LARRY KUDLOW: Too much GOP election doom? Just listen to Treasury Man Scott Bessent

Treasury Secretary Scott Bessent says the U. S. economy has entered what he calls an "acceleration phase," and Fox Business host Larry Kudlow uses that assessment to argue that Republicans should not be so gloomy about the midterm elections. Bessent told Kudlow on Sunday Morning Futures that last July 4's tax law is now taking hold, describing the business side as full write-offs for equipment, factories and agricultural structures. He said the country is seeing a boom unlike any in more than a decade, spanning construction, factory building and manufacturing.

Bessent said the individual side of the law fulfilled President Donald Trump's promises to exempt tips and overtime pay from tax and to lower taxes on Social Security benefits. As a result, he said, 85 percent of seniors owe no tax on their Social Security. He described the outcome as "parallel prosperity," in which Main Street and small and community banks are thriving alongside Wall Street, thanks to tax, trade, energy and deregulation policy.

Kudlow and Bessent cited several figures. Factory shipments have grown nearly 20 percent over three months. Real weekly earnings for blue-collar manufacturing workers are up 4. 1 percent in Trump's second term, and construction pay has risen 5 percent since January 2025. Average tax refunds are up $3,400 this season. The 2025 census showed record-high real family incomes and record-low poverty, and the Atlanta Fed projects 5 percent GDP growth for the third quarter.

Summarized by PolitiKool from Fox Business’s reporting. Read the full story at Fox Business →