Scott Bessent
over the next few years and beyond are the miraculous advances of robotics and artifi cial intelligence, making every worker more productive on the job. As one example: Driverless auto-
mated cars and trucks, already on the road in California and coming soon to a neighborhood near you, could cut transportation costs in half. Robots can now build homes,
which will soon drive down the con- struction costs of a new house by at least one-third. Which brings us to chopping the
defi cit from 6% to 3% of GDP. Many critics have guff awed at this aspira- tion, but if anything, it doesn’t bring defi cits down fast enough. However, Elon Musk’s Depart-
ment of Government Effi ciency will identify hundreds of billions of dollars of waste, ineffi ciency, and fraud. Of course, Congress will need to make the cuts, but Trump has the voters on his side.
Americans want a leaner and more cost-conscious government. Here’s the amazing interconnectiv-
ity of Bessent’s 3-3-3 plan. If we get to 3% sustained growth,
this is the greatest debt reduction tool of all. It doesn’t require Congress to trim popular entitlement programs like Social Security or Medicare, or increase taxes. Faster growth creates a tidal wave
of revenues to off set Congress’ endless appetite to spend.
Age 62 South Carolina native and 1984
graduate of Yale University. Founder of the hedge fund Key
Square Management. Worked for George Soros from 1991
to 2000 and from 2011 to 2015. Says he hasn’t talked to his former boss “in years.” Favors tariff s, calling them a
“negotiating tool with our trading partners.” Will be the first Senate-approved
LGBTQ+ member in a Republican Cabinet. Promises to restart the American
growth engine, “reducing inflationary pressures, and addressing the debt burden from four years of reckless spending.” Wants Federal
Reserve Chairman Jerome Powell replaced before his term ends next year. Trump says: “Bessent is one of the
most brilliant men on Wall Street.” POWELL
All of the scary charts we are all
familiar with showing the debt charg- ing at us like an invading army of armor-plated warrior knights have one fundamental problem. They project growth at 1.7% through
the next decade. But if we get to the Bessent 3% target, the burden of defi - cits and debt start to bend down, rath- er than shoot into the stratosphere. With 3.5% growth
BIDEN SLASHED OIL PRODUCTION BY 3 MILLION BARRELS U.S. field production of crude oil, monthly through July 2023
18 16 14 12 10 8
2017 2018 2019 2020 2021 Trump Biden
we get Nile River fl ows of revenue, and the defi cits start to disappear. Yes, we can grow
Barrels Per Day Lost
Million 3
Trump Estimate
our way out of these fi nancially dangerous defi cits. Which brings us
2022 2023 SOURCE: EIA
to the easiest goal of all: regaining energy independence with 3 million more barrels a day. A study by my col-
league at Unleash Prosperity, Casey Mulligan, also a University of Chi- cago economist, has calculated that if Biden had simply stuck with Trump’s pro-American energy policies (issuing more leases, ending the odyssey of regulations, and building more energy infrastructure such as pipelines), we already would be producing 3 million more barrels a day. We have seen an increase in domes-
tic production, but that is only because oil and gas price increases have stimu- lated more production. What we need is more oil and gas production, even in an environment of low- ered prices. Bringing back online millions
of acres of off shore sites for drill- ing that Biden placed off -limits would be a smart fi rst step. We have an estimated $50 trillion of energy assets here in America. We can be the Saudi Arabia of energy
by the end of Trump’s term. Skeptics will say that politicians are
great at making popular promises, but they rarely deliver. And that’s true. But Trump has a way of proving his critics wrong. Larry Kudlow, former director of
the National Economic Council, pre- dicts the Bessent 3-3-3 plan will lead to a “blue-collar boom.” “The deregulation and tax cuts will
help working folks in middle- and low- income brackets and take-home pay will go up,” he says. I fi nd myself in agreement with
Jason Furman, chief economist for former President Barack Obama, who recently said about the 3-3-3 plan: “Having a clear set of goals is a good thing for policymakers to have. But you just need to be realistic.” When I recently asked Trump if
these kinds of goals are “realistic,” he replied: “I rebuilt the America econ- omy once. I can do it again.” Good answer.
Stephen Moore is a senior fellow at The Heritage Foundation and cofounder of Unleash Prosperity. His latest book is The Trump Economic Miracle.
FEBRUARY 2025 | NEWSMAX 7
AP IMAGES Millions of Barrels Per Day
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