Shortly after he arrived in Washington, Treasury Secretary Scott Bessent discussed the need to “reprivatize the economy.” The billionaire hedge fund manager moved from behind the desk to enact President Donald Trump’s agenda of reducing government spending and strengthening growth in the private sector. While there is still plenty of time left before Trump’s final term is complete, early indicators suggest this goal is being realized.
Under the previous administration, government payrolls accounted for a large share of overall employment gains, particularly in the second half of former President Joe Biden’s term. In the first few months of the new administration, the trend is reversing and could accelerate as the country heads into 2026.
From January to May, private sector payrolls have jumped by nearly 600,000. By comparison, US government employment growth has flatlined, and the federal headcount has declined by 59,000.
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Author: Marty Kaufmann
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