Hassett brags that credit card spending is 'through the roof' — as delinquencies climb and farm bankruptcies jump 46%
Kevin Hassett, director of the National Economic Council, claims that record-high credit card spending indicates a thriving economy. However, critics argue that this spending is a sign of a debt crisis rather than economic prosperity. The debate centers around whether increased consumer spending reflects true financial health or reliance on credit.
- ▪Hassett stated that consumer spending is robust, attributing it to policies from the Trump administration.
- ▪Critics on social media argue that increased spending is due to rising costs and depleted savings.
- ▪Despite high spending, total household debt remains largely unchanged, with mixed trends in various debt categories.
Opening excerpt (first ~120 words) tap to expand
Hassett brags that credit card spending is 'through the roof' — as delinquencies climb and farm bankruptcies jump 46% Andrew Harnik /Getty Images Aditi Ganguly Sat, May 23, 2026 at 6:30 AM PDT 11 min read Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below. Depending on how you look at it, Americans’ record-high spending could be considered good or bad. For Kevin Hassett, the White House’s director of the National Economic Council, it's cause for celebration. “The consumer is really, really firing on all cylinders, just like the corporate sector,” Hassett told Fox Business Network host Maria Bartiromo on Mornings with Maria (1).
…
Excerpt limited to ~120 words for fair-use compliance. The full article is at Yahoo Finance.