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2w ago

Treasury Secretary Bessent Defends Plan to Redirect Laid-Off Federal Workers to Manufacturing Jobs

Bessent argues that Trump tariffs and workforce reductions will revitalize U.S. manufacturing, despite market volatility and widespread criticism.

Secretary of the Treasury Scott Bessent is seen outside the West Wing of the White House in Washington DC on Monday April 7, 2025.
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Overview

  • Treasury Secretary Scott Bessent stated that federal layoffs will provide the workforce for new manufacturing jobs expected to result from Trump administration tariffs.
  • Bessent emphasized that the administration's strategy aims to shift economic power from the government to the private sector while reducing federal borrowing.
  • He claimed that the combination of tariffs and workforce reductions is essential to avoiding a financial crisis, likening the plan to installing reinforced doors before a crash.
  • Critics have raised concerns about the feasibility of the plan, noting the lack of immediate manufacturing infrastructure and the role of automation in reducing the need for human labor.
  • The announcement follows significant market turmoil, with major stock indexes falling over 15% since the tariffs' rollout and skepticism growing among business leaders and economists.