The Indicator from Planet Money What's in your wallet? Ask the new Treasury Secretary
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Nov 27, 2024 The recent nomination of Scott Bessent as Treasury Secretary raises questions about his role in shaping economic policies. The podcast unpacks how the Treasury Department affects everyday Americans, from Social Security to stimulus checks. It dives into the Treasury's responsibilities during financial crises, including the historical implications of bailouts. The discussion also touches on the influence of tariffs and the complex challenges that the new Secretary will face in managing fiscal policies and national debt.
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Treasury's Impact on Finances
- The Treasury Department impacts Americans' finances in various ways, including managing government spending and tax collection.
- Karen Dynan, former chief economist at Treasury, explains these impacts.
Government Payments and Debt Ceiling
- Treasury manages government payments, including Social Security and COVID relief.
- They also navigate the debt ceiling and employ extraordinary measures when necessary.
IRS and Tax Collection
- The IRS, a bureau within Treasury, collects taxes owed.
- This ensures fair tax burden distribution and is overseen by the Treasury Secretary.