Scott Bessent, U.S. Secretary of the Treasury, arrives to speak during the groundbreaking ceremony for the site expansion at the Boeing South Carolina (BSC) manufacturing facility in North Charleston, South Carolina, USA, on Friday, November 7, 2025.
Sean Rayford | Bloomberg | Getty Images
Treasury Secretary Scott Bessent said Sunday that the U.S. is not at risk of falling into a recession in 2026, claiming Americans will soon benefit from the Trump administration’s economic policies on trade and taxes.
“I’m very, very optimistic about 2026,” Bessent said in an interview on NBC News’ “Meet the Press.” “We have laid the foundation for a very strong, non-inflationary growth economy.”
Parts of the Republicans’ massive spending package – the “One Big, Beautiful Bill Act” – are still in effect and have not yet made an impact on the economy, Bessent said. The new law makes Trump’s 2017 tax cuts permanent, along with a senior citizen “bonus” to offset Social Security taxes and a larger state and local tax deduction. The plan also provides tax breaks for tips, overtime pay and car loans.
Health care costs should also become more affordable, Bessent added. The secretary said the Trump administration will provide further updates on the issue this week.
Currently, gridlock in Congress over the expansion of increased subsidies in the Affordable Care Act market is expected to drive up health care costs for millions of people.
Bessent acknowledged that there were parts of the economy that were showing signs of trouble, including housing and interest rate-sensitive sectors. He argued that the service economy was contributing to inflation and claimed that lower energy prices would soon help bring prices down.
Kevin Hassett, director of the White House National Economic Council, also said Sunday that fourth-quarter economic data could be weak due to the government shutdown. The 43-day congressional shutdown in Washington, DC was the longest in U.S. history.
About two-thirds of registered voters say the Trump administration is lagging behind on the economy and the cost of living, a recent NBC News poll found.
Americans’ views of the economy depend largely on their income levels, according to JPMorgan’s latest cost of living survey.
The bank found that high-income respondents rated their self-confidence on average at 6.2 out of 10 – with 10 being the best grade. More than half of this cohort chose a rating between 7 and 10. Low-income consumers, on the other hand, gave an average score of 4.4.
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