Highlights of Treasury Secretary Scott Bessent Treasury Confirmation Hearing
Arguably the Treasury Secretary is one of the top strategic cabinet position for any presidential administration.
Today watching the Senate Finance Committee confirmation hearing for Scott Bessent, President-elect Donald Trump’s pick for the U.S. Treasury Secretary was nothing less than a struggle between class warfare ideologues of the Democrat Party and the free market Republican Party. National Security, economic theory, tax policy and energy were key questions from both sides but with a clear dichotomy between both.
The Trump Tax Policy extension was fiercely debated by both sides of the aisle peppered with delusional propaganda spewed from the Democrat Party. The fanatical hysterical screaming Democrat Senators continued the lie about Trump’s tax cuts. They are hot mad and believe falsly will only benefit the richest when the IRS own data proves otherwise. Why are the Democrats still lying when the data is abundantly clear — the Trump tax plan helped working class Americans?
The Hill published an article in 2021, whih reviewed IRS tax filings and proved “Income data published by the IRS clearly show that on average all income brackets benefited substantially from the Republicans' tax reform law, with the biggest beneficiaries being working and middle-income filers, not the top 1 percent, as so many Democrats have argued.” Senator Bennet continued this charade by barating the President Trump’s tax policy complaining it hurt the American worker.
Question: Do you believe prices for families will go up or down
Answer: I believe that inflation will be much closer to the federal reserve target of 2% Over the past few years, the bottom two quartiles have a very different basket of goods and services. There are two ways: Either lower costs or get real wages up, I hope we can do both.
Scott Bessent: Sanctions against Russia were not enough
We cannot reward Putin's aggression in Ukraine.
Answer: In my adult life, the tragedy going on in Ukraine is one of the greatest tradegy in my adult life and ending it as soon as possible. And ending that as soon as possible, anything the Treasury Department can doe to help is important. I believe the sanctions were not fullsome enough.
The previous administration was worried about increasing energy prices during an election season. I am perplex to see the National Security Advisor, Jake Sullivan on his way out the door is raising the sanctions on "oil and gas prices" on Russian. Going to maximum santions on Russia, Scott will be 100 percent on board to heighten the "oil and gas" sanctions on Russia to the highest level.
The Senate Finance Committee hearing for Scott Bessent, nominated by President-elect Donald Trump for U.S. Treasury Secretary, revealed a stark divide between Democratic and Republican ideologies, framing the debate as one between class warfare and free-market principles. Key discussions revolved around national security, economic theory, and tax policy, with a particular focus on the Trump tax policy extension. Democrats argued that these tax cuts favored the rich, a narrative challenged by IRS data cited in a 2021 Hill article, which demonstrated benefits across all income groups, especially the middle and working classes. Bessent tackled questions on inflation, aiming for it to align closer to the Federal Reserve's 2% target through strategies like lowering costs or boosting real wages. On foreign policy, he advocated for stronger sanctions against Russia due to the conflict in Ukraine, criticizing past measures as insufficient, particularly in the oil and gas sector. This hearing underscored the deep political divide on economic policies, tax reforms, and international relations.