"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."
Kevin Hassett noted a significant rise in credit card spending among Americans, attributing it to high consumer prices, particularly for gasoline. He suggested that this spending indicates a stable job market, as unemployment is unlikely to rise. However, his comments were met with criticism, particularly from Democrats, who argued that increased reliance on credit cards reflects economic distress for working people, benefiting banks with high interest rates. Prominent figures expressed concern over the implications of Hassett's remarks on the economy.
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