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By Staff Reporters
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US Treasury Secretary Scott Bessent made waves yesterday with his comment that the American economy is facing a “detox period.”
Should we be seeing that this economy that we inherited [is] starting to roll a bit? Sure. And look, there’s going to be a natural adjustment as we move away from public spending to private spending. The market and the economy have just become hooked, and we’ve become addicted to this government spending, and there’s going to be a detox period. There’s going to be a detox” .
Bessent, a former hedge-fund manager, said during a CNBC interview.
“Employment should be from private companies, not from government. And I’m confident, if we have the right policies, it will be a very smooth transition.”
Bessent said, in an apparent reference to the layoffs of federal workers executed in large part by the entity known as the Department of Government Efficiency, which is run by Trump adviser Elon Musk.
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Filed under: Breaking News, Career Development, Ethics, Experts Invited, Financial Planning, Investing | Tagged: CNBC, detox period, DOGE, elon musk, hedge fund, Scott Bessent, Trump, US economy |
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