Scott Bessent, the founder and CEO of Key Square Group, did not mince words when he described Vice President Kamala Harris as an "economic illiterate" who would lead the U.S. economy into a downward spiral if elected president. Bessent, a prominent figure in the investment world with a history as the Chief Investment Officer for Soros Fund Management, delivered this stinging critique during an appearance on Breitbart News Saturday.
Bessent's criticism centered on Harris's economic agenda, which includes imposing price controls on essential goods like rent and groceries. He argued that her proposals reveal a deep misunderstanding of economic fundamentals, pointing to an instance where Harris mispronounced "gouging" as "gauging" during her speech, which Bessent cited as indicative of her lack of expertise. He warned that such policies, if enacted, would lead to severe economic consequences, particularly in the event of a Democratic sweep in Congress.
Kamala “the Kameleon” is trying to distance herself from the destructive economic policies she wholeheartedly advocated for & embraced, which led to the largest cost of living crisis for Americans in decades
You can’t afford food because it’s the Biden-Kamala economy, stupid https://t.co/VMFQ7sVbQx pic.twitter.com/CUucc6Emvd
— Prodigal (@ProdigalThe3rd) August 15, 2024
The investment firm CEO did not stop there. He emphasized the detrimental impact of the Biden-Harris administration's current fiscal policies, accusing them of triggering the highest inflation rates in four decades. Bessent claimed that these policies have already plunged the lower half of the American population into a recession, eroding the middle class. He contrasted this with the economic boom seen under former President Donald Trump, where real wages for the bottom 50% of Americans saw notable increases.
Bessent's harsh assessment of Harris aligns with criticisms previously voiced by major publications, including The Washington Post. The editorial board there had slammed Harris for her oversimplified approach to addressing inflation, accusing her of scapegoating businesses rather than tackling the root causes.
It’s the Biden-KAMALA economy, stupid. Expect the status quo if you give VP Harris a promotion.
“Must-Win Michigan’s Angst Over Inflation, EVs Shapes 2024 Election
More than half of Michigan registered voters in the most recent Bloomberg News/Morning Consult swing-state poll… https://t.co/AUxEZJNeTd pic.twitter.com/SdoJsMBC28
— Prodigal (@ProdigalThe3rd) August 16, 2024
Bessent echoed these criticisms, warning that Harris's rhetoric, while politically expedient, lacks the sophistication necessary to steer the U.S. economy effectively.
Moreover, Bessent predicted a stark contrast in market reactions depending on the outcome of the 2024 election. He suggested that a Harris victory, especially if accompanied by Democratic control of Congress, would trigger market instability. Conversely, he forecasted that a win for Trump would lead to a significant rally in financial markets, driven by investor confidence in a pro-business, deregulation-focused agenda.
Harris’s economic proposals have become a focal point of criticism as the 2024 presidential race intensifies. Business leaders and economic experts alike have expressed growing concern over the potential ramifications of her policies. Bessent's warning adds to a chorus of voices questioning Harris’s ability to manage the complex economic challenges facing the nation.
As the election approaches, the economic policies of both candidates will undoubtedly play a crucial role in shaping voter decisions. Bessent’s blunt critique underscores the high stakes of the upcoming election, particularly as voters weigh the contrasting economic visions of Harris and Trump. With the economy remaining a top concern for many Americans, Harris will need to address these criticisms if she hopes to gain the trust of the electorate.
