Overview
- Kevin Hassett, director of the National Economic Council, told Fox News Sunday on May 31 that people spending more on gas, groceries and restaurants is a sign of optimism when questioned about rising credit‑card delinquencies.
- Reporters cited a Wall Street Journal figure that about 13 percent of Americans have delinquent credit‑card balances, the highest rate since the 2008 financial crisis, a fact that framed the interview.
- Hassett said conversations with credit‑card company CEOs show stress but not a systemic threat to issuers, stressing that delinquency is not the same as default.
- Data and analysts cited in coverage show recent spending and stock‑market gains have been concentrated among the top 10 percent of earners, which critics say undercuts the claim that broader household finances are improving.
- The comments prompted widespread criticism on social media and in progressive outlets, raising political and communications risks for the White House and spotlighting the gap between official messaging and many families' lived finances.