Treasury Secretary Scott Bessent is reportedly tackling the affordability crisis, according to the New York Post, as we head into crucial midterms.

Here’s their report:

Scott Bessent and his team at the Treasury Department now face what could be their biggest challenge yet — fixing the affordability crisis as he shapes President Trump’s policies on tariffs, taxes, and Uncle Sam’s $38 trillion debt pile.

The months ahead of the US midterm elections will be pivotal, as the former hedge-fund manager looks to power the US economy to two consecutive quarters of growth while tackling the spiraling cost of living for everything from groceries to cars.

The 63-year-old Bessent has stated that stiff levies on imports are aimed at bringing back domestic manufacturing, rather than a tax on consumers. He and the president have also touted leverage to open up foreign markets to US goods.

Yet a recent Bank of America report, written by its senior US economist Aditya Bhave, insisted there was “no debate” that “tariffs have pushed consumer prices higher.”

Experts warn that the policy could lead to signs of stagflation, when higher consumer prices further squeeze households already pinched by elevated costs, strangling economic growth.

“Heading into 2026, we see a US economy that is increasingly on track for a stagflation lite scenario,” economists at Canadian lender RBC wrote on Wednesday.

“Tariffs will weigh on the labor market and put upward pressure on inflation,” they added. “Our concern remains that we have yet to see the full pass-through of tariffs to consumer goods prices.”

Bessent has pushed back, arguing that tariffs will disappear over time like “a shrinking ice cube” as US production ramps up and that they are a necessary move to challenge China’s heavily subsidized industries.

Data released on Friday showed that consumer spending increased moderately in September after three straight months of solid gains, suggesting a loss of momentum in the economy.

“Middle and lower-income households remain worried about their prospects, as underscored by weak consumer confidence and anxiety over job security,” said James Knighley, chief international economist for the Americas at ING Bank.

Bessent absolutely seems like the right man for the job. I hope the economy begins to soar as the new year rolls in, because regardless of the election, we need prices to go down.