Let's talk about a Trump official being happy Americans are going into debt.... - Belle of the Ranch

[TexasTowelie]

Well, howdy there Internet people. It's Belle again. So, today we're going to talk about a Trump official being happy Americans are going into debt.

In yet another moment of tone-deaf commentary coming from the Trump administration, one of Trump's senior economic advisers was on Fox News coming off more as a cheerleader than administration official and said something that prompted an immediate firestorm of backlash and criticism.

National Economic Council Director Kevin Hassett said, “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 Bessent said, credit card spending is through the roof. They're spending more on gasoline, but they're spending more on everything else, too.”

Credit card spending is through the roof. Yeah, that isn't necessarily a good thing. And when you follow it up with, they're spending more on gasoline, but they're spending more on everything else, too you're really just kind of saying the only war Trump is winning is the one he's waging on the working class of this country.

California Governor Gavin Newsom's press office jumped on the comment, posting, "The Trump administration is now celebrating Americans paying more for gas and putting more on their credit cards. They're literally bragging about people getting squeezed. Totally out of touch.”

Bernie Sanders came out to say, "Trump's chief economist is right. Credit card spending is through the roof. Americans are forced to put more of their spending on credit cards because of outrageously high prices. That's a win for big banks charging 30% interest rates. It's a disaster for working people.”

Yes, before the fact checks show up below, 30% is an exaggeration, but probably not as big a one as you think. The average credit card interest rate on balances is about 22% right now.

Even House Minority Leader Jeffries posted the clip to social media and said, "Working-class Americans are maxing out their credit cards to pay for groceries and gas. The Trump cartel thinks this is something to celebrate. Shameful."

The Fed released a report on Wednesday that maybe the president's senior economic adviser didn't read. It said, "Higher income households have reduced real gas consumption only modestly and increased gasoline spending considerably compared with 2023. That's bad actually, not good. Higher income people cutting back on usage means Trump's policies are even biting the rich."

The report went on to say, "In contrast, lower income households increase spending by much less and decrease real consumption by much more, potentially by carpooling or substituting to public transit were available.”

I'm going to suggest they're just staying home, which will lead to a reduction in other consumer spending showing up soon. This isn't a sign of a healthy economy. Creating a situation where people are so strapped for cash that they're cutting down on normal fuel consumption or using their credit cards for what would be a normal purchase is a sign that your economic policies are failing the consumer, which will shake the economy even further. Celebrating it is mind blowing.

Anyway, it's just a thought. Y'all have a good day.