Treasury Secretary Scott Bessent has a message for Americans wondering who is benefiting from President Donald Trump’s economic agenda: working people are finally getting a stronger foothold, and the latest consumer spending data suggest the gains are not simply flowing to the wealthy.
“The data shows us that actually the bottom two quintiles (40%) of working Americans are doing better,” Bessent said Thursday during an interview with Greta Van Susteren at the NPolicy Summit in Washington, D.C. “And actually, the top is rolling down somewhat.”
His assessment directly challenges the narrative that Trump’s economic policies primarily serve affluent households. Bessent pointed to rising wages, domestic energy production, deregulation, and expanded opportunities for Americans to invest as the foundations of an economy he believes is positioned for sustained growth.
“But the economy’s very strong,” the Treasury secretary declared.
Bessent said recent conversations with executives from Visa, Mastercard, and major banks reinforced his view that lower-income consumers are performing better than some economic commentary suggests.
“They confirmed the same thing, that the low, low-end consumer is doing very well,” he explained.
That distinction matters. An economy cannot be judged solely by stock market performance or the spending habits of wealthy households. For millions of Americans, the real test is whether their paychecks cover groceries, rent, gasoline, and the other necessities of everyday life.
And that is precisely where the Biden administration left Trump with a difficult challenge.
Bessent argued that inflation climbed 21.5% during the Biden years while wages rose only 17%, a gap that eroded purchasing power and left many families struggling to keep up. He also pointed to immigration and an inadequate housing supply as factors contributing to higher rents.
Under Trump, Bessent said, the goal is to restore the ground working Americans lost and put real wage growth back on a sustainable path.
“Right now, real wages are matching headline inflation and Americans are breaking even,” he said, predicting further wage gains.
Breaking even is hardly the economic victory families want after years of higher prices. But it marks an important distinction between stopping the erosion of purchasing power and actually rebuilding it.
Van Susteren pressed Bessent on one of the most immediate pressures facing American households: gasoline prices. She noted that motorists were paying approximately $1.50 more per gallon than earlier in the year.
Bessent acknowledged the burden and predicted prices would fall once the conflict involving Iran subsides. That remains an important uncertainty for an administration whose broader economic ambitions depend, in part, on more affordable and reliable energy.
Still, Bessent argued that the administration is working to provide businesses with something they lacked under the previous administration: greater predictability.
“We have great certainty on tax policy,” he said, pointing to Trump's tax legislation, trade agreements, and energy policies.
The centerpiece is the One Big Beautiful Bill Act, enacted in 2025. The sweeping tax package extended Trump's 2017 tax cuts and introduced new deductions for tips, overtime pay, seniors, and interest on qualifying auto loans.
The Tax Foundation estimates the legislation will reduce federal tax collections by approximately $5 trillion over 10 years, averaging $500 billion annually in lower revenue. The organization also projects that its tax provisions will increase long-run economic output by 1.2%, potentially encouraging investment, hiring, and higher wages.
For 2026, the standard deduction rises to $32,200 for married couples filing jointly and $16,100 for individual filers, allowing more income to remain outside the federal income tax.
The administration's argument is straightforward: Americans should have more control over what they earn, businesses should have stronger incentives to invest at home, and economic growth should translate into tangible opportunities for workers.
Bessent also highlighted Trump's aggressive deregulation campaign, describing a White House determined to reduce the federal government's burden on businesses.
“The president told the cabinet that for every new regulation that goes in, 12 must come out,” he said.
“We've had 120 come out for every new one come in,” Bessent claimed.
If sustained, that approach would represent a dramatic departure from the familiar Washington habit of adding another rule, another compliance requirement, and another layer of bureaucracy whenever officials encounter a problem.
For small businesses in particular, regulatory costs can influence whether an owner expands, hires another employee, or decides that growth is simply too expensive. The administration wants to make that calculation easier by reducing the obstacles to investment and production.
Energy is another central part of the strategy. Bessent pointed to expanded domestic production of crude oil, natural gas, and other petroleum products, arguing that America's ability to produce its own energy is essential to economic strength.
The principle is difficult to ignore: a country that can power its industries, transport its goods, and supply its households from domestic resources has greater control over its economic future.
But Bessent's vision extends beyond tax relief, deregulation, and energy production. One of the most ambitious initiatives discussed during the interview is Trump's effort to give American children an early stake in the nation's financial future.
Bessent said all 70 million American children had been automatically enrolled in the Trump Accounts initiative that week, encouraging parents to visit TrumpAccounts.gov to claim their children's accounts.
Rather than limiting the concept to traditional government-backed savings bonds, Bessent explained, Trump wanted children to participate in America's equity markets and benefit from long-term investment.
The distinction is significant. Millions of Americans have watched the stock market build wealth over decades without ever owning a meaningful share of it themselves. Bessent noted that 38% of American households have no stock market exposure.
Under the program, children born during Trump's current term are eligible for a $1,000 federal contribution invested in a low-cost stock index fund.
Bessent also highlighted a $6.25 billion commitment from Michael and Susan Dell, which he said would provide $250 each to 25 million children. Other philanthropists, including Harold Hamm and Brad Gerstner, are supporting state-level initiatives.
The broader ambition is to make investment ownership more accessible from childhood, rather than leaving it primarily to families already equipped with the knowledge and resources to participate.
“As important as the money, it is going to make us more of an ownership society,” Bessent declared.
The Treasury Department has also developed 15 financial education modules intended to help parents and children understand money and investing.
The idea carries a distinctly American promise: children should have the opportunity to build wealth, understand how the economy works, and participate in the prosperity their country creates. A small investment cannot guarantee future success, but time and consistent participation in the market can make a meaningful difference over a lifetime.
Bessent also linked Trump's economic agenda to national security, particularly the need to reduce America's dependence on China for critical minerals, semiconductors, and pharmaceutical ingredients.
“We don't want to decouple from China. We need to de-risk,” he said.
That distinction reflects an effort to protect American supply chains without pretending that the world's two largest economies can simply sever every commercial connection overnight. Tariffs are part of the administration's strategy to encourage companies to manufacture more goods in the United States, although the long-term effects on prices, investment, and domestic production will depend on how businesses respond.
The stakes extend well beyond trade statistics. Dependence on a strategic competitor for essential materials and products can become a national security vulnerability, particularly during a crisis. Rebuilding domestic manufacturing capacity is therefore both an economic objective and a matter of national resilience.
Trump's economic program is not without obstacles. Higher energy prices remain a burden, international instability can disrupt markets, and families still waiting for meaningful relief will judge the administration by what they can actually afford. Bessent's optimism is a statement of the administration's direction, not proof that every household is already better off.
But the contrast he is drawing is clear: Washington should focus on making it easier for Americans to work, earn, invest, and build rather than accepting permanent inflationary pressure, expanding bureaucracy, and dependence on foreign supply chains as inevitable facts of life.
For Trump, the ultimate test of an America First economy is not simply whether corporations prosper or financial markets climb. It is whether working families regain purchasing power, American businesses produce more at home, and the next generation has a better opportunity to build lasting wealth.
Bessent believes the policies are moving the country in that direction. Now the administration must deliver the wage gains, lower costs, and broader economic opportunity that Americans were promised. In the end, the success of Trump's agenda will be measured not by Washington's talking points, but by whether ordinary Americans can keep more of what they earn and build a more secure future for their children.
