‘Inept, incompetent, craven’: Scott Bessent struggles to clean up the president’s mess
The article examines US treasury secretary Scott Bessent’s expanding role as Donald Trump seeks to use economic pressure against Iran following a six-month bombing campaign. It argues that this, alongside Trump’s tariffs and the United States’ rising debt burden, will test whether Bessent can restrain the president’s policies or instead lend them credibility. Critics quoted in the piece strongly question his competence, while supporters had hoped his background would make him a moderating cabinet figure.
Bessent, a former hedge fund manager, Soros associate and former Democratic donor, was confirmed by the Senate 68–29 and became the first openly gay US treasury secretary. With US national debt above $40tn and long-term Treasury yields near two-decade highs, he has faced rising borrowing costs and market pressure. Recent actions include a joint intervention to support the Japanese yen and a plan to raise buybacks of 10-to-30-year bonds to at least $4bn per operation; the article says the resulting fall in yields was short-lived.
- Bessent faces tests over Iran policy, tariffs and US debt.
- US debt has exceeded $40tn amid higher bond yields.
- Recent Treasury market support produced only temporary relief.
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The US Treasury secretary oversees federal borrowing, government finances and economic policy, and represents the United States in many international financial discussions. Scott Bessent, a former hedge fund manager who once worked with investor George Soros, took the job after the Senate confirmed him in 2025; he is the first openly gay person to serve as Treasury secretary.
The Treasury secretary works within an administration led by the president, who sets the broad direction of policy. Bessent’s role therefore involves carrying out decisions on trade and economic pressure abroad while also managing the effects of those policies on borrowing costs and financial markets.
The US national debt is the total the federal government has borrowed over time, and it has risen above $40 trillion. Treasury bonds help fund that borrowing, so changes in investor confidence can affect the interest the government must pay; those costs matter for public finances and can ripple through the wider economy.
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The case for
Supporters could argue that Bessent’s financial-market experience and record of working across political lines make him a useful, potentially moderating voice in a cabinet pursuing high-stakes economic pressure. Managing debt, tariffs and bond-market confidence is difficult, and his interventions show an effort to steady markets even when their effects may not last.
The case against
Critics could argue that Bessent’s influence has not meaningfully checked policies that risk worsening economic uncertainty, including tariffs and the use of financial pressure alongside military action. With debt above $40tn, borrowing costs elevated and the bond-buyback intervention’s effect short-lived, they may question whether he is managing the consequences effectively or lending credibility to decisions he cannot restrain.
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