Tre Sec nominee Bessent:Will revive American economy through progrowth regulatory policies

US treasury secretary nominee Bessent is speaking at the US confirmation hearing and says:

• US government has significant spending problem
• Will revive the American economy through progrowth regulatory policies, reducing taxes, unleashing American energy.
• If Trump 2017 tax cuts are not renewed, US will face economic calamity
• We will see a gigantic middle-class tax increases tax cuts are not extended.
• Power of trumps 2017 tax cuts was apparent in 2018 and 2019 before they were interrupted by Covid 19.
• Will commit to keep IRS direct filing system running for this tax year, but study a further..
• Disagrees that tariffs will be paid for by workers and small businesses
• US clean energy spending is wildly out of control on the upside
• We don’t have a revenue problem in the US we have a spending problem
• Chinese economy is most unbalanced economy in the history of the world.
• Reaffirms Trumps pledge not to make cuts to Social Security and Medicare.
• Need to get short-term fiscal position in order before considering asset plans such as sovereign wealth fund.
• Inclined to support restoration of hundred percent research and development tax credit for businesses.
• Inflation will be closer to Fed’s 2% target than we have been in the past few years.
• From policies will provide aggregate return to prior inflation rates.

This article was written by Greg Michalowski at www.forexlive.com.