Top White House economic adviser Kevin Hassett dubiously claimed on Fox Business Wednesday that rising credit card debt is proof the U.S. consumer “is really, really firing on all cylinders.”
Hassett appeared on “Mornings with Maria” to proclaim that, despite rising gas prices due to the Iran war, Americans remain confident in the current economic situation.
After host Maria Bartiromo noted that Treasury Secretary Scott Bessent recently claimed, “the consumer is very strong,” Hassett agreed, saying, “credit card spending is through the roof.”
He added, “They’re spending more on gasoline, but they’re spending more on everything else, too.”
Many people on social media didn’t agree with Hassett that increased credit card spending is a sign of consumer confidence ― especially since people often use the cards when they have no savings.
Oh, and the interest on those cards increases the price of goods to consumers.
So, yeah, Hassett was mocked for his spin.
Hassett has gone to extreme lengths in the past to put a positive spin on his fearless leader’s economic policies.
In December, he claimed the stats in a Labor Department report showing the number of layoffs across the U.S. was at a two-year high looked worse than they actually were due to “a problem with the way the surveys work.”
He was mocked on social media in November after he boasted that the 19 cent decrease in the cost of a Thanksgiving turkey was proof that Trump was doing a good job with the economy.