Treasury Secretary Scott Bessent has stated that it’s now “Main Street’s turn” to thrive, as Wall Street has grown wealthier over the past four decades under President Donald Trump’s administration. The imposition of new tariffs has sparked concerns about a potential recession, with JPMorgan Chase CEO Jamie Dimon predicting a downturn due to the trade war.
Bessent emphasized that his administration aims to prioritize Main Street businesses and consumers, focusing on hiring workers, driving investment, and restoring the American Dream. However, he acknowledged that de-leveraging the government sector while re-leveraging the private sector will be crucial in avoiding a recession.
To mitigate concerns, Bessent highlighted potential tax cuts, including no tax on tips, Social Security, or overtime. The Treasury Secretary’s comments come as markets experience uncertainty due to the trade war’s impact on economic growth, inflation, and corporate profits.
Source: https://www.cnbc.com/2025/04/09/treasury-secretary-bessent-says-its-main-streets-turn-after-wall-street-grew-wealthier-for-4-decades.html