"About 25 million people benefited from no tax on tips; the average benefit was $7,000. About 25 million people benefited from no tax on social security. That also was about a $7,000 benefit."
"Credit card spending is through the roof. They're spending more on gasoline, but they're spending more on everything else, too."
"It's really hard to see having the unemployment rate go up, for example. It's probably going to drop a little bit, but it's already very close to full employment."
Kevin Hassett, National Economic Council Director, reported a strong economic outlook, highlighting increased credit card spending and benefits from tax cuts for 25 million Americans. He emphasized that consumers are spending more on gas and other items, contributing to a robust jobs market. Hassett predicted a very strong employment picture for the rest of 2026, suggesting that the unemployment rate may drop slightly as the economy approaches full employment. He noted that consumers have more disposable income due to tax benefits, which is driving spending.
Read at www.mediaite.com
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