It’s rare to get a firsthand look inside Washington’s economic decision-making at a pivotal moment for the country.
Late last week, I spent time at the Treasury Department speaking with Secretary Scott Bessent, one of the most visible and closely followed members of President Donald Trump’s Cabinet.
Bessent’s rising profile hasn’t happened by chance.
According to data discussed during our meeting, the U.S. economy is now growing at a 4.3% annualized pace in the most recent quarter — a sharp acceleration compared to the final full quarter of the previous administration. By recent historical standards, that places current growth among the strongest in years.
Economic momentum of that scale doesn’t simply appear overnight.
So I asked Bessent directly what he believes is driving the change.
His answer was straightforward: leadership.
Bessent says President Trump’s economic agenda has restored confidence across the private sector, encouraging businesses to invest, expand, and hire. In his view, the scope of that shift has received far less attention than it deserves.
Here are seven takeaways Bessent shared that help explain what’s happening beneath the headlines.
1. Private-Sector Growth Is Leading the Way
While the overall GDP figure has drawn attention, Bessent emphasized that private-sector growth is even stronger than the headline number suggests.
Treasury estimates indicate private economic activity growing closer to 4.7%. One reason the top-line number appears lower is the administration’s effort to reduce federal spending and government payrolls.
Shrinking the public sector can temporarily weigh on headline figures, but Bessent argues it frees capital and labor for private businesses — historically the main drivers of productivity and wage growth.
He noted that roughly 277,000 federal positions were eliminated last year, while private-sector employment continued to expand.
2. Trade Policy Is Reshaping Manufacturing
Trump’s trade approach has been controversial for years, but Bessent says its effects are becoming clearer.
Companies are increasing domestic investment, rebuilding U.S. manufacturing capacity, and adjusting supply chains closer to home. Public data shows manufacturing investment near record levels.
Export figures also reflect that shift. In the third quarter of last year, exports rose sharply while imports declined, contributing to overall economic growth.
Bessent says this reduces reliance on foreign suppliers and strengthens America’s industrial base.
3. Energy Policy Could Ease Inflation Pressures
Energy costs were another major topic.
Bessent believes expanded domestic production and updated foreign energy policies could push oil prices lower over the next year. Reduced energy costs tend to ripple through the economy, lowering expenses tied to transportation, food production, and household utilities.
Historically, lower energy prices have functioned much like a tax cut for working families.
4. Tax Changes Still Working Through the System
Although Trump’s tax legislation passed last year, Bessent stressed that many households haven’t yet seen the full impact.
As Americans prepare future tax returns, some may notice larger refunds, expanded credits, and lower effective rates. Independent analysts estimate these changes could return hundreds of billions of dollars annually to consumers and businesses.
Bessent believes the broader economic effects are still unfolding.
5. Banking Rules Are Being Eased Carefully
Another underreported shift involves financial regulation.
Treasury officials say updated banking rules could expand lending capacity, particularly for small businesses. Increased access to credit often supports hiring and expansion, especially on Main Street.
Early surveys already show rising optimism among small business owners.
6. Credit Card Costs Are Under Review
Household debt was also discussed.
Credit card balances and interest rates climbed sharply in recent years, putting pressure on family budgets. Bessent says the administration is examining ways to reduce excessive fees and interest costs where possible.
Even modest changes could translate into significant savings for consumers nationwide.
7. Confidence Is Fueling Growth
Bessent believes confidence may be the most overlooked factor in today’s economy.
Consumers appear more willing to spend, businesses are more willing to invest, and entrepreneurs are more willing to take risks. Business sentiment surveys — often viewed as leading indicators — have already begun trending upward.
With midterm elections approaching, Bessent expects economic debates to intensify. He says his focus remains on communicating policy outcomes clearly to the public.
As our conversation concluded, I was reminded of President Trump’s long-noted admiration for Norman Vincent Peale, author of The Power of Positive Thinking. Peale believed optimism must be paired with action — confidence supported by results.
That philosophy, Bessent says, reflects how this administration views economic leadership.
As the familiar passage reminds us, “Be ye doers of the word, and not hearers only.”
In Bessent’s view, President Trump isn’t just outlining goals.
He’s putting policy into motion.
