\n<\/p>\n
Scott Bessent, US treasury secretary, arrives to speak during a site expansion groundbreaking ceremony at the Boeing South Carolina (BSC) manufacturing facility in North Charleston, South Carolina, US, on Friday, Nov. 7, 2025. <\/p>\n
Sean Rayford | Bloomberg | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n
Treasury Secretary Scott Bessent said on Sunday the U.S. was not at risk of entering a recession in 2026 and claimed Americans would soon benefit from the Trump administration\u2019s economic policies on trade and taxes. <\/p>\n
\u201cI am very, very optimistic on 2026,\u201d Bessent said in an interview on NBC News\u2019 \u201cMeet the Press.\u201d<\/a> \u201cWe have set the table for a very strong, noninflationary growth economy.\u201d <\/p>\n Parts of the GOP\u2019s massive spending package \u2014 the One Big, Beautiful Bill Act<\/a> \u2014 are still going into effect and have yet to be felt in the economy, Bessent said. The new law makes permanent Trump\u2019s\u00a02017 tax cuts<\/a>, along with a senior \u201cbonus\u201d to\u00a0offset Social Security taxes<\/a>\u00a0and a\u00a0bigger state and local tax deduction<\/a>. The plan also has tax breaks for\u00a0tip income<\/a>, overtime pay and\u00a0auto loans<\/a>.<\/p>\n Health-care costs are also expected to become more affordable, Bessent added. The secretary said the Trump administration would have more news on that subject this week. <\/p>\n For now, a congressional deadlock tied to the extension of\u00a0enhanced subsidies<\/a>\u00a0on the Affordable Care Act\u00a0marketplace<\/a> is expected to push up health-care costs for millions of people. <\/p>\n Bessent acknowledged that there are parts of the economy showing signs of struggle, including housing and interest-rate-sensitive sectors. He cited the services economy as contributing to inflation, claiming that lower energy prices will soon help to drive down prices.<\/p>\n Kevin Hassett, the director of the White House National Economic Council, also said on Sunday that economic data from the fourth quarter could show weakness because of the government shutdown<\/a>. The 43-day congressional stalemate in Washington, D.C., was the longest in U.S. history. <\/p>\n Around two-thirds of registered voters say the Trump administration\u00a0has fallen short<\/a>\u00a0on the economy and the cost of living, a recent NBC News poll<\/a> found. <\/p>\n Americans\u2019 views of the economy largely depend on their income level, according to JPMorgan\u2019s latest Cost of Living Survey<\/a>.<\/p>\n High-income respondents rated their confidence a 6.2 out of 10 \u2014 with 10 being the best \u2014 on average, the bank found. More than half of this cohort chose a rating between 7 and 10. In contrast, low-income consumers reported a 4.4 score on average. <\/p>\n<\/div>\n<\/div>\n\n
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