Hassett Downplays Economic Angst as Wages Trail 3.8% Inflation

4 articles · Updated · abcnews.com · May 31

Kevin Hassett said Americans have "a lot more money" after price increases, arguing on ABC that real wages and incomes are rising despite anxiety over gas prices and inflation.
BLS data undercut that claim: wages rose 3.6% in April from a year earlier, below 3.8% inflation, even as the Iran war keeps pressure on energy costs.
Consumer views have deteriorated sharply, with Gallup economic confidence at its lowest since October 2022 and University of Michigan sentiment falling for a third straight month, down 10% since April to a record low.
Pressed on warnings from Exxon executive Neil Chapman that low inventories could send oil prices higher within weeks, Hassett said U.S. private and government stockpiles remain in the billions of barrels and provide ample runway.
The exchange highlights a widening gap between the White House's upbeat economic message and households' worsening mood as the Gulf conflict's end remains uncertain.

Can the Federal Reserve tame surging inflation without pushing an energy-shocked economy into a deep recession?

With experts warning of 'tank bottoms,' why does the White House claim oil reserves offer 'plenty of runway'?

As families cut spending on essentials, do official inflation numbers capture the true cost-of-living crisis?