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The Trump administration is downplaying escalating fears of a recession and declining stock prices. In an interview on CNBC’s “Squawk Box,” Treasury Secretary Scott Bessent said, “The market and the economy have just become hooked. We’ve become addicted to this government spending, and there’s going to be a detox period.” This statement echoes the Trump administration’s supposed intent to privatize our tax dollars.
The problem is federal spending has a different set of criteria for success than private business. Federal spending decisions are backed by a set of values around public welfare implemented on a national scale.
Well, I suppose Bessent is right: The public is addicted to government spending. So is business — for good reason. In ordinary times, it’s a win-win partnership. The Trump administration touts an alternative framework: profits for an elite group of multimillionaires over the common good. And yes, that transition will be toxic.
Pamela Elders
Laupahoehoe, Hawaii island
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