Scott Besant

The economy has been better than we thought.

We've had 4% GDP growth in a couple of quarters.

We're going to finish the year despite the Schumer shutdown with 3% real GDP growth.

Well, Margaret, inflation is a composite number and it's roughly the same year over year.

And if we were to look at all imported goods, imported goods inflation is below the inflation number, which is about

2.9%.

Imported goods inflation is about 1.8.

It's the service economy that's generating inflation, which actually has nothing to do with tariffs.

Mr. Secretary, a lot of people are out there holiday shopping.

Here is how the president described back in April what to expect from this season.

Was the president's prediction then correct?

The president was wrong to predict lower numbers of purchases and higher prices.

You do think there is an affordability problem?

You do believe.

But now we're nearly 12 months in.

You said the president would own the economy at this point.

It could be just the tax decreases that we are seeing on the president's agenda.

You know, no tax on tips, no tax on overtime, no tax on Social Security, deductibility of auto loans.

It gives the U.S.

and the president the most negotiating authority.