ASHEVILLE, N.C.—U.S. Treasury Secretary Scott Bessent says that growth and deregulation policies are effective, while socialist policies are not, pointing to countries across the Western Hemisphere where voters have ousted socialist governments in recent elections.
“We’ve seen some great examples. I think we have a generational opportunity in the Western Hemisphere,” Bessent said on Tuesday during a fireside chat event with Larry Kudlow, former director of the National Economic Council, at the G20 summit in Asheville.
Bessent praised changes in countries across the Western Hemisphere in recent years, including Argentina, Bolivia, Colombia, Chile, and Ecuador.
He made these remarks on the sidelines of the G20 summit for finance ministers and central bank governors on its second and final day.
Bessent also commented on the rising number of progressive and self-described socialist candidates in Democratic primaries.
“I thought what was most interesting when you talk about socialism here in the U.S.—when we look at the demographic of those voters—they are overeducated and under-earning,” Bessent told Kudlow.
“These are underachievers who are jealous of those who want to go and work every day.”
The Treasury secretary pointed to Argentina’s libertarian President Javier Milei’s policies and his party’s victory in last year’s midterms.
“If you were to dissect the last election that President Milei had, it was the worst segment of society, and the young people who came out and voted,” Bessent said.
The G20 summit for finance ministers and central bank governors, hosted by Bessent and Federal Reserve Chairman Kevin Warsh, is taking place from Aug. 31 to Sept. 1 at the Omni Grove Park Inn in Asheville.
The Trump administration has made economic growth and fair trade the central focus this year.
During the event, Bessent also discussed the U.S. economic boom, attributing it to President Donald Trump’s policies, including tax cuts and deregulation. The Treasury secretary highlighted significant growth in manufacturing, construction, and artificial intelligence.
He predicted that America would hold 80 percent of global computing power by 2028, up from 60 percent in 2025.
The administration removed climate and diversity, equity, and inclusion (DEI) initiatives from this year’s summit agenda, marking a significant departure from previous summits.
Beyond trade and economic growth, this year’s agenda also focused on advancing regulatory reforms, supporting resilient supply chains for critical resources, combating fraud and scams, and promoting financial literacy.
Bessent also invited business executives to the summit to address barriers to investment and innovation.
JPMorgan Chase Chairman and CEO Jamie Dimon was one of the attendees at this year’s summit.
“For the first time at G20, Treasury has given the private sector a place at the table,” Dimon said in a statement. “Good policy is made better when those who lend, hire, invest, and build have a voice in shaping it. Collaboration works.”
Trump is scheduled to host the G20 leaders’ summit in Miami in December at the Trump National Doral Golf Club.
The G20 comprises 19 countries and two regional blocs—the European Union and the African Union.
Member countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the UK, and the United States.
Some non-member countries, including Poland, have also been invited to the summit in Asheville.
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