The economic adviser attempted to convince Fox Business’s Maria Bartiromo Wednesday that business executives she spoke with weren’t actually worried about the future under Donald Trump’s sweeping tariff plan, but rather had been lamenting about the past.
“Well, Maria, I think what the CEO may have alluded to, and I said it in the past, that the manufacturing sector under the previous administration was in a recession,” Bessent said.
But Republicans are not getting the deficit under control. Instead, their efforts to extend Donald Trump’s 2017 tax plan are expected to tack on an extra $5.5 trillion in debt, plus $1.3 trillion in interest.
“The repercussions here will be wide-reaching, as the global financial system is tightly interconnected,” argued Florence School of Banking and Finance director Thorsten Beck in an op-ed for Politico Tuesday. “When Washington weakens its financial guardrails, others feel pressured to follow suit to stay ‘competitive.’ This sets off a ‘race to the bottom,’ which then risks unleashing the kind of instability last seen in 2008.”
But considering the fragile state of the current market—which is gripped by high volatility, struggling supply chains, conflicts in eastern Europe and the Middle East, record levels of debt, and seemingly endless reciprocal tariffs that have pushed the U.S. economy to the brink of a recession—“this time, the fallout could be far worse,” according to Beck.
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