GREENVILLE, S.C. (FOX Carolina) – U.S. Treasury Secretary Scott Bessent said prices at the pump and other essentials will drop once the country gets “on the other side” of the Iran war.
Bessent spoke with FOX Carolina in an exclusive interview Wednesday ahead of President Donald’s Trump’s midterm rally at Clemson University’s T. Ed Garrison Arena.
Bessent did not give a specific timeline for when that would happen.
Treasury secretary addresses affordability
Bessent said the administration has created 1 million private sector jobs this year.
“I don’t know when it’s going to be, but I can tell you that there is another side and the important thing that I think that this administration has done is that we have given the American people, we have created 1 million private sector jobs this year, many more since President Trump came into office, so we are creating the jobs, we are letting people keep more of their money,” Bessent said.
Bessent said President Trump kept four signature promises: no tax on tips, no tax on overtime, limited tax on Social Security and deductibility of auto loans. He said 85% of seniors don’t pay taxes on Social Security.
“The president kept his four signature promises, no tax on tips, no tax on overtime, limited tax on Social Security, 85% of our seniors don’t pay taxes on Social Security deductibility of the auto loans and then on affordability the only thing we’re going through right now which I don’t diminish is an Energy price shock but we’re seeing other things come down,” Bessent said. “Rent is coming down, food is back under the Federal Reserve’s target and it’s up about 1.8% this year. We have had the biggest decrease ever in prescription drug prices, insurance is down so again, as you mentioned, there is an energy shock, but we are going to get on the other side of it, and I think energy prices are going to be lower than ever.”
More of the interview to air
The interview covered a number of other issues.
The full interview will air on Thursday on FOX Carolina at 6 p.m.
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