Treasury Secretary Scott Bessent joined Fox & Friends today to tout two new economic initiatives from the Trump administration, ones that will help working families concerned with the cost of living.
First, Bessent talked about "substantial refunds for working families" as part of President Trump's tax cuts.
.@SecScottBessent says "we're going to see substantial refunds for working families" next year as a result of @POTUS' historic tax cut. pic.twitter.com/eayuLHms0m
— Rapid Response 47 (@RapidResponse47) November 12, 2025
"I'm also the IRS Commissioner, so what I can see is that with the President's signature campaign promises — no tax on tips, no tax on overtime, no tax on Social Security...Americans didn't change their withholdings for 2025," Bessent said. "So we're going to see substantial refunds for working families at the beginning. In the first quarter of 25, they'll change their withholding at the beginning of the year, and that will be a natural real-wage growth."
Bessent talked about the Trump administration's plan to give every child born after January 1, 2025 a $1,000 account that will be invested in the U.S. stock market.
.@SecScottBessent on the new Trump Accounts: "Every child born retroactively to January 1, 2025 — but for the next three years — is going to get a $1,000 account that's going to be invested in the U.S. stock market. That's another $1,000 for working families." pic.twitter.com/bP6l7z8lNE
— Rapid Response 47 (@RapidResponse47) November 12, 2025
Every child born retroactively to January 1, 2025 — but for the next three years — is going to get a $1,000 account that's going to be invested in the U.S. stock market. That's another $1,000 for working families," Bessent said.
Bessent also said American consumers can expect to see "substantial announcements" over the next few days about the cost of things not grown in America.
.@SecScottBessent: "You're going to see substantial announcements over the next couple of days in terms of things we don't grow here... coffee being one of them, bananas, other fruits... That will bring the prices down very quickly." pic.twitter.com/e9Vsa1UdVR
— Rapid Response 47 (@RapidResponse47) November 12, 2025
"You're going to see substantial announcements over the next couple of days in terms of things we don't grow here in the United States," Bessent said. "That will bring the prices down very quickly."
"We inherited this affordability mess. It was the worst inflation in 40, 50 years, one of the worst in the nation's history," Bessent said. "And affordability has two components. So, there's the price level and then there is income level. And what happened under Biden was the cumuliative inflation...was 20, 23 percent but what happened to working Americans, their basket of goods and services...was up in the 30s, so they felt a real, gigantic differential."
"What we are going to do," Bessent continued, "is by bringing back high-paying manufacturing jobs, President Trump is going to do what he did in the first term. And that is for hourly workers and working Americans to have real wage increases."
Bessent pointed out that the inflation line is now "under control" and that he expects the real wage increase to make Americans "feel better" in the first quarter of next year.