Sec. Scott Bessent Breaks Down What's Really Going on with Trump's Economy [WATCH]

Scott Bessent, testifying before the House Financial Services Committee, outlined the Trump administration’s economic strategy and credited its early implementation with driving job growth, reducing inflation, and streamlining government operations.

Bessent, a key economic advisor, emphasized trade, tax reform, and deregulation as the core pillars of the administration’s economic vision.

In his prepared remarks, Bessent told lawmakers:

“Chairman Hill, Ranking Member Waters and members of the committee, I’m grateful to join you today… Specifically, I would like to highlight the department’s efforts to boost U.S. economic growth, improve government efficiency, and target illicit actors that threaten our national security.”

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He made clear that the administration’s policies are delivering results.

“Already, this agenda is bearing fruit. In the first 100 days of the new administration, 464,000 new jobs were added to the economy. In April alone, over 177,000 American jobs were added, more than 40,000 more than economists predicted.”

Unemployment, he noted, remains low while real hourly wages continue to rise. Alongside job creation, the administration is targeting inflation with results already visible in key sectors.

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“The CPI for energy goods declined in March, as did the price index for core goods and the CPI for all items declined for the first time since the COVID pandemic,” Bessent told lawmakers.

Bessent attributed these gains to a coordinated strategy based on tax cuts, deregulation, and strategic use of tariffs to encourage domestic investment and manufacturing.

“The core components of the Trump economic agenda are trade, tax cuts and deregulations. These are not standalone policies. They are interlocking parts of an engine designed to drive economic growth and domestic manufacturing,” he said.

In addition to economic growth, Bessent stressed improving efficiency in government operations—particularly within the Internal Revenue Service.

He pointed to a recent overhaul of the IRS’s information technology and operations.

“We have successfully cut $2 billion from the IRS IT budget without any operational disruptions… This intervention alone will save taxpayers hundreds of millions of dollars each year,” he said, highlighting savings from eliminating or renegotiating outdated and unused service contracts.

Bessent also addressed the longstanding issue of IRS paper processing, a target for reform by both parties for years.

“Last year, the IRS spent approximately $450 million on paper processing with nearly 6,500 full-time staff dedicated to the task… Treasury aims to reduce this expense to under $20 million by the end of President Trump’s second term,” he stated.

Beyond economics, Bessent emphasized the administration’s efforts to combat criminal and terrorist financial networks.

“We have launched a maximum pressure campaign against violent cartels and terrorist networks. We have assessed tens of millions of dollars in civil penalties against organizations facilitating money laundering along the southern border,” he told the committee.

“And by levering sanctions, we are choking off the financial lifelines of terrorists, criminals and hackers from Mexico and Guatemala to China and Iran.”

Bessent concluded with a call to Congress to work together to solidify the administration’s economic progress.

“Key to expanding economic opportunity for all Americans is making the Trump tax cuts permanent. We are eager to work closely with members of this committee to pass this bill into law. Together, we can build a stronger, safer and more prosperous America,” he said.

WATCH: @SecScottBessent‘s opening statement before the House Financial Services Committee: “In the first 100 days of the new Administration, we have set the table for a robust economy that allows Main Street to grow.” pic.twitter.com/KJf1kiZljb

— Rapid Response 47 (@RapidResponse47) May 7, 2025