Hassett touts rising credit card debt as proof "consumer is really firing on all cylinders"

National Economic Council Director Kevin Hassett said in May 2026 that rising credit card spending and debt levels were proof that the American consumer is "really, really firing on all cylinders," calling credit card spending "through the roof." Hassett attributed the increase to consumers having more money in their pockets from tax policy. Critics noted gas prices had risen approximately 45% since January 2025, with the national average near $4.53 per gallon, and that nearly half of Americans reported they could not cover more than one month of essential expenses if their income stopped.