During a Friday CNBC interview on "Squawk Box," Key Square Group CEO Scott Bessent explained that Vice President Kamala Harris's economic agenda will doom the American economy and cause it to enter a "European-style malaise" as Democrats grow the size of government, taxes increase, regulations increase, and the American economy struggles to grow. In stark contrast to that vision, Bessent explained that Trump's tax cuts are a pro-growth strategy allowing America to confront the burdensome $35 trillion national debt.
"The Trump tax cuts would have paid for themselves by 2022 because it's a growth strategy," Bessent said. "The reason why I've come out from behind my desk for this election is because I think it is the last chance for America to grow its way out of its debt problem. If you can increase growth, you can change the trajectory. And everything I'm seeing from Harris and Biden is more taxes and more regulation. We go into a European-style malaise. Government spending gets to be a bigger and bigger percentage of the economy."
Under the first Trump administration, the American economy grew substantially by 2.24 percent in 2017, 2.95 percent in 2018, and 2.29 percent in 2019 thanks to deregulation, the 2017 Tax Cuts and Jobs Act, and an aggressive economic policy that utilized tariffs against China and other countries to achieve more favorable trade agreements. President Trump's economic record has drastically impacted the 2024 race as voters reminisce about the Trump economy amid the high prices of Bidenomics. A post-debate survey from CNN found that 55 percent of voters trusted Trump more on the economy, while only 35 percent trusted Harris.
Trump's economic agenda for a second term is even more impressive than the first. During a Thursday rally in Tucson, Arizona, Trump unveiled another economic policy that showcases his vision for a prosperous and growing American economy: no tax on overtime pay. The announcement comes after Trump revealed he would not tax tips for service workers and wouldn't tax Social Security.
"We will end all taxes on overtime. You know what that means? Think of that. That gives people more of an incentive to work, it gives the companies a lot, it's a lot easier to get the people," Trump explained to the Arizona crowd. "The people who work overtime are among the hardest working citizens in our country, and for too long, no one in Washington has been looking out for them."
WATCH:
"The Trump tax cuts would have paid for themselves by 2022 because it's a growth strategy," Bessent said. "The reason why I've come out from behind my desk for this election is because I think it is the last chance for America to grow its way out of its debt problem. If you can increase growth, you can change the trajectory. And everything I'm seeing from Harris and Biden is more taxes and more regulation. We go into a European-style malaise. Government spending gets to be a bigger and bigger percentage of the economy."
Under the first Trump administration, the American economy grew substantially by 2.24 percent in 2017, 2.95 percent in 2018, and 2.29 percent in 2019 thanks to deregulation, the 2017 Tax Cuts and Jobs Act, and an aggressive economic policy that utilized tariffs against China and other countries to achieve more favorable trade agreements. President Trump's economic record has drastically impacted the 2024 race as voters reminisce about the Trump economy amid the high prices of Bidenomics. A post-debate survey from CNN found that 55 percent of voters trusted Trump more on the economy, while only 35 percent trusted Harris.
Trump's economic agenda for a second term is even more impressive than the first. During a Thursday rally in Tucson, Arizona, Trump unveiled another economic policy that showcases his vision for a prosperous and growing American economy: no tax on overtime pay. The announcement comes after Trump revealed he would not tax tips for service workers and wouldn't tax Social Security.
"We will end all taxes on overtime. You know what that means? Think of that. That gives people more of an incentive to work, it gives the companies a lot, it's a lot easier to get the people," Trump explained to the Arizona crowd. "The people who work overtime are among the hardest working citizens in our country, and for too long, no one in Washington has been looking out for them."
WATCH:
Scott Bessent: The Trump tax cuts would have paid for themselves by 2022. pic.twitter.com/mnlOak0Dvx
— Trump War Room (@TrumpWarRoom) September 13, 2024
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- Article Source:
DC Enquirer
- Photo: Scott Olson / Getty Images
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