Kevin Hassett

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Key Figures

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.

National Economic Council Director Kevin Hassett said on March 17, 2026, that economic pain felt by American consumers because of the U.S.-Israel military conflict with Iran is "the last of our concerns right now." Appearing on CBS's "Face the Nation," Hassett acknowledged the war had cost approximately $12 billion so far and that it would hurt consumers, but said the administration was confident the operation was "ahead of schedule." Gas prices had risen sharply during the conflict, with the national average approaching $4.53 per gallon, up from $3.13 before hostilities began.

National Economic Council Director Kevin Hassett said on February 18, 2026, that New York Federal Reserve researchers who found Americans pay approximately 90% of Trump's tariff costs should be disciplined, calling their paper the worst he had ever seen in the history of the Federal Reserve system. The New York Fed study found that U.S. importers and consumers absorbed the vast majority of tariff costs as higher prices, contradicting the White House claim that foreign exporters pay. Hassett's demand that independent government economists be disciplined for their published findings drew immediate criticism from economists and Fed watchers.

The Bureau of Labor Statistics announced it could not release the October 2025 unemployment rate — the first time in nearly 80 years no unemployment rate was published for a month. Statistical agencies were largely shuttered October 1–November 12 and could not collect or process data. The BLS released partial October payroll figures alongside the full November report in December, showing October lost 105,000 jobs.

President Trump announced plans for "very substantial" tariffs on imported furniture, sending shares of Ashley Furniture, Williams-Sonoma, RH, and Wayfair down 8–15% in a single session. The announcement came without a published rule or comment period. Approximately 65% of US furniture is imported, primarily from Vietnam, Malaysia, and China, making the sector among the most tariff-exposed in consumer retail.