U.S. Treasury Secretary Scott Bessent. Credit: Spencer Platt/Getty Images.
Editor’s Note: This article shares economist Glenn Hubbard’s view on how to strengthen the U.S. economy. While the Trump administration has focused on tariffs and trade, Hubbard argues that long-term success also depends on saving more as a country and reducing government spending. We’re presenting his perspective to add to the ongoing discussion about America’s economic future.
By Glenn Hubbard, Project Syndicate | April 3, 2025
US Treasury Secretary Scott Bessent’s defense of President Donald Trump’s trade tariffs as a step toward “rebalancing” the US economy misses the point. While some economies, like China and Germany, need to increase domestic spending, the US needs to increase national saving.
According to the report, investor enthusiasm surrounding artificial intelligence has fueled a sharp rise in demand for memory chips, helping drive the company's stock up 634 percent over the past year.