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For those doomsters who believe the GOP is going to get clobbered in the midterm election, you ought to listen to Treasury Secretary Scott Bessent. He is the best Treasury Secretary since World War II. He is a tremendous proponent on the economy, trade, and Communist China, and an imminent end to the Iran war. I interviewed him this past weekend on Sunday Morning Futures and he talked about the acceleration phase of the economy.
In other words, it’s really taking off. As Mr. Bessent put it, “I think we’re in the acceleration phase of this economy. The working families tax cut passed last July 4th is really kicking in.” He added that “in nature, symmetry is the most beautiful thing. And I think the beauty of the tax bill was the symmetry on one side for business full expensing for equipment, full expensing for factories, full expensing for AG structures.”
As a result, Mr. Bessent said, “we are seeing a boom like we have not seen for more than a decade.” This encompasses, he said, the construction sector, factory building, and a manufacturing boom. He concluded that “on the other side, the president kept” his “signature promises: no tax on tips, no tax on overtime,” and “reduced taxes on Social Security,” and as a result, “85 percent of our seniors are not paying taxes on their Social Security.”
President Trump has many times said the American economy is the hottest in the world, noting that our stock market has hit record after record for the roughly 150 million Americans who are invested one way or another. By the way, factory shipments are recording nearly 20 percent growth over the past three months alone.
Treasury Man Scott Bessent has said that real weekly earnings for blue-collar manufacturing workers has increased 4.1 percent during Mr. Trump’s second term. Pay in the construction sector has jumped 5 percent since January 2025. And average tax refunds have gone up $3,400 this tax season. The 2025 census showed real family incomes at a record high, while poverty rates hit a record low. The Atlanta Fed is predicting a 5 percent GDP growth for the third quarter, ending tomorrow, September. So Wall Street and Main Street are prospering under Mr Trump policies.
Mr. Bessent speaks of what he calls “parallel prosperity.” As he puts it, “Wall Street always does well, but now it’s Main Street doing well. We’re seeing a revival in small and community banks. But this comes back to the reason we can have this kind of growth is because the table has been set. Tax policy, trade policy, energy policy, and deregulation.” And Mr. Bessent points out that the Trump policies are restructuring the economy away from Biden’s big-government socialism, and back toward free enterprise.
A million new private sector jobs have been created, while federal government jobs have decreased by more than 300,000. As this unfolds, it shows that free enterprise works far better than big-government socialism.
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