Recent polling has made it abundantly clear that Americans have soured on Donald Trump’s handling of the economy. In fact, some recent surveys have shown the president’s numbers dropping to a career low amid weak economic growth, rising inflation and the weakest job market in years.
In general, Trump’s response to the conditions has been to pretend everything is awesome. At a White House event on Wednesday afternoon, for example, the president said the current economy is “blowing away” the “best economic numbers” the United States has ever had. A week earlier, the president similarly said the economy is “roaring,” adding that the status quo is “the greatest economy we’ve ever had.”
None of this was even remotely true — and given Americans’ attitudes, Trump is taking a political risk by responding to discontent with absurd happy talk. Just as notably, the president tends to avoid specific details or reference to actual economic metrics, preferring instead to argue that the economy just seems great to him.
On Wednesday morning, however, the top economist in Trump’s White House approached the issue in a different kind of way. NBC News reported:
Kevin Hassett, the director of the White House National Economic Council, said in an interview on Fox’s “Mornings with Maria” that Americans were spending more money on credit cards, framing it as a positive sign for the economy. […]
Hassett said that he met with the head of a bank yesterday [Tuesday] and that the two reviewed credit card data. “Just as Secretary Bessent said, credit card spending is through the roof,” he said, referring to a quote from Treasury Secretary Scott Bessent that Fox played moments earlier. “They’re spending more on gasoline, but they’re spending more on everything else, too.”
To be sure, I understand the point Hassett was trying to make. His pitch, in effect, was consumers are still spending, which is relevant because consumer spending is a key driver of economic activity.
But Hassett, who recently pointed to a jobs “boom” that doesn’t exist, probably didn’t think through his talking points. For example, having a leading White House official tell a national television audience that Americans are “spending more on everything” doesn’t exactly help with the administration’s messaging on inflation and affordability.
More importantly, however, was his boast that credit card spending is “through the roof.” That might very well be true, though whether Hassett appreciates this or not, many Americans turn to credit card spending to finance their day-to-expenses out of desperation after having exhausted their other options.
In other words, seeing credit card spending go “through the roof” isn’t necessarily a good thing, as the top economist in the White House ought to know.
Responding to the on-air comments, the House Majority PAC, which is aligned with the House Democratic leadership, wrote online in reference to Hassett, “Make this guy the spokesperson for the entire Republican Party.”
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