Scott Bessent set the record straight for the Biden-Harris economy deniers.
America is going through a massive economic revival in just 100 days.
And Trump’s Treasury Secretary left Democrats shell-shocked with this jaw-dropping testimony.
Bessent blindsided Democrats with red-hot job numbers
Treasury Secretary Scott Bessent marched into Tuesday’s House Appropriations hearing armed with job numbers that made Democrats squirm in their seats. The committee room fell dead silent as he delivered the kind of economic news the Left has desperately tried to claim for years.
Bessent revealed that in just the first 100 days of the Trump administration, the American economy added a staggering 464,000 new jobs.
“In April alone, over 177,000 American jobs were added – over 40,000 more than economists predicted,” Bessent told the committee.
The news gets even better for American workers who suffered through years of crushing inflation under the Biden-Harris administration.
“All the while, unemployment remains low while real hourly wages continue to grow,” Bessent stated.
Democrats tried to claim for years that the Biden-Harris economy was strong, but Americans knew different as they struggled to afford basic necessities like groceries and gas.
Trump’s tariffs, tax cuts, and deregulation already paying off
Bessent explained to the committee that the impressive economic turnaround wasn’t an accident. Instead, it’s the direct result of President Trump’s three-pronged economic strategy.
“The core components of the Trump economic agenda are trade, tax cuts, and deregulation,” Bessent explained. “These are not standalone policies. They are interlocking parts of an engine designed to drive economic growth and domestic manufacturing.”
Unlike the Biden-Harris administration’s approach, which tried to centrally control the economy through massive government spending, Trump’s strategy creates the environment for businesses to grow naturally.
“Tax cuts and cost savings from deregulation raise real incomes for families and businesses; tariffs create an incentive for reshoring jobs and fair trade; and deregulation complements tariffs by making it easier to invest in energy and manufacturing projects,” the Treasury Secretary told lawmakers.
For Americans still feeling the pain at the grocery store, Bessent had more good news.
“As important as spurring job growth is wrangling inflation. And in this endeavor, the administration continues to make tangible progress,” Bessent said. “The CPI for energy goods declined in March as did the price index for core goods. And the CPI for all items declined for the first time since the COVID pandemic.”
Treasury already killing IRS waste and going after drug cartels
Democrats spent the past four years ramping up the IRS budget by over $80 billion, promising this would help the agency go after wealthy tax cheats.
Instead, the Biden-Harris IRS pursued middle class Americans with audits while wasting billions on inefficient operations.
Bessent revealed how the Trump administration is already tackling this bureaucratic mess.
“We have successfully cut $2 billion from the IRS IT budget without any operational disruptions,” Bessent said.
That’s not all. The Treasury Secretary promised massive reductions in wasteful paper processing costs at the IRS.
“Last year, the IRS spent approximately $450 million on paper processing with nearly 6,500 full-time staff dedicated to the task,” he explained. “Through policy changes and automation, Treasury aims to reduce this expense to under $20 million by the end of President Trump’s second term.”
While Democrats on the committee squirmed in their seats, Bessent also detailed how Treasury is targeting the violent drug cartels bringing crime and drugs across our southern border.
“We have launched a maximum pressure campaign against violent cartels and terrorist networks,” Bessent stated. “We have assessed tens of millions of dollars in civil penalties against organizations facilitating money laundering along the Southern Border.”
In just over three months, the Trump administration has delivered more economic wins for the American people than the entire four years of the Biden-Harris presidency.
Secretary Bessent closed his testimony by reiterating the administration’s commitment to working with Congress to make the Trump tax cuts permanent – a move that would further accelerate America’s economic boom.
