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.

[Blue Owl]

1. Dump is laughing all the way to the bank as MAGA gets played

[underpants]

2. Debt makes free!!

Unless you are the rare bird who pays off the card each month for points and cash back, you are digging yourself into a hole.

[UpInArms]

3. In other words

No one can afford to live without debt

That gas tank will be empty and that food will have been shitted out before that debt ever gets paid

This will just be another transfer of wealth

As the average Joe loses what little bit of cushion he had

[erronis]

4. The economy is booming. For the bankers and loan sharks.

And suckers who try to guess which way the stock market will go ---- unless you've bought the Trump Stock Ticker Machine.

[Figarosmom]

5. Average person uses credit when

They don't have cash or wants to hang on to the cash they have, just in case.

It means people don't trust what's going to happen from one minute to the next.

[Grokenstein]

6. "The rich are getting richer!"

"The Dow!!"

[Harker]

7. Grinning creep.

[Buddyzbuddy]

8. That makes me think of the time

G.W. Bush remarked to a woman who had just told him how she worked 3 jobs just to survive. His response was that she was "uniquely American." As though it was a good thing that she had to work 3 jobs.
Republicans are just callous, dense motherf*ckers.

[lastlib]

13. (You left out "clueless")

There are two kinds of republikans---billionaires and suckers. They can check their wallets to which they are. The overwhelming majority are the clueless suckers.

[BidenRocks]

9. So much debt.

One job loss from disaster. Been there, done that in 2009.

[Renew Deal]

10. I really don't know why Trump lets Hasset go on TV

He's a walking, talking, democratic campaign ad

[SCantiGOP]

11. Complete contradiction of terms

“Having more money in your pocket” and “increasing credit card charges” are polar opposites.

[blue blues]

12. ONLY IN TRUMP WORLD

Can credit card debt going through the roof be seen as great

[lastlib]

14. It IS great---

for the LENDERS! The banks are making out like bandits, the borrowers (card users) are getting REAMED.

[City Lights]

15. Hassett has one of the most punchable faces in this toxic regime.

That smirk needs to be wiped off of his face.

[sakabatou]

16. The GOP chuckleheads don't even know how credit cards work

[IronLionZion]

17. They also boasted about oil companies getting more revenue

these people are sick.

[BradBo]

18. He's gotta know he's sucking Trumps dick by saying that. Loser.

Hassett is paying a big morgage and wants to keep his lifestyle so bad he doesn’t care if he sounds like an idiot.

[patphil]

19. Bragging that credit card spending is through the roof?

That's a BS way of saying that consumer debt is out of control and reaching an all-time high.
And that debt doesn't come cheap. Interest rates on credit card debt are in the 20-30% range.
This is a brutal way to maintain yourself and family. Once that debt gets to a certain point, it's almost impossible to get out from under it. There's interest on the balance and charges for usage that add hundreds of dollars to the debt each month.

[COL Mustard]

20. If you work for a credit card company or a bank,

It’s fantastic news. The credit card companies have a very simple business model: to get you into debt and keep you there. That’s how they make a crap ton of money.

[pat_k]

21. Bunch of whiners.

What do you want? An economy that actually enables Americans to save money? What good would that do for credit card companies??

I didn't go through all the source links, so consider these unconfirmed, but here are a few highlights (low-lights) from an AI summary (Gemini) on the state of American savings and consumer debt. As expected, appalling, but not surprising with the felon's determination to devastate the economy of the "little people." (The wealthiest are plugging along just fine of course)

Consumer Debt Levels (Q1–Q2 2026)

Total Household Debt: Reached a record $18.8 trillion at the end of 2025, continuing to rise in early 2026.

Credit Card Debt: Hit a record $1.28 trillion in Q4 2025, marking a 5.5% annual increase.

Auto Loans: Stood at approximately $1.69 trillion as of February 2026, a 1% increase year-over-year.

Delinquencies: Late-payment delinquencies climbed to 4.8% of all household debt, with student loans showing 9.6% delinquency (90+ days late).

Debt-to-Income: Consumer debt reached 68.55% of US GDP in 2025, with many households spending over 29% of their monthly income to pay off debts.

Savings and Financial Security (May 2026)

Personal Savings Rate: Collapsed to 4.0% in Q1 2026, down from 6.2% in early 2024, indicating households are saving less to meet expenses.

Emergency Savings: Approximately 40% of Americans have less than $500 in savings, and 14% have no savings at all.

Does the "Indicating households are saving less to meet expenses" strike anyone else as a snarky, blame the victims, note? (Gee people are just so irresponsible is this horrific economy. What is wrong with them?)

[popsdenver]

22. Strange

I distinctly recall the same exact thing happening during the first Reagan Term....People forced to live off their credit cards.

Then, I seem to remember that TWO other things..........ALL interest was tax deductible, including credit cards, and Reagan and HWBush changed the law, that only mortgage interest was deductible........
And the "Usury Rate" interest was capped at 12% was increased to 24%.

Many other things that were previously deductible were suddenly dropped, esp in the deductions for medical expenses.....

There were dozens and dozens of MAJOR things that the HWBush CABAL accomplished during those 12 years that lead the way in the destruction of the middle class...............

[Bluetus]

23. This campaign ad writes itself

All you need is some ominous music, and a deep-voiced announcer saying,

"Have you noticed that just about everybody in Trump's Republican administration just doesn't seem to care about how much everything is costing us ever since Trump took over? They actually seem to enjoy our pain."

Then cut to the clip with Hassett saying:

"Credit card spending is through the roof. They’re spending more on gasoline, but they’re spending more on everything else, too."