President-elect Donald Trump has offered the Treasury secretary to investor Scott Bessent, founder of the Key Square Capital Management fund. The billionaire advised the Republican during his first term and will now have a very important position in the cabinet, in which he will be in charge of giving life to Trump’s economic promises, such as the extension of the 2017 tax cuts. Bessent, 62 years, who in the past worked for George Soros’ investment company, was Wall Street’s favorite among the names that have appeared in the media these days, despite his little experience in the functioning of the administration.
“Scott is widely respected as one of the world’s leading international investors and economic and geopolitical strategists. Scott’s story is that of the American Dream,” the Republican stated in his announcement. “Scott has long been a strong supporter of the America First Agenda. On the eve of our great country’s 250th anniversary, you will help me usher in a new Golden Age for the United States as we strengthen our position as the world’s leading economy, a center of innovation and entrepreneurship, a destination for capital, and, always and without a doubt, we maintain the US dollar as the world’s reserve currency.”
When his name was mentioned in the pools, the richest man in the world, Elon Musk, positioned himself against him, calling it “more of the same” and “the usual formula that is leading the United States to bankruptcy.” The Trump donor and ally opted for Howard Lutnick, the CEO of Cantor Fitzgerald, who was ultimately offered the position of Commerce Secretary.
With a message against the large deficit that the administration has accumulated in successive terms, including Trump’s, Bessent became involved with the magnate’s campaign in the final part of his campaign, and went so far as to affirm that “this electoral cycle is the last chance for the United States to get out of this mountain of debt without becoming some kind of European-style socialist democracy.”
Among other measures, the investor defends extending the corporate tax cuts of 2017, when it went from 35% to 21%, and which will expire next year. During the campaign, Trump proposed reducing it to 15%. In addition, Bessent has defended another of the president-elect’s star measures, which was also in Democrat Kamala Harris’ program: the elimination of taxes on tips.
“My administration will restore the freedom, strength, resilience and efficiency of our capital markets. “We will reinvigorate the private sector and help stop the unsustainable path of federal debt,” Trump said in his announcement.
Some of this work will be done by Musk, along with Vivek Ramaswamy, with their audit and recommendation of drastic reforms to reduce public spending in the Department of Government Efficiency, a newly created external commission.
Trump’s massive tax cut for the rich, combined with planned cuts in public spending (of about $2 trillion, about a third of the current federal budget), would be done in part through mass firings of officials. But it is also expected to impact social benefits and programs such as Medicare insurance (for those over 65) and Medicaid (low-income), or Obamacare’s affordable health care, which Trump already tried to eliminate unsuccessfully in his administration. first mandate.
“Unlike past Administrations, we will ensure that no American is left behind in the next Greatest Economic Boom, and Scott will lead that effort for me, and for the Great People of the United States of America,” Trump said.
Trump chooses Russ Vought, who was already part of his first administration, for the Office of Management and Budget
Bessent’s announcement for the Treasury was complemented ten minutes later by that of Russ Vought, whom he has chosen to head the Office of Management and Budget. He is one of the main architects of Project 2025, the plan of the ultra-conservative think tank Heritage Foundation for the first hundred days of his government. Although the Republican has tried to distance himself from the controversial project during the campaign, several of his appointments have contributed to it: Tom Homan (Border), John Ratcliffe (CIA), Brendan Carr (Federal Communications Commission), Stephen Miller ( deputy director of Cabinet policy) and Pete Hoekstra (ambassador to Canada).
Vought was head of the same office during the Republican’s first term and will play a major role in setting budget priorities as well as implementing Trump’s promise to roll back some government regulations to eliminate bureaucracy.
“He did an excellent job serving in this role in my First Term – We cut four Regulations for every new Regulation, and it was a Great Success!” Trump stated in his announcement, also in Truth Social, where he was defined as a “ expense cutter and a deregulator who will help us implement our America First Agenda in all Agencies.”
The magnate proposes Labor to Congresswoman Lori Chavez-DeRemer, supported by the Teamsters union
After these announcements, he has named a third position also related to the economy: Oregon Congresswoman Lori Chavez-DeRemer as Secretary of Labor. “I look forward to working with her to create tremendous opportunities for American Workers, to expand Training and Apprenticeships, to raise wages and improve working conditions, to bring back our Manufacturing jobs,” he stated in his announcement: “ “Lori’s strong support from both the business and labor communities will ensure that the Department of Labor can unite Americans of all backgrounds.”
Chavez-DeRemer, 56, garnered the support of the prominent Teamsters truckers union, which this campaign decided not to support any of the candidates, after decades supporting Democratic candidates. The congresswoman has supported the expansion of labor rights and was opposed by several large business groups. She will become the second person of Hispanic origin that Trump appoints to his cabinet, after the election of Senator Marco Rubio as Secretary of State.
This battery of announcements through Truth Social has been complemented by others related to health: Dr. Janette Nesheiwat, a regular on Fox News, will be the country’s next surgeon general, while former Florida congressman and scholar Dave Weldon will serve in the Centers for Disease Control and Prevention. These positions, with greater experience in their fields, will complement the recent and controversial appointments of Robert Kennedy in the Department of Health and that of Dr. Oz in charge of Medicare and Medicaid.
Finally, Trump has also announced that Alex Wong, who was already part of his first government at the State Department, will be his deputy national security advisor, and that his former advisor Sebastian Gorka will return to the White House as his deputy assistant and director. of counterterrorism.
Source: www.lavanguardia.com
