Wall Street tends to be pessimistic, but now it's Main Street's turn to thrive amid the One Big Beautiful Bill, said Joseph Lavorgna, the chief economist of the National Economic Council in President Donald Trump's first term and now counselor to Treasury Secretary Scott Bessent.
"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 turn, 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 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 it's Main Street's turn to "hire workers, drive investment, restore the American Dream."
Trump posted on social media that unity is 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 wanted the legislation to be finalized in Congress and sent to him to sign by the Fourth of July.
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Solange Reyner ✉
Solange Reyner is a writer and editor for Newsmax. She has more than 15 years in the journalism industry reporting and covering news, sports and politics.