Treasury Secretary Scott Bessent addressed the Milken Institute Global Conference, highlighting President Donald J. Trump's economic agenda and its potential impact on the U.S. economy. In his speech, Bessent drew parallels between Mike Milken's innovative approach to finance in the 1970s and President Trump's vision for America's economic future.
Bessent emphasized that "like Mike Milken, President Trump has no shortage of critics in establishment circles," but he believes that Trump's policies are proving successful. He noted that on Trump's first day in office, he promised a new Golden Age for America, focusing on creating a strong economy through trade, tax cuts, and deregulation.
The Treasury Secretary outlined how these components are interconnected to drive long-term investment in the American economy. He stated that tariffs are designed to encourage companies to invest directly in the United States by hiring workers and building factories domestically. Additionally, Bessent highlighted tax incentives and deregulation as key elements of this strategy.
He mentioned a significant piece of legislation referred to as "ONE BIG BEAUTIFUL BILL" aimed at benefiting both Main Street America and investors by making small business deductions permanent and providing tax credits for research and innovation.
Furthermore, Bessent discussed an ambitious deregulation agenda including permitting reform intended to reduce federal approval times for energy and construction projects significantly. This reform is part of a broader energy dominance agenda championed by the administration.
In conclusion, Bessent reiterated Warren Buffett's mantra: “Never bet against America,” underscoring his belief in the resilience of the U.S. economy despite past challenges such as wars, recessions, or pandemics. He invited businesses to join in building what he described as a more abundant America during this new era of economic prosperity.
