Former Treasury Official Faulkender: Why It’s Premature to Question Trump’s Economic Achievements
Fox News host Brian Kilmeade discusses the impact of President Trump’s economic policies ahead of the new year on ‘One Nation.’
Michael Faulkender, the former deputy secretary of the U.S. Department of Treasury, asserts that it is premature to question President Donald Trump’s economic record. In a recent appearance on Fox Business’ “Kudlow” on New Year’s Eve, he emphasized the strong foundation laid by the administration’s policies.
Looking back at 2025, Faulkender is confident that the changes implemented during Trump’s first year will counter the criticisms from Democrats, who argue that a Republican governing trifecta has failed to reduce prices effectively.
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Michael Faulkender, then-deputy Treasury secretary, during a Bloomberg Television interview outside the White House in Washington, April 11, 2025. (Reynolds/Bloomberg via Getty Images / Getty Images)
Among various economy-related executive orders, President Trump notably advanced the Big Beautiful Bill Act, which significantly reduced taxes, introduced new forms of tax relief, and extended tax policies from his first administration.
Faulkender remarked, “Once that was reintroduced at the beginning of this administration, you saw the benefits of that permeate its way into the economy.”
The administration also reversed several energy-related executive orders from the Biden administration that had limited oil production on federal land. Faulkender pointed out, “Oil is at $57 a barrel today. That has not yet fully internalized itself into the economy.” He believes that with low energy prices and substantial availability, coupled with the large tax refunds expected in February and March, the economic success witnessed in the second and third quarters of the year will persist into the following year.
‘PERCEPTION VS. REALITY’: TRUMP’S ECONOMY PICKS UP SPEED — BUT VOTERS AREN’T BUYING IT YET
President Donald Trump speaks to journalists after signing an executive order in the Oval Office of the White House in Washington, Dec. 18, 2025. (Anna Moneymaker/Getty Images / Getty Images)
According to data from the New York Mercantile Exchange, oil prices have significantly decreased since the start of the administration, dropping nearly 28% from a high of $78.70 a barrel in January 2025.
Inflation has seen fluctuations throughout the year, often evading the Federal Reserve’s target of 2%. The most recent report indicated an inflation rate of 2.7% in November, as per the Bureau of Labor Statistics. The lowest rate recorded this year was 2.3% in April, while it peaked at 3% in September.
HARVARD ECONOMIST SAYS TRUMP INFLATION REPORT LEAVES ‘NO OTHER WAY TO SPIN IT’ BUT GOOD NEWS
A customer shops at a Safeway store on June 11, 2024, in Mill Valley, Calif. (Justin Sullivan/Getty Images / Getty Images)
Faulkender noted that the rollout of the second administration’s initiatives on energy and the economy closely mirrored the efforts from Trump’s first term. He stated, “If you go back to the economic record of the first administration, you saw that the combination of low energy prices, deregulation, and pro-growth tax reform all serve as the foundation for generating a strong economy that doesn’t come with inflation.”
Having served as the No. 2 official at the Department of the Treasury under the second Trump administration until his departure in August, Faulkender’s reasons for leaving remain unclear.
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Before his nomination in March, Faulkender briefly held the position of acting IRS commissioner and contributed to the administration’s transition team as a senior advisor following the 2024 election.
Fox News host Brian Kilmeade discusses the impact of President Trump’s economic policies ahead of the new year on ‘One Nation.’
Michael Faulkender, the former deputy secretary of the U.S. Department of Treasury, asserts that it is premature to question President Donald Trump’s economic record. In a recent appearance on Fox Business’ “Kudlow” on New Year’s Eve, he emphasized the strong foundation laid by the administration’s policies.
Looking back at 2025, Faulkender is confident that the changes implemented during Trump’s first year will counter the criticisms from Democrats, who argue that a Republican governing trifecta has failed to reduce prices effectively.
STEPHEN MOORE: ECONOMISTS KEEP MISSING THE TRUMP BOOM — AND THEY WON’T ADMIT IT
Michael Faulkender, then-deputy Treasury secretary, during a Bloomberg Television interview outside the White House in Washington, April 11, 2025. (Reynolds/Bloomberg via Getty Images / Getty Images)
Among various economy-related executive orders, President Trump notably advanced the Big Beautiful Bill Act, which significantly reduced taxes, introduced new forms of tax relief, and extended tax policies from his first administration.
Faulkender remarked, “Once that was reintroduced at the beginning of this administration, you saw the benefits of that permeate its way into the economy.”
The administration also reversed several energy-related executive orders from the Biden administration that had limited oil production on federal land. Faulkender pointed out, “Oil is at $57 a barrel today. That has not yet fully internalized itself into the economy.” He believes that with low energy prices and substantial availability, coupled with the large tax refunds expected in February and March, the economic success witnessed in the second and third quarters of the year will persist into the following year.
‘PERCEPTION VS. REALITY’: TRUMP’S ECONOMY PICKS UP SPEED — BUT VOTERS AREN’T BUYING IT YET
President Donald Trump speaks to journalists after signing an executive order in the Oval Office of the White House in Washington, Dec. 18, 2025. (Anna Moneymaker/Getty Images / Getty Images)
According to data from the New York Mercantile Exchange, oil prices have significantly decreased since the start of the administration, dropping nearly 28% from a high of $78.70 a barrel in January 2025.
Inflation has seen fluctuations throughout the year, often evading the Federal Reserve’s target of 2%. The most recent report indicated an inflation rate of 2.7% in November, as per the Bureau of Labor Statistics. The lowest rate recorded this year was 2.3% in April, while it peaked at 3% in September.
HARVARD ECONOMIST SAYS TRUMP INFLATION REPORT LEAVES ‘NO OTHER WAY TO SPIN IT’ BUT GOOD NEWS
A customer shops at a Safeway store on June 11, 2024, in Mill Valley, Calif. (Justin Sullivan/Getty Images / Getty Images)
Faulkender noted that the rollout of the second administration’s initiatives on energy and the economy closely mirrored the efforts from Trump’s first term. He stated, “If you go back to the economic record of the first administration, you saw that the combination of low energy prices, deregulation, and pro-growth tax reform all serve as the foundation for generating a strong economy that doesn’t come with inflation.”
Having served as the No. 2 official at the Department of the Treasury under the second Trump administration until his departure in August, Faulkender’s reasons for leaving remain unclear.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Before his nomination in March, Faulkender briefly held the position of acting IRS commissioner and contributed to the administration’s transition team as a senior advisor following the 2024 election.
