Wall Street tends to be pessimistic but now it's Main Street's turn to thrive under President Donald Trump's "One Big Beautiful Bill" act, said Joseph Lavorgna, former chief economist of the White House National Economic Council under President Trump.
"I came from Wall Street, and it certainly has been very good to me. So, I'm not going to bite the hand that fed me," Lavorgna said on Newsmax's "National Report." "But this is Main Street's term, and the president ran on that. And his policies are going to give workers the capital to basically produce more and get paid more.
"And what we've seen to this point is a big drop in inflation, which will continue. And we're going to see much faster nominal wages as a function of both those productivity gains we're going to see, and also much less illegal immigration, which has artificially depressed the wage rate. That's something that [Treasury] Secretary Scott Bessent's talked about. And that's going to be a very important driver going forward. Americans are going to get much better jobs at much higher wages."
Bessent in April said the Trump administration is "focused on Main Street" and that its Main Street's turn to "hire workers, drive investment, restore the American Dream."
Trump said that unity was needed to finish the job on the tax and spending legislation. "Now let's get the Great, Big, Beautiful Bill done. Our Country is doing GREAT. MAGA!"
The president had asked for the legislation to be finalized in Congress and sent to him to sign by the Fourth of July holiday.
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