Transcript: IBM vice chairman Gary Cohn on "Face the Nation with Margaret Brennan," Sept. 20, 2026

The interview with IBM vice chairman Gary Cohn on Face the Nation with Margaret Brennan, aired on September 20, 2026, discussed concerns over the global economy and the state of the consumer. Cohn, who served as an economic adviser to President Trump, emphasized the high diesel prices affecting consumers worldwide, including protests in Syria, the Philippines, and Guatemala.

He explained that diesel is essential for farmers to grow, pick, and deliver crops, as well as for the transportation network. Consumer sentiment had become negative due to high energy prices and uncertainty about artificial intelligence and the job market. Despite Treasury Secretary Bessent's claims of a strong economy, Cohn noted that real wages had turned negative, meaning wage growth was slower than inflation growth, reducing purchasing power.

Despite this, consumption had not slowed, and savings were diminishing as people continued to spend as usual. Cohn affirmed that the Fed's recent rate hike was in line with their dual mandate of full employment and stable prices, underscoring the challenging position the United States faces in its fiscal health and economic stability, especially on the cusp of an election.