White House boasts that Americans are spending more on credit cards

Kevin Hassett, the director of the White House’s National Economic Council, is boasting that rising consumer spending — including on gasoline — proves the economy is thriving, even as Americans put those costs on their credit cards.

“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,” Hassett told Fox Business.

Bragging that “credit card spending is through the roof,” Hassett said, “They’re spending more on gasoline, but they’re spending more on everything else, too.”

The data shows a different story.

Polls show that the majority of Americans are worried about their finances, more now than at any time in decades.

Late last month, Gallup reported that 55 percent of Americans say their finances are getting worse.

“That percentage is the highest Gallup has recorded since it began asking Americans about their finances in 2001, showing consumers are less optimistic than they were during the COVID-19 pandemic in 2020 and the Great Recession in 2008,” CBS News reported.

Since President Donald Trump was sworn into office in January 2025, Americans are paying roughly 45% more for gas — with the national average hitting $4.53 per gallon today, per AAA, up from $3.13 that week.

“Almost 3 in 10 Americans now have less savings than they did a year ago, and for many, the safety net they once relied on is already gone,” reports MoneyWise. “According to a recent DepositAccounts survey, 37% of Americans have less than $500 set aside, and nearly half (45%) wouldn’t be able to cover more than a month of essential expenses if their income stopped.”

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