Overview
- Kevin Hassett, in a Fox Business interview Wednesday, said credit-card spending is “through the roof” and cited data from a head of a “big five” bank as well as Treasury Secretary Scott Bessent.
- The clip spread widely online as lawmakers and commentators including Bernie Sanders, Hakeem Jeffries, and Gavin Newsom blasted the comment as out of touch with day-to-day costs.
- Coverage tied higher card use to rising fuel costs after the late‑February Iran conflict disrupted the Strait of Hormuz, with AAA listing the average U.S. gas price around $4.53 and March CPI up 0.9% month over month to 3.3% year over year.
- Reports highlighted New York Fed figures showing U.S. credit‑card balances above $1.2 trillion in Q4 2025 and total household debt near $18.8 trillion, with some outlets noting typical card interest rates around 25%, which makes carried balances costly.
- Hassett framed consumers as strong and pointed to recent tax changes boosting take‑home pay, while polls such as Gallup’s finding that 55% say their finances are getting worse fueled criticism and a partisan split in coverage of his remarks.