On January 20, 2025, President Trump delivered his second inaugural address, which began with the words, “The golden age of America begins right now” and ended with, “The future is ours, and our golden age has just begun.”
Clearly, America’s “golden age” was the centerpiece of his speech.
This inauguration address was densely packed with many of his campaign promises, including some unilateral declarations—such as renaming the Gulf of Mexico to the Gulf of America and reclaiming the Panama Canal.
However, as an economist, what particularly grabbed my attention was the apparent confirmation that Treasury Secretary-designate Scott Bessent’s “3-3-3” plan would form the basis of the new administration’s economic policy.
Bessent’s “3-3-3” plan revolves around three core objectives:
- Reducing the fiscal deficit to 3% of GDP
- Pushing economic growth to 3% through deregulation
- Increasing oil production by 3 million barrels per day
First, the inauguration speech notably omitted any mention of tax cuts, which was a key campaign promise.
