It’s been a very strong holiday season, according to Treasury Secretary Scott Bessent, brushing aside predictions earlier this year from even President Trump himself that people would be buying fewer things at holiday time and at a slightly higher price.
“The economy’s been better than we thought,” Bessent told CBS’ Face the Nation, noting the U.S. will end the year with 3% real growth in gross domestic product despite the longest government shutdown in history.
Pressed on comments by the CEO of toy maker Tonka that their products are going to cost $40 instead of $30 last year because of tariffs and inflation, Bessent said “Inflation’s a composite number, and it’s roughly the same year-over-year.”