Treasury Secretary Scott Bessent: "It's going to be through growth... In the first two quarters, we are going to see the inflation curve bend down and the real income curve substantially accelerate — and when those two lines cross, Americans are going to feel it."
Video transcript
The real thing that is going to happen, that is going to give Americans real purchasing power increases, it's going to be through growth. We passed the one big beautiful bill. I am also the IRS commissioner, and I can see that working Americans, thanks to the president living up to his campaign promises, no tax on tips, no tax on overtime, no tax on Social Security, deductibility of auto loans, if you buy an American car, there are going to be substantial refunds in the first quarter of '26. Working Americans will change their withholding, and they will get a bump up in their real income. So I would expect in the first two quarters, we are going to see the inflation curve bend down, and the real income curve substantially accelerate. And when those two lines cross, Americans are going to feel it. But, Maria, I will tell you what we are not going to do. What we are not going to do is tell the American people that they don't know how they are feeling, which is what the Biden administration did. They said it was a vibe session, you don't know how good you have it, and we are working every day to get these prices down.
Transcribed automatically. Expect errors in names and numbers.