Will Scott Bessent's 3-3-3 plan work?

Reducing the federal deficit, raising the long-term economic growth rate, and increasing the energy security of the United States would help all people. That bears note in light of President-elect Donald Trump’s nomination of Scott Bessent for treasury secretary. Bessent is a strong choice.

A highly regarded hedge fund manager, Bessent understands interest rates. He knows the federal deficit raises interest rates and weighs heavily on economic growth. When confirmed as treasury secretary, Bessent wants to push a so-called “3-3-3” policy. His plan is to permanently increase long-run economic growth to 3%, cut the budget deficit to 3% of GDP, and increase daily domestic oil production by 3 million barrels a day.