Tom DuranteMay 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. And so in terms of the jobs picture for the rest of the year, it’s really hard to see having the unemployment rate go up, for example. It’s probably going to drop a little bit, but it’s already very close to full employment. But I think a very healthy, steady jobs picture is what we’re gonna to see. And finally, what you might have noticed about a week ago is that nobody’s really losing their job. Nobody’s being fired. Initial claims for unemployment insurance were the lowest they’ve been since the 1960s. One of the lowest numbers is below 200,000, one of the lowest numbers I’ve ever seen. Just like we get the highest capital spending numbers we’ve ever see, we’ve got the lowest initial claims data for unemployment data, as well. So that’s what you call a strong economy.

Watch above via Fox Business.

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