🚨Scott Bessent on the economy: AI will allow us to "run it hot"
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Episode Description
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Brief Summary
June 2023 saw a Treasury surplus, with hopes for AI-driven economic growth to reduce the deficit.
Key points
- Positive June for the Treasury. June marked the first positive month for the Treasury since 2015, achieving a surplus.
- Excitement about AI and Growth. There's optimism about leveraging AI for economic growth reminiscent of the IT boom.
Transcript
We're full speed ahead. June was the first positive June for the Treasury since 2015. We actually had a surplus and we did that in a good way. We took in more revenues, some from tariffs, and we brought down spending. When I think about what we can do here, what I'm really excited about is the idea, you know, with AI that we can go back to the paradigm when I was younger in the '9s. Allan Greenspan was able to run the economy very hot because it was the IT boom and we had this very powerful non-inflationary growth and I think that it's highly likely we could have that now and so that kind of growth would bring down the deficit very quickly. Right.
