Hassett Dismisses 15-Year High Credit Card Delinquencies as Spending Rises

5 articles · Updated · Mother Jones · May 31

Fox News Sunday pressed Kevin Hassett on credit card delinquencies at their highest rate in 15 years, and he argued heavier spending on gas, groceries and restaurants showed consumer optimism.
That defense comes as affordability strains deepen: April wage growth ran 3.6% against 3.8% inflation, undercutting the administration’s claim that rising spending reflects broad financial strength.
Moody’s Analytics said the top 10% of earners drove much of last year’s consumer spending, a gap widened by an S&P 500 gain of 25% since Trump returned to office.
St. Louis Fed data show that richest 10% own more than 87% of public equities and mutual funds, while the bottom half hold about 1%, suggesting market gains are masking wider cost-of-living pressure.

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