Treasury Secretary Bessent is downplaying the new milestone of profligacy attained by America. “There’s nothing magic about the $40 trillion number, and we can grow our way out of that,” Mr. Bessent says of the federal debt. He points to “misinformation,” blames the Biden administration, and vows that tariff revenue will next year trim the deficit. This analysis fails to factor in federal overspending, a product of our fiat money crisis.
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