Trump Economic Adviser: 'Credit Card Spending Is Through the Roof'
Critics said the spending reflects higher prices, weaker savings and rising debt, while Gallup found 55% of Americans say their finances are getting worse.
- On Wednesday, National Economic Council Director Kevin Hassett told Fox Business that rising credit card spending signals a strong economy, asserting consumers are 'firing on all cylinders' while spending more on gasoline and other goods.
- Americans carry $1.28 trillion in credit card debt according to the Federal Reserve, with interest rates averaging 22.3 percent; roughly 37% of Americans have less than $500 in savings and cannot cover a month of essential expenses.
- Since President Donald Trump took office in January 2025, gas prices have risen roughly 45% to $4.53 per gallon today per AAA, while inflation surged to 3.3 percent in March, straining household budgets.
- House Minority Leader Hakeem Jeffries wrote on X that working-class Americans are 'maxing out their credit cards to pay for groceries and gas,' while Warren Gunnels, staff director for Sen. Bernie Sanders , called the situation a 'disaster.'
- Gallup polling from last month found that 55 percent of Americans believe their finances are worsening, a level of pessimism exceeding the 2008 Great Recession and the COVID-19 pandemic.
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Gavin Newsom Says Trump Admin Is 'Celebrating,' 'Bragging' About High Gas Prices Amid Kevin Hassett's Cre
Governor Gavin Newsom (D-CA) on Wednesday slammed the President Donald Trump administration for hailing high gas prices in the U.S. following White House Chief Economist Kevin Hassett‘s comments about surging credit card spending. Bragging About Gas Prices “The Trump Administration is now CELEBRATING Americans paying more for gas and putting more on their credit cards,” the California Governor’s official Press Office said in a post on X, slammin…
Trump economic adviser: ‘Credit card spending is through the roof’
(The Hill) – One of President Trump’s economic advisers projected a “very, very strong” job market future in the U.S. on Wednesday, despite price hikes amid the Iran war. “I had the head of one of the big five banks in my office yesterday going through credit card data … and credit card spending is through the roof,” Kevin Hassett told Fox Business’s Maria Bartiromo. “They’re spending more on gasoline, but they’re spending more on everything e…
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