It took long enough, but the Senate has confirmed Scott Bessent as the new Treasury Secretary. Yes, you heard that right. The man who once helped George Soros break the Bank of England is now in charge of our nation’s purse strings. Talk about the fox guarding the henhouse.
Bessent, a 62-year-old billionaire hedge fund manager, sailed through the Senate with a 68-29 vote, even snagging support from 16 Democrats. It’s almost as if bipartisanship isn’t dead after all—just hibernating until a Wall Street tycoon needs a government job.
Now, Bessent is tasked with managing our $28 trillion debt and implementing President Trump’s economic agenda. No pressure, Scott.
One of his top priorities? Extending the 2017 tax cuts. Because nothing says fiscal responsibility like doubling down on policies that ballooned the deficit in the first place. Bessent warns that failing to renew these cuts could lead to economic calamity. Of course, he doesn’t mention that the original tax cuts didn’t exactly pay for themselves as promised. But hey, who’s keeping track?
On the trade front, Bessent is all in on Trump’s tariff strategy. He’s ready to slap tariffs on China, Mexico, and Canada to combat unfair trade practices and boost revenues. Because nothing strengthens alliances like a good old-fashioned trade war. Just ask the farmers enjoying their newfound ‘freedom’ from export markets. But it’s not all about taxes and tariffs.
Bessent also plans to tackle federal cash flow management amid the statutory debt limit concerns. In plain English, that means figuring out how to pay the bills when you’re already maxed out on the credit card. Good luck with that.
Let’s not forget Bessent’s colorful past. Before founding Key Square Group, he was the Chief Investment Officer at Soros Fund Management. Yes, that Soros. The boogeyman of conservative politics. It’s like hiring the Big Bad Wolf to oversee the sheep. But don’t worry, Bessent assures us he’s fully committed to Trump’s vision.
In his confirmation hearing, Bessent emphasized the importance of renewing expiring tax cuts to avoid economic disaster. He also stressed the need to address rising budget deficits, sticky inflation, and increased long-term bond yields. It’s refreshing to see someone acknowledge the mess we’re in, even if his solutions sound suspiciously like more of the same.
Bessent’s confirmation makes him the highest-ranking openly gay federal official in U.S. history. A milestone worth noting, even if it comes with a side of cognitive dissonance for some. So, what can we expect from Secretary Bessent? If his track record is any indication, we’re in for a wild ride. He’s a man who thrives on high-stakes financial maneuvers and isn’t afraid to ruffle feathers. Whether that’s what our economy needs right now is another question entirely.
One thing’s for sure: with Bessent at the helm of the Treasury, we’re in uncharted waters. Let’s hope he knows how to steer the ship. Because if he doesn’t, it’s not just Wall Street that’s going to feel the crash—it’s all of us.