Since the 2008 Great Financial Crisis, the boundaries between the state and market in the US have increasingly blurred, fueling a structural shift from private-led growth towards government dominance. Now, amid rhetoric from Treasury Secretary Scott Bessent and interventions by President Trump and Elon Musk, the pendulum may be set to swing decisively back towards private enterprise. Can policy actually shrink the sprawling footprint of the state without destabilizing markets accustomed to fiscal largesse? The devil is, as always, in the detail—and investors would be wise to look closely.
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