The article discusses the chaos in the markets and declining consumer confidence under the Trump administration, attributing the turmoil to both incompetence and a specific economic vision. Treasury Secretary Scott Bessent outlined a strategy focused on restructuring trade, reducing federal labor, and ultimately fostering manufacturing. This approach, seen as a backwards economic development strategy, seeks to transition workers from low productivity jobs in government to higher productivity roles in key sectors. The article critiques the long-term consequences of this vision, suggesting it may be more detrimental than short-term strategies.
The incompetence is undeniable. But the administration does have a plan, or at least a vision, for what will spring up from the ashes.
We are shedding excess labor in the federal government and bringing down federal borrowings. And then on the other side of that, we will have the labor we need for new manufacturing.
Think of the plan as a classic economic-development strategy, but run backwards.
The typical pattern for economic development involves moving a nation's economy up the value chain.
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