Treasury Secretary Scott Bessent Doesn’t Want You Playing the Lottery
Posted on: May 5, 2026, 12:10h.
Last updated on: May 5, 2026, 12:10h.
- Treasury Secretary Scott Bessent says middle-class Americans shouldn’t be playing the lottery
- Bessent says many Americans should rethink their “get-rich-quick” mindsets
United States Treasury Secretary Scott Bessent is encouraging all Americans to make responsible financial decisions. And for most, that doesn’t include playing the lottery.
Bessent amassed his sizeable wealth, a fortune estimated by Forbes to be north of half a billion dollars, as a leading hedge fund manager and currency specialist. Among Bessent’s most notable investments was leading George Soros’ “Black Wednesday” short position in 1992 against the British pound, a speculation that made the firm more than $1 billion.
Bessent says sound investing, not quick money grabs like gambling, is in the consumer’s best long-term financial interest.
There are a lot of young people, mostly young men, going to blue-collar construction jobs, playing the lottery. It drives me crazy,” Bessent said in an interview with the Associated Press.
“The best thing you can do is not play the lottery,” the Treasury secretary said. Bessent opined that the public should invest in long-term financial vehicles, such as mutual funds, and “then watch it grow.”
Financial Literacy Month
Bessent’s interview with the AP came as April wrapped, the month that President Donald Trump’s second administration has dubbed National Financial Literacy Month. With Americans facing a slew of economic hardships, from lingering inflation to higher prices at the pump caused by the recent war in Iran, Bessent said the public needs to let go of the get-rich-quick mindset that he believes has been worsened by cryptocurrency and day-trading platforms.
In my own life experiences, as an economic historian, and now as the 79th Treasury Secretary, it is my firm belief that financial literacy is what fuels the American Dream. Understanding how to make informed financial decisions unlocks opportunity for every American and their families,” Bessent said in a release commemorating National Financial Literacy Month.
Trump critics say prices for various goods and services haven’t come down as he pledged during his 2024 campaign. But since he was sworn in as the 47th president on Jan. 20, 2025, the Dow Jones Industrial Average is up 12%, the Nasdaq is 29% higher, and the S&P 500 has risen 21%.
What About Prediction Markets?
Under the Trump administration, the Commodity Futures Trading Commission has moved to allow prediction markets to offer trading on political events and sports outcomes. Critics, including Warren Buffett, say such activities constitute gambling, not investing.
Donald Trump Jr. is a proponent of prediction markets, serving as an advisor to both Kalshi and Polymarket. Truth Social, the social media platform controlled by the president’s family business, confirmed its intentions last fall to launch a prediction market called Truth Predict.
Trump, however, said recently that he is “not happy with any of that stuff,” comments relayed to a reporter inquiring about the Department of Justice bringing charges against a military servicemember who allegedly used confidential government secrets to make $400,000 on a prediction market.
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