Scott Bessent | The Fallacy of Bidenomics: A Return to Central Planning | A New Supply-Side

[@TonyTrupp]

Inflation was a global problem after the pandemic, mostly due to supply chain shocks and the ukraine war, but the US managed to bring the rate of inflation back down to historic lows, faster than other countries, while achieving a soft landing. Wages have actually out grown inflation since the start of the pandemic. The US now has the strongest growth out of all developed countries, unemployment is still near historic lows, and the stock market has even grown more under Biden than under Trump. If anything Biden should he getting credit for the speed and strength of the recovery.

[@kikolatulipe]

@31:07 very interesting!? So u need military to keep the US dollar as world currency !?

[@kikolatulipe]

@13:28 building public housing is not good track record !? Some statistics?

[@InvestSlow]

Incredible talk. Scott is spot on with several comments.

[@AlohaEru]

He’s got it right. Deleverage through growth! Pro growth!

[@KevinKamto]

yea no shit lol

[@pldevries]

Weak analysis of what's been happening in the US economy. This talk is more politics than reality . Bessent's characterization of Biidenomics and Reaganomics are inaccurrate cariacatures and thw evidence that he cites is annecdotal and deceptive. His view of how modern economies work is dated , simplistic and wrong. Bessent is a Wall trader not an economist. His opinions reflect that.

[@Mariannadw88]

Spot on comment

[@ericmetts2289]

Absolutely spot on. He's a speculator. He's a parasite. They have a certain method by which they view the world and we Don't need more of them in our institutions to making policy

[@ryanurban1]

Very much agreed. I've always felt that once an economist (of any stripe) becomes a political partisan, they become essentially worthless, if not dangerous. A topic as important as this absolutely requires a dispassionate, intellectually honest approach. You will rarely get that kind of approach from a political partisan. From either "side".

[@leonardoconte980]

Your opinion is invalid, what are your certifications? Are you talking out of your ass? I will follow the certified economist and not a arrogant know nothing in the comments, thank you 🤦‍♂️

[@x2ul725]

Just brutal. Fun talk. Great interview !

[@kikolatulipe]

Is giving a trillion in tax cut considered as a return to central planning ?

[@MrMarkiss88]

Not at all. Tax cuts will stimulate private business activity i.e. the opposite of central planning

[@kikolatulipe]

@210:14 investment expenses !? Stock buyback? Vodoo economics 😮

[@kikolatulipe]

@19:24 basically the rich like him don’t want to pay texes 😅

[@marcopolotimetraveller]

Will he monetise bitcoin? Or will he revert to historical norms and go back to a metal backed USD currency/bond certificates?

[@kikolatulipe]

@16:52 we will see un the next 4 year how his boss is going to fix the housing crisis :-) 😂

[@ralphmcnall5066]

He fails to understand what could and should be a 180 deg difference between profit-oriented capitalism and service oriented government. I'm assuming he is a neoliberal that doesn't understand or accept that a primary responsibility of government should be mitigating the inflation causing practices of supply-side profit-oriented capitalism. His comments that the Fed was late raising interest rates implies he is a Moniterest. Does he not understand or just not accept that Friedman's 3 simplifying assumptions that Monetarism is based on are of very questionable validity, including that causality goes from the monetary demand side to the supply-side. On top of that, history is showing that Fed rates > 0% actually contribute to inflation. Only taming inflation by resulting in recessions in conjunction with austerity. Japan's history and US history supports this. Finally, if he has read Kelton's "the DEFICIT MYTH" he doesn't understand or appreciate it!!!

[@ian4668]

"Same to the President of the Philippines now" giving away money without sound economic strategy. How about that BBM?!!

[@gen-X-trader]

Seriously hope Trump just goes and plays golf and occasionally stirs up his followers while letting Scott run the country 🎉

[@ericmetts2289]

Hey Scott, I know a good way bring down the deficit. How about we tax you! How about we put a sales tax on your speculative turnover. How about we raise the capital gains tax on your parasitical derivatives trading? How about we bring back a formidable progressive income tax structure?

[@AM-uc4yd]

lol

[@LukeXNagel]

I want to start off by mentioning that this guy is obviously intelligent so Im not just blindly hating. However, I truly can not parse how you claim to care about the massive deficit, but then give a free pass to the fact that Trump increased the deficit more than any other President in US history. Also, claiming that tax cuts in combination with a freeze on non defense related discretionary spending is enough to solve the deficit issue is the definition of wishful thinking.

[@NicholasDeLuca-i7x]

SOUNDS LIKE THE OLD SOVIET AND WE KNOW HOW THAT WORKED OUT!

[@TechkiV]

Central Planning ? Communism ?

[@timmoretz523]

Give me a huge capital gain by cutting Medicaid. Poor people are to blame!

[@Mariannadw88]

So out of touch to say that with capital gain tax the £400000 tax threshold will apply to everyone; in the billionaire’s world, i guess 400,000 annually is everyone… TOSSER

[@JCCeba]

There is no tax collection problem. Really? Who’s this guy representing?

[@MrMooMoo088]

He means the US takes in enough money, it's not spent properly.

[@weaverdreams]

George Soros

[@theonlycaulfield]

It's true. As he says, tax revenues as a percentage of gdp are at normal levels. The issue is that government spending has gone up faster than tax revenues.

[@marcopolotimetraveller]

He's about to represent DJT who is talking openly of abolishing income tax

[@ralphmcnall5066]

​@@theonlycaulfield so? He fails to understand what could and should be a 180 deg difference between profit-oriented capitalism and service oriented government. I'm assuming he is a neoliberal that doesn't understand or accept that a primary responsibility of government should be mitigating the inflation causing practices of supply-side profit-oriented capitalism. His comments that the Fed was late raising interest rates implies he is a Moniterest. Does he not understand or just not accept that Friedman's 3 simplifying assumptions that Monetarism is based on are of very questionable validity, including that causality goes from the monetary demand side to the supply-side. On top of that, history is showing that Fed rates > 0% actually contribute to inflation. Only taming inflation by resulting in recessions in conjunction with austerity. Japan's history and US history supports this. Finally, if he has read Kelton's "the DEFICIT MYTH" he doesn't understand or appreciate it!!!

[@donherrington5771]

Economic historian? Reagan and Trump had one policy .. more rich people .. Did not lead to economic growth but did increase deficits. Can you really teach a class you fail?

[@roshanchapagain5335]

Fail guy

[@weaverdreams]

He lost so much money for his firm that it went from 5 billion down to 500,mil in under 10 yrs. He would be a horrible pic for anything involving finances or the economy and especially especially for the treasury.

[@Athea34]

WW3 is about to start and within 3 months $20 millions dollars in Debts. 🙁🙁🙁🙁

[@marcopolotimetraveller]

Which firm?

[@somercet1]

If he does get to be Treasury Sec, don't let him near a microphone. Jesus, he is a terrible speaker.

[@First-p1n]

Lol

[@Namcit]

Powell is doing a good job?

[@First-p1n]

@@Namcit what the hell does somebody else have anything to do with this guy not being a good speaker lol

[@Namcit]

@First-p1n He's in finance, not English.

[@First-p1n]

@@Namcit Still not following your logic 😬