WASHINGTON–Sen. Bernie Sanders (I-VT) said a White House advisor was right when he said credit card spending is “through the roof” in the U.S., but wrong about what that means.
As the CU Daily reported, White House economic adviser Kevin Hassett said last week that = he is expecting a “very, very strong” U.S. labor market in the future, and cited credit card spending that is “through the roof” as evidence of the economy’s strength.
But Sanders said the reason isn’t that Americans are confident in their job prospects, but instead because they are leaning on debt to cover higher prices, not enjoying a stronger economy.
On X, Sanders shared a clip of Hassett’s interview on Fox Business where he made the comment, and then wrote, “Trump’s chief economist is right: ‘Credit card spending is through the roof.’ 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.”
