It's not every day that I find myself sitting down with the secretary of the treasury at his historic office in Washington.
This past Thursday, I visited with Secretary Scott Bessent, one of the most closely watched, talked-about, and popular members of President Donald Trump's Cabinet.
Secretary Bessent's growing popularity is no accident.
The economic results under the new Trump administration have been nothing short of remarkable.
According to data discussed during our meeting, economic growth has accelerated sharply, with gross domestic product growth in the most recent quarter at 4.3%, a dramatic 79% increase of the growth rate over Joe Biden's final full quarter as president.
This growth represents one of the fastest growth rates in years.
For sure, growth like that doesn't happen by chance.
So I asked Secretary Bessent the obvious question: What's the secret sauce?
His answer was simple — and immediate: President Donald Trump.
Bessent explained that Trump's economic policies are driving a renewed surge in private-sector confidence, investment, and productivity.
The media has dramatically underreported just how powerful those effects have been, he says.
Here are 7 key takeaways Secretary Bessent shared with me — points every American should understand.
1. GDP Growth Stronger Than Headline Number
While the headline GDP figure captured attention, Secretary Bessent emphasized something even more important: Private-sector growth is outpacing the overall economy.
According to Treasury estimates, private-sector GDP growth exceeded 4.7% — significantly higher than the top-line number.
Why the difference? Because the Trump administration has aggressively reduced the size and footprint of the federal government.
That reduction drags down the main GDP number. But Bessent argues it is a long-term positive, freeing capital and labor for private enterprise, which historically drives productivity, wage growth, and innovation.
Scott noted that the jobs report is similarly being dragged down by the public sector. The Trump administration has successfully eliminated 277,000 federal jobs last year as private sector jobs have grown.
Economists broadly agree that sustained private-sector-led growth is much more durable than government-driven expansion.
2. Trump's Tariffs Working Well
Trump's tariff policies, long criticized by the political class, are now producing real results.
In less than a year, Bessent says, companies have begun reshoring production, rebuilding domestic manufacturing capacity, and expanding supply chains here.
Public data already shows manufacturing investment near record levels, a trend that began accelerating after Trump's return to office.
I looked up the data and it backs up Scott's claims completely. In Q3 last year exports were up almost 9% over the previous quarter, as imports have been plunging.
Bessent said this has helped boost GDP, strengthen exports, and reduce America's reliance on hostile foreign suppliers.
3. Oil Prices Could Continue to Fall
Energy was another major focus of our discussion.
Bessent believes Trump is driving oil prices down — and they could fall into the mid-$40s per barrel range over the coming year.
Trump's aggressive pro-energy agenda is working as are policies to expand U.S. drilling, a shift in Venezuela policy, and real Middle East energy diplomacy.
Lower energy prices, he noted, would strike directly at the inflation and affordability crisis created under Biden — reducing costs for transportation, food, manufacturing, and household utilities.
Historically, falling energy prices have acted as a powerful tax cut for American families.
4. Trump's 'Big, Beautiful' Hits Soon
Although Trump's major tax legislation passed last year, Bessent stressed that 2026 is when Americans will feel it most directly.
As families prepare their taxes, many can expect larger refunds, expanded credits, and lower effective tax rates.
Independent tax analysts estimate that these provisions could inject hundreds of billions of dollars annually back into the consumer economy — fueling spending, investment, and job creation.
The full stimulative effect, Bessent believes, has yet to be priced into markets.
5. Trump's Banking Deregulation Unlocks Trillions
Another underreported development is the Trump administration's success in persuading the Federal Reserve to ease restrictive banking regulations.
That shift has already allowed banks to expand lending to businesses and consumers.
Treasury estimates suggest this could unlock trillions of dollars in new credit capacity, particularly for small businesses — the backbone of the U.S. economy.
Small-business optimism surveys have already begun ticking higher, a trend economists closely associate with job growth.
6. Lowering Credit Card Costs Priority
Finally, Bessent highlighted a priority that directly affects every day Americans: credit card debt.
Under Biden, credit card balances reached record highs, while interest rates often exceeded 20%, squeezing working families.
The Trump administration is exploring ways to reduce excessive fees and interest costs, potentially easing one of the biggest household financial pressures in the country.
Even modest reductions could save consumers tens of billions of dollars annually.
7. The Trump Effect: Confidence Works
But above all, Secretary Bessent believes the single most powerful force driving today's economy is confidence — and that confidence flows directly from Donald Trump.
Consumers see a strong leader at the helm and feel secure spending and investing.
Businesses — especially small businesses and entrepreneurs — are expanding, hiring, and taking risks again.
Recent sentiment surveys already show rising business optimism, a key leading indicator of economic growth.
With congressional midterms approaching, Bessent knows the national media will attempt to downplay or rewrite this economic success story.
That's why he sees one of his core responsibilities as telling the American people the truth about what these policies are delivering.
Speaking with Secretary Bessent, I was reminded of President Trump's longtime connection to Norman Vincent Peale, the famed author of "The Power of Positive Thinking."
Peale, Trump's longtime pastor, believed that optimism must be paired with action — not just belief, but execution.
That philosophy defines this administration.
Secretary Bessent embodies this Pealian view as well.
As the Bible reminds us: "Be ye doers of the word, and not hearers only."
As Scott Bessent reminded me, Donald Trump isn't just talking about results.
He's delivering them.
Christopher Ruddy is CEO of Newsmax Inc., one of the nation's leading news channels and outlets. Read more Christopher Ruddy Insider articles — Click Here Now.