Bessent's withholding con: fake wage math
Treasury Secretary Scott Bessent wants you to reduce your tax withholding so you get more money per paycheck. He's calling it an "automatic real wage increase."
It's not. It's a shell game. You're just getting your own money back earlier instead of as a refund. The total take-home is the same. But it LOOKS better on a paycheck right before midterms.
Meanwhile, his Treasury is hemorrhaging. Japan dumping US debt. Bond yields exploding. Mortgage rates spiking. The dollar getting squeezed while Iran closes shipping lanes and crude explodes. Bessent's supposed "solutions" (buybacks) just made yields blow out worse.
And he's betting working people won't notice the math doesn't actually add up until after voting season.
> Be Scott Bessent. > Announce massive Treasury buybacks. > Fallout with old pal Stan Druckenmiller. > Bond yields instantly blow out anyway. > Japan dumps US debt. > Nobody wants to buy our debt. > Hormuz is closed. > Bab el Mandeb is closed. > Crude explodes. > Mortgage rates rip. > FOMC forced to hike again. > Iran parliament speaker makes fun of the Taylor Rule. > Can't bond buyback a naval blockade. > Trump isn’t so happy
Source
x.com