President-elect Donald Trump’s pick for Treasury Secretary, hedge fund billionaire Scott Bessent, flipped the script on Sen. Bernie Sanders during his Senate confirmation hearing, with both sparring over wealth concentration and the federal minimum wage.
Key Facts:
– Sen. Sanders referenced President Biden’s farewell remarks claiming the U.S. is moving toward an oligarchy.
– Bessent pushed back, pointing out billionaire recipients of Biden’s Presidential Medal of Freedom.
– Sanders cited three wealthy tech leaders to illustrate the power of super-rich individuals.
– Bessent said the ability to move up or down the income ladder matters more than raw wealth.
– He also opposed raising the federal minimum wage above $7.25 at the national level, calling it a state issue.
The Rest of The Story:
During Thursday’s hearing, Sanders and Bessent clashed over whether the U.S. is an oligarchy, a system in which a few wealthy individuals hold outsized power.
Sanders referenced Elon Musk, Jeff Bezos, and Mark Zuckerberg as prime examples.
Bessent flipped the script and argued that this does not automatically mean the country is becoming an oligarchy, noting the importance of upward mobility.
BERNIE SANDERS: "Are Elon Musk, Jeff Bezos, and Mark Zuckerberg too wealthy and powerful? Do you agree with President Biden about an oligarchy?"
SCOTT BESSENT: "Those three billionaires all made their money themselves. Mr. Musk came to the country as an immigrant. Jeff Bezos…"… pic.twitter.com/rtgwiR0aQH
— KanekoaTheGreat (@KanekoaTheGreat) January 16, 2025
Bessent also emphasized the nuance of President Biden’s recognition of billionaires through national honors.
He suggested it is inconsistent to both criticize billionaire influence and celebrate them with awards.
On the separate question of wages, Bessent stated that a one-size-fits-all approach to raising the federal minimum wage may not suit varied economic conditions across states.
He stressed the importance of renewing Trump’s 2017 Tax Cuts and Jobs Act, which is set to expire if Congress does not act.
Bessent called it “the single most important economic issue,” saying the economy could suffer without an extension.
He also testified about sanctions on Russia and indicated support for maintaining tariffs if they protect American industries.
Sanders: do you think we are moving towards an oligarchy?
Bessent: I don’t know Joe Biden did give the medal of freedom to his two oligarchs.
— Insurrection Barbie (@DefiyantlyFree) January 16, 2025
Commentary:
This hearing is a clear demonstration that Democrats are outmatched when faced with the rigorous selection Trump has applied to his cabinet nominees.
Scott Bessent expertly handled Sen. Sanders’ questions, showing that the incoming team is prepared to defend pro-growth policies.
Democrats come off as overmatched, continuing to push impractical ideas that fail to acknowledge how the economy really works.
It’s refreshing to see Trump’s nominee stand firm in his convictions on tax cuts and the minimum wage.
If this hearing is any sign, the new administration’s cabinet will be effective at protecting American interests and making Democrats look lost on major economic questions.
The Bottom Line:
This hearing highlighted tensions between lawmakers and a wealthy nominee on key questions of economic fairness and labor policy.
Bessent called for a continuation of Trump-era tax cuts and defended the role of financial success in America.
Sanders focused on the gap between everyday workers and those at the top.
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The exchange reveals broader debates that will shape the next administration’s economic priorities.