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From the article:
President-elect Trump's nominee to serve as Treasury secretary, Scott Bessent, has touted a "3-3-3" economic plan that would seek to reduce budget deficits while boosting growth and energy production.
Bessent discussed the 3-3-3 plan this summer at an event hosted by the Manhattan Institute. He said it would involve cutting the budget deficit to 3% of gross domestic product (GDP) by 2028, the last year of Trump's second term; boosting GDP growth to 3% through deregulation and other pro-growth policies; and increasing U.S. energy production to the equivalent of an additional 3 million barrels of oil per day.
His 3-3-3 plan was inspired by the late Japanese Prime Minister Shinzo Abe, who adopted a "three arrows" plan that featured aggressive monetary policy along with fiscal stimulus and structural reforms aimed at lifting Japan's economy from stagnation and persistent deflation.
"It would be 3% real economic growth – how do you get that? Through deregulation, more U.S. energy production, slaying inflation and forward guidance on confidence for people to make investments so that the private sector can take over from this bloated government spending," Bessent said.
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