Transcript: IBM vice chairman Gary Cohn on "Face the Nation with Margaret Brennan," Sept. 20, 2026
Summary
Gary Cohn, IBM vice chairman and former economic adviser to President Trump, said high energy prices are worrying consumers in the U.S. and around the world. While the main economic numbers look good, many people feel uncertain about the future, especially because of rising costs and concerns about artificial intelligence and jobs.Key Facts
- Diesel, gasoline, motor oil, and jet fuel prices are very high worldwide, leading to protests in several countries.
- Diesel prices impact many parts of the economy, like farming and transportation, which affects food costs.
- Consumer feeling about the economy is negative due to energy costs and worries about AI and jobs.
- Official economic data, such as GDP, employment, and spending, still shows stability and growth.
- Real wages have recently fallen because prices (inflation) are rising faster than paychecks.
- Americans are using their savings to keep buying things, but this cannot continue forever.
- Treasury Secretary Bessent says U.S. economic fundamentals remain strong, including low poverty and foreign demand for U.S. assets.
- The Federal Reserve chair, Kevin Warsh, recently stated the economy is getting stronger with new hiring in the private sector.
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