The U.S. economy is set to end the year with a robust 3% GDP growth, according to Treasury Secretary Scott Bessent, who predicts a 'very strong' holiday season. However, this optimism comes amidst a backdrop of rising inflation and ongoing political debates. The latest inflation report, delayed by the government shutdown, revealed a 3% year-over-year increase in consumer prices in September, with food costs at home rising by 3.1%.
Amidst these economic challenges, President Donald Trump has sparked controversy by dismissing the struggles of American consumers. During a cabinet meeting, Trump labeled the word 'affordability' as a 'con job' and a 'Democrat scam', suggesting that the administration is addressing the issue. Yet, recent polls indicate that voters are increasingly frustrated with Trump's economic management, with two-thirds of registered voters expressing disappointment in the Trump administration's handling of the economy and the cost of living.
When questioned about Trump's comments, Bessent acknowledged the lingering inflation issues from the previous administration and attributed the public's perception of the economy to media coverage. He argued that the American people are not fully aware of their economic advantages, attributing the current affordability problems to Democratic policies that have created scarcity in energy and over-regulation. Bessent optimistically concluded that the nation will transition to prosperity in the coming year.
