restore the American Dream,”
The National Bureau of Economic Research has previously noted that recession is often preceded by a downturn in business investment and a decline in consumer spending.
Secretary Bessent is quoted as saying “We want to de-leverage the government sector, re-leverage the private sector …. we can’t do it all at once, or that will cause a recession,”
These comments from US Treasury Secretary Scott Bessent are reported by news providers and a range of other outlets and press associations.
