Overview
- National Economic Council Director Kevin Hassett, in a Fox Business interview Wednesday, said “credit card spending is through the roof” and cited data shown to him by a top bank executive.
- The clip spread widely online, and figures such as Bernie Sanders, Hakeem Jeffries, Gavin Newsom’s office and Justin Amash called the boast out of touch.
- Reporters pointed to New York Fed data showing U.S. credit card balances above $1.2 trillion late last year, with higher delinquency rates and average APRs near 25%.
- Coverage tied heavier card use to costlier basics, noting AAA’s $4.53 national gas average and a March CPI reading of 3.3% driven in part by energy after Strait of Hormuz disruptions during the Iran war.
- Analysts framed the moment as part of a pattern in which senior officials, including Treasury Secretary Scott Bessent, offer upbeat claims that clash with polls showing worsening household finances.