US Treasury Secretary Dismisses Recession Risks for Next Year—'None...Extremely Optimistic'

(New York=Yonhap Infomax) Jin Woo Choi—US Treasury Secretary Scott Besant on the 23rd (local time) dismissed the possibility of the US economy entering a recession next year.

In an interview with NBC, when asked whether the nation as a whole faces recession risks, Secretary Besant replied, "No," adding, "I am very confident about 2026."

He attributed his optimism to the administration's achievements, stating, "The President has secured peace agreements, tax agreements, and trade agreements, and has created one big, beautiful bill." He analyzed that major tax cuts will increase Americans' real incomes.

"I am very, very optimistic," Besant emphasized. "We have laid the foundation for a very strong, non-inflationary growth economy."

Besant noted that the service sector is contributing to inflation, but projected that falling energy prices will help bring inflation down.

"Overall, prices have started to come down," he said. "This Thanksgiving dinner will be the lowest-cost in four years. Turkey prices have dropped by 16%," he explained.

He added, "We believe healthcare costs will decrease," and indicated that the Trump administration will announce new measures on healthcare costs this week.

With subsidies under the Affordable Care Act (ACA) set to expire at the end of this year, there are concerns about a sharp rise in health insurance premiums. Besant suggested that the Trump administration will soon present a solution.

Regarding challenges in the housing market, he acknowledged, "Clearly, housing has struggled, and there has been a downturn in interest rate-sensitive sectors."

jwchoi@yna.co.kr

(End)