Trump Official Drops Odd Boast About Economy: 'Credit Card Spending Is Through the Roof!'

[BumRushDaShow]

Source: MEDIAite

May 6th, 2026, 12:11 pm


National Economic Council Director Kevin Hassett tried to paint a rosy picture of the economy on Wednesday as he proclaimed that credit card spending is going “through the roof” as consumers spend more on gas and “everything else too.”

The odd remark by one of President Donald Trump’s top economic officials came as he discussed the jobs outlook with Fox Business anchor Maria Bartiromo. As Bartiromo asked what kind of employment picture he’s expecting for the rest of 2026, Hassett replied that “it’s going to be very strong.”

He also mentioned that 25 million Americans benefited from the tax cuts on tips, overtime, and Social Security as a result of the One Big Beautiful Bill Act passed last year. Hassett then dropped the boast about credit card spending. Read the exchange below:

MARIA BARTIROMO: Kevin, what kind of a jobs picture are you expecting for the rest of the year then?

KEVIN HASSETT: It’s going to be very, very strong, and you know, I agree with what the secretary said, but why not add a little color to it, that about 25 million people benefited from no tax on tips — the average benefit was $7,000. About 25 million people benefited from no tax on social security. That also was about a $7,000 benefit. They get to deduct $7,000, and so the consumer is really, really firing on all cylinders just like the corporate sector you’re seeing in the earnings reports, and they’re doing that because they have so much more money in their pockets. In fact, I had the head of one of the big five banks in my office yesterday going through the credit card data. And just as Secretary [Scott] Bessent said, credit card spending is through the roof. They’re spending more on gasoline, but they’re spending more on everything else, too.

Read more: https://www.mediaite.com/media/news/trump-official-drops-odd-boast-about-economy-credit-card-spending-is-through-the-roof/

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they have so much more money in their pockets.

That's not a consumer's "money in their pockets". It's a BANK'S money that is being loaned for an extra cost.

"Borrow and spend" GOP.