Trumps Treasury Secretary Touts Economic Recovery and Falling Inflation in 2026

Treasury Secretary Scott Bessent has dominated headlines over the past week as the Trump administration ended the longest government shutdown in United States history. The shutdown, which lasted 43 days and cost the economy an estimated eleven billion dollars in permanent losses, has not dissuaded Bessent from an optimistic outlook for 2026. On NBC’s Meet the Press, Bessent assured listeners that there is no recession risk for the broader economy and emphasized that strong growth is expected next year due to falling interest rates and major tax reform. He specifically cited robust home sales and dropping energy prices in October as signs that economic recovery is underway.

Bessent attributed the recent rise in inflation to the service sector rather than to tariffs. Despite rolling back tariffs on more than two hundred food imports, Bessent insisted that inflation on goods has remained relatively flat and that trade negotiations stretching back months are now helping to lower prices. According to Bessent, the administration’s focus is on “pushing down the things we can control,” especially energy prices, which he believes will help usher in affordability for American families. He acknowledged that while some prices will fall in a matter of weeks, others could take months to decline.

Responding to concerns about affordability, Bessent highlighted provisions in the Republican-backed One Big Beautiful Bill Act passed earlier this year. He explained that new policies cap taxes on overtime pay, eliminate taxes on tips and Social Security for some individuals, and allow deductions on auto loans for American-made cars. These measures, Bessent claims, will provide substantial federal tax refunds in the first quarter of twenty twenty-six and increase real income for working Americans.

Bessent also engaged listeners with a colorful metaphor during his interview, saying, “Inflation is a composite number and we look at everything. You know how much you weigh; what matters is the aggregate.” He pointed out that new trade deals have led to plant expansions across the country, such as Boeing’s Dreamliner factory in Charleston, South Carolina, which is adding a thousand new jobs.

Looking ahead, the Trump administration is set to announce a new initiative to reduce healthcare costs in the coming week, though specific details are pending. Bessent encouraged patience and noted that indicators such as housing and energy markets show meaningful improvement, suggesting that aggressive deregulation and trade negotiations are starting to benefit consumers. National Economic Council Director Kevin Hassett echoed this optimism, predicting that twenty twenty-six will be a “blockbuster” year for growth despite recent setbacks.

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