Former Scott Bessent Sees Through Treasury Secretary's Bluff

Scott Bessent has built his career on discovering and exploiting the gap between what governments promise and economic reality. Now, as Treasury Secretary, Bessent finds himself on the other side of the equation he used to oppose. The US's gross national debt has surpassed $40 trillion and the 30-year Treasury bond yield has risen above 5.3%. Bessent introduced his '3-3-3' plan: 3% economic growth, 3 million more barrels of oil or equivalent energy sources per day, and a federal budget deficit reduced to 3% of GDP by 2028. However, Bessent is not close to achieving these targets. The Congressional Budget Office estimates this year's deficit to be $2.1 trillion, which is twice as high as Bessent's target.