Treasury Secretary Scott Bessent praised President Trump’s administration for turning the economy around in a short span of time after years under former President Joe Biden’s watch.
According to Breitbart, Bessent spoke to business leaders at the Economic Club of Minnesota, where he praised President Trump, saying, “In just one short year, President Trump has delivered a historic economic turnaround to put our country back on the path to prosperity.”
In his speech, Bessent shared that the U.S. economy grew by 4 percent in the first two full quarters of President Trump’s term and nearly 3 percent in the fourth quarter, despite a government shutdown led by Democrats. Reuters reported at the end of 2025 that the U.S. economy grew at its fastest pace in two years in the third quarter, and this year will also see growth. Goldman Sachs predicts that the economy will grow even faster in 2026, with a forecast of 2.6 percent real GDP growth.
He credited this growth to President Trump’s tax cuts and tariff policies, and Fox News reports that Goldman Sachs economists agree. They estimate that the reforms in the One Big Beautiful Bill Act (OBBBA) will be the driving force for economic growth this year. According to the economists, consumers will receive an extra $100 billion in tax refunds in the first half of next year. This figure amounts to around 0.4 percent of annual disposable income.
Bessent also credited President Trump’s focus on wages and benefits, which he said allowed the average American to keep an additional $7,200 in annual wages without reducing the take-home pay. He also applauds the changes to the start date of the tax season, saying they allow Americans to benefit from adjusted withholding more quickly.
In his speech, Bessent compared President Trump’s business administration to Biden’s.
“For four years under Biden, Minnesotans had a president who prioritized punishment over partnerships in his dealings with the business community,” he said. “President Trump is the best partner an American job creator could ever have.”
He concluded, “The Trump economy is back — and its best days are still ahead.”