Scott Bessent: Fixing the Fed, Tariffs for National Security, Solving Affordability in 2026
- Dec 22, 2025
- 56:58
- Full Episode
(0:00) Treasury Secretary Scott Bessent joins the show (0:55) Recapping 2025 and the state of the economy (3:13) Tariffs: Leverage, legal challenges, implementation (15:20) Affordability: inflation, BLS data, interest rates (23:00) The Fed: biggest mistakes, how we got a 15 year asset bubble, rate cycle, appetite for US debt, Fed Chair candidates (42:44) Focus on Main Street, taking equity stakes in American companies (50:40) Tax cuts, Trump accounts, economic legacy
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Referenced in the show: https://www.international-economy.com/TIE_Sp25_Bessent.pdf
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Brief Summary
Secretary Bessant discusses US fiscal policy, tariffs, and economic outlook for Main Street and Wall Street in the upcoming years.
Key points
- 2025 Economic Review. Secretary Bessant discusses the fiscal year and future economic outlook.
- Impact of Tariffs. Exploring the unexpected positive effects of tariffs on the economy.
- Public Perception of Trump. Analyzing the paradox of Trump's low approval ratings despite economic growth.
- The Fed's Role in Inequality. The Fed's policies have significantly contributed to economic inequality, according to experts.
- Understanding the Fed's Budget. The Fed operates like a hedge fund, taking risks to subsidize its operations.
- 2026 Expectations for Main Street. What can Americans expect from the administration in 2026 regarding economic stability?
Episode highlights
- 2025 Economic ReviewSecretary Bessant discusses the fiscal year and future economic outlook.“2025 was setting the table. The feast will be in 2026.”1:03Dec 22, 2025
- Impact of TariffsExploring the unexpected positive effects of tariffs on the economy.“The revenues aren't the focus. National security is.”11:39Dec 22, 2025
- Public Perception of TrumpAnalyzing the paradox of Trump's low approval ratings despite economic growth.“We inherited a mess. 2026 will be a very good year.”16:30Dec 22, 2025
- The Fed's Role in InequalityThe Fed's policies have significantly contributed to economic inequality, according to experts.“The Fed has exacerbated the sense of inequality.”23:19Dec 22, 2025
- Understanding the Fed's BudgetThe Fed operates like a hedge fund, taking risks to subsidize its operations.“The Fed should make money.”29:51Dec 22, 2025
- 2026 Expectations for Main StreetWhat can Americans expect from the administration in 2026 regarding economic stability?“There's nothing I can promise because there's always a degree of uncertainty.”43:41Dec 22, 2025
- Economic Shifts Post-GFCThe regulatory regime for banks is being loosened to unleash lending capabilities.“We are doing everything to unleash the lending capability of these banks.”44:32Dec 22, 2025
- State Capitalism DiscussionA conversation on whether recent government actions indicate a permanent shift in economic policy.“Is this a permanent shift in how the government plays a role in the economy?”46:25Dec 22, 2025
