Today I attended a lunch sponsored by the Economic Club of Minnesota, at which Treasury Secretary Scott Bessent spoke. Bessent’s presentation was impressive, not because he is a spellbinder, but because he is a data guy, and the data are remarkably strong.
GDP is up, the deficit is down. Inflation is under control. 2026 promises to be a terrific year, driven in part by tax refunds resulting from the Big Beautiful Bill: no tax on tips, no tax on overtime, and so on. The “experts” have been proven wrong. And there was much more. This is from InstaPundit:
🚨 HOLY SMOKES. The Atlanta Fed just SURGED the Quarter 4 GDP forecast to a whopping +5.4%
This is huge.
Trump’s economy really is gearing up for a BOOM in 2026! 🇺🇸🇺🇸 pic.twitter.com/YrXcWA5ZOk
— Eric Daugherty (@EricLDaugh) January 8, 2026
Here are a few clips from Bessent’s presentation today:
.@SecScottBessent: “Under Governor Tim Walz, billions of dollars intended for families in need, housing for disabled seniors, and services for children were diverted to benefit fraudsters. I am here this week to single the @USTreasury‘s unwavering commitment to recovering stolen… pic.twitter.com/uAUUDLTBkI
— Rapid Response 47 (@RapidResponse47) January 8, 2026
.@SecScottBessent on tracking down fraud: “GAO believes that there is somewhere between $300B-$600B of annual fraud—roughly 10% of government spending—that disappears due to fraud. If we can recapture that, that is 1-2% of GDP.” pic.twitter.com/ur0xJwiCgV
— Rapid Response 47 (@RapidResponse47) January 8, 2026
Fraud is a huge issue. Massive frauds came to light in Minnesota beginning four years ago, but the administration is now investigating nationwide. And they will find that quite a bit of the fraud is being conducted by the Russian and Chinese governments, whom American taxpayers were funding under the Biden administration.
.@SecScottBessent in Minnesota: “In 2025, the President laid the foundation for powerful economic growth with the historic passage of the One Big Beautiful Bill… trade deals that rewrote decades of government misalignment, and an ambitious deregulation agenda… Now, in 2026,… pic.twitter.com/Zel7sp8QrC
— Rapid Response 47 (@RapidResponse47) January 8, 2026
One thing that Bessent emphasized, not mentioned in those clips, are the Trump Accounts: every newborn American baby will receive $1,000, invested in an index fund. That is intended as seed money. Others can add to the pot; some wealthy Americans, like Michael Dell, have done so. And employers can add to the fund on behalf of their employees’ children. Bessent thinks that these accounts will ultimately be Donald Trump’s greatest legacy, as the 38% of Americans who own no stocks or bonds will become invested in America’s future.
The economic data are terrific, but what struck me most about Bessent’s presentation is that the administration has a coordinated, multi-pronged strategy to improve not just America’s economy, but our culture and our way of life. The administration’s various initiatives are intertwined and serve common goals. We are also seeing coordination between America’s domestic policies and our foreign policy: Bessent says that he spends half of his time on foreign affairs. On many fronts, the administration is pursuing coordinated policies. And nowhere is the administration playing defense. In every sphere, it is on the march.
I came away from an hour with Secretary Bessent feeling better than ever about the administration’s strategies, and about America’s future.
