‘The Big Money Show’ panel discusses President Donald Trump eyeing a potential new Federal Reserve chief and Secretary Scott Bessent’s position at the Treasury Department.
The Trump administration is touting gains made by blue-collar workers in the first few months since the start of President Donald Trump’s term began in January.
Administration officials noted that blue-collar wages – which are defined as nonsupervisory and production workers – have risen at an annual rate of 1.7% in the past five months.
That gain represents the largest increase in pay for blue-collar workers under any administration dating back to 1968. It’s also larger than the boost seen by such workers at the start of Trump’s first term.
TREASURY SECRETARY BESSENT: ‘I’M NOT WORRIED ABOUT INFLATION’ FROM TARIFFS
U.S. Treasury Secretary Scott Bessent testifies before a House Financial Services Committee hearing entitled “The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System,” on Capitol Hill in Washington, D. (REUTERS/Nathan Howard / Reuters Photos)
They also noted that the year-to-date gain is more than twice as large as the previous record set during the year Richard Nixon was elected.
Officials attributed the gain in blue-collar wages to the impact of falling inflation, which has boosted take-home pay and, in turn, their living standards.
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The administration also believes that the passage of the Republican tax cut package, referred to as the “One Big, Beautiful Bill,” will help reduce inflation while speeding up wage gains like what occurred during Trump’s first term.
