Trump’s Top Economic Adviser Doesn’t Seem to Get That People Are Struggling
Kevin Hassett, President Trump's lead economic adviser, downplayed concerns about rising living costs, suggesting increased spending indicates optimism. He noted that higher-income Americans are largely responsible for consumer spending growth, despite rising credit card delinquencies. Critics argue that this perspective overlooks the struggles faced by many Americans as inflation outpaces wage growth.
- ▪Kevin Hassett stated that increased spending is a sign of optimism among consumers.
- ▪Moody's Analytics reported that the top 10 percent of earners are driving much of the consumer spending.
- ▪The percentage of delinquent credit card balances has reached 13%, the highest in 15 years.
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freestar.config.enabled_slots.push({ placementName: "motherjones_right_rail_1", slotId: "ROS_ATF_300x600" }); President Donald Trump holds a political event at Rockland Community College in Suffern, NY, on May 22, 2026.Anthony Behar/SipaUSA/AP Get your news from a source that’s not owned and controlled by oligarchs. Sign up for the free Mother Jones Daily. On Fox News Sunday morning, President Donald Trump’s lead economic policy adviser, Kevin Hassett, dismissed Americans’ struggles to cover the rising cost of living by noting that people are “spending more.” But Kevin, isn’t that the problem? When the host questioned Hassett, director of the National Economic Council, on why folks are delinquent on credit card payments at the highest rate in 15 years, he replied, “People are spending…
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