Bessent, or even Trump for that matter, isn’t the one that has lost control of US finances. And there is nothing magical or mysterious about the US Treasury, along with big tech, borrowing far more than markets want to lend without demanding higher interest rates.
Get ready! Things are about to get more expensive. Interest on the debt is 20% of tax receipts and they have to raise rates to find buyers. Cutting spending and economic growth by creating value (manufacturing) could stave off a downturn.
How much will our standard of living fall?