WASHINGTON — Treasury Secretary Scott Bessent told CBS that, despite a shutdown, the U.S. economy should finish 2025 out‑growing at about “with 3% real GDP growth.” President Donald Trump is gearing up for a nationwide tour in January to drum up support for his economic agenda before the midterm elections.
During a White House briefing Monday, Trump told reporters, “We inherited a mess,” adding that his administration’s deregulatory steps and targeted investments in energy and AI are lowering prices. He followed up, “But Democrats caused the affordability problem… they caused it — we’re fixing it,” and said he will swing to more swing states next month.
The Republican campaign is adjusting its message after a tough off‑year cycle in New Jersey, Virginia, and New York City, where some districts swung back against the president’s 2024 gains. A Fox News poll from November found that almost half of registered voters think Trump’s economic policies, including his aggressive trade war with China, are doing more harm than good.
Bessent downplayed concerns in his CBS interview, noting the economy has actually been stronger than expected, citing recent 4% GDP growth in a couple of quarters. The U.S. Bureau of Economic Analysis will release the third‑quarter data on December 23, while an early estimate from the Federal Reserve Bank of Atlanta puts last‑year GDP growth at 3.5%.
“The economy has been better than we thought,” Bessent said. He added that inflation rose roughly 3% from September 2024 to September 2025, a figure that slipped after the shutdown that ran from Oct. 1 to Nov. 12.
Wage growth hovered at 1.6% on an inflation‑adjusted basis, according to a recent JPMorgan report. Bessent boasted that blue‑collar wages climbed 1.7% during the first five months of Trump’s term, the highest rate for that same period in roughly six decades. In contrast, a Bank of America Institute study showed that the lowest‑earning households only saw a 1% wage increase year‑over‑year, while top earners gained 3.7% between Oct. 2024 and Oct. 2025.
Some analysts argue these indicators are widening the gap between rich and poor. Democrats see the perceived economic wobble as a boon for their “Make America Affordable Again” campaign heading into the mid‑terms. Trump counters, claiming the “affordability” narrative is a “con job” by Democrats, especially after inflation peaked at 9.1% under former President Joe Biden.
The president also plans to offer up to $2,000 in tariff “rebates” to shore up support for his trade war and to introduce 50‑year mortgage plans for first‑time home buyers. He is set to announce a $12 billion bailout for U.S. farmers, particularly soybean producers, who have taken a hit from stalled trade talks with China. Remaining benefits from the One Big Beautiful Bill Act, a signature achievement from Trump’s first year that slashed taxes and eliminated certain payroll taxes for tip workers, are also on the horizon.
Speaking again on CBS, Bessent said, “The best way to address the affordability crisis is to give Americans more money in their pockets, which is what this bill has done.” “The American people don’t know how good they have it,” he added. “Now, Democrats created scarcity, whether it was in energy or over‑regulation, that we are now seeing this affordability problem, and I think next year we’re going to move on to prosperity.”
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