National Economic Council Director Kevin Hassett on Wednesday tried to put a rosy spin on President Donald Trump’s economy by highlighting the large credit card bills being racked up by US consumers.
During an interview on Fox Business, Hassett cited credit card spending as a purported sign of strength in the economy as a whole.
“I had the head of one of the Big Five banks in my office yesterday, going through credit card data,” he said. “Credit card spending is through the roof! They’re spending more on gasoline, but they’re spending more on everything else too.”
Hassett on American consumers: “Credit card spending is through the roof. They’re spending more on gasoline, but they’re spending more on everything else too.” pic.twitter.com/zayCSaxhwr
— Aaron Rupar (@atrupar) May 6, 2026
The price of oil has been surging since Trump launched an illegal war with Iran in late February, and on Wednesday the average price for a gallon of gasoline in the US topped $4.50, a high not seen since 2022 in the wake of Russia’s invasion of Ukraine.
As the Iran crisis persists, economists project that the price of energy will be reflected in increases in other consumer goods, most notably food.
Given this, many critics were astonished that Hassett decided to brag about consumer credit card spending as a way to reassure Americans concerned about the economy.
“Working-class Americans are maxing out their credit cards to pay for groceries and gas,” wrote House Minority Leader Hakeem Jeffries (D-NY). “The Trump Cartel thinks this is something to celebrate. Shameful.”
Hassett’s claims about credit card spending also earned a swift rebuke from Warren Gunnels, staff director for Sen. Bernie Sanders (I-Vt.).
“Americans are putting more stuff on credit cards because they don’t have enough money to pay for the skyrocketing cost of virtually everything,” Gunnels wrote. “Trump promised to put a 10% cap on credit card interest rates. Instead, the average credit card interest rate today is 22%. Obscene.”
Fred Wellman, a Democratic candidate for the US House of Representatives in Missouri, could not hide his disgust at Hassett’s performance.
“He’s smiling,” Wellman observed. “He’s celebrating that we are all maxing out our credit cards because they have torched the economy. He’s not smiling for working people. He’s happy for the corporations and billionaires. It’s good for them. We can all die poor. This is why I’m running for Congress.”
Rep. Mark Pocan (D-Wis.) expressed bewilderment at Hassett’s argument.
“Is this supposed to be a brag?” Pocan asked.
Jon Favreau, former speechwriter for President Barack Obama and current co-host of Pod Save America, found Hassett’s messaging so tone-deaf that “we must consider the possibility that Kevin Hassett is secretly working for the Democrats.”
The Democratic House Majority Political Action Committee had a response similar to Favreau’s, recommending that the GOP make Hassett “the spokesperson for the entire Republican Party.”
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