The BareStory
Treasury Secretary Scott Bessent stated in a Sunday interview that the U.S. economy would conclude the year with 3% real GDP growth and described the current holiday shopping season as "very strong." Bessent said the economy has performed better than anticipated and that the administration was addressing inflation issues from the previous administration. He also suggested that Americans "don’t know how good they have it," attributing negative public perception of the economy to media coverage.
According to the Secretary, prosperity would follow next year, and he alleged that Democrats created scarcity through energy policy and over-regulation. Separately, President Donald Trump was said to have called the word "affordability" a "scam" by Democrats on Tuesday.
This optimistic assessment contrasts with several economic indicators and public opinion metrics. A recent poll indicated that approximately two-thirds of registered voters feel the Trump administration has not met expectations on its handling of the economy and cost of living. The University of Michigan’s consumer sentiment survey for December, while up from November, was down 28% from the same time last year.
Data shows layoff announcements in 2025 have surpassed 1.1 million, reportedly the highest figure since 2020. A report from ADP was said to show an unexpected decline of 32,000 private payrolls in November. A delayed September inflation report indicated a 3% year-over-year rise in consumer prices, including a 3.1% increase in the cost of food at home.
In a separate segment of a weekend program, Democratic Rep. Ilhan Omar was scheduled to be interviewed on what was described as an immigration enforcement action by the Trump administration reportedly targeting the Somali community in Minneapolis.
How it may affect me
As a U.S. reader:
• Your household budget may be affected by rising costs, as a recent report showed a 3% year-over-year increase in consumer prices, including for food.
• Increased layoff announcements and a reported decline in private payrolls could signal growing job market instability, potentially affecting employment security for some workers.
• Conflicting reports—an optimistic government forecast versus weak consumer sentiment and labor data—can create uncertainty for personal financial planning and spending decisions.
• An immigration enforcement action in Minneapolis may directly impact that community and could signal broader shifts in federal immigration policy for others.
