Trump Economist Makes Surprising Confession
Americans may be paying more for gasoline, but one top economic adviser to President Donald Trump says the overall U.S. economy is showing surprising strength — and he believes the job market could remain strong for months ahead.
During a Wednesday interview on Fox Business, White House economic adviser Kevin Hassett painted an optimistic picture of the economy, arguing that consumer spending remains extremely healthy despite rising fuel costs tied to growing tensions in the Middle East.
Hassett told host Maria Bartiromo that recent banking data shows Americans are continuing to spend aggressively, even while gas prices continue climbing nationwide.
“I met with one of the country’s top banking executives yesterday,” Hassett explained. “The credit card data shows spending is incredibly strong right now.”
According to Hassett, Americans are not only spending more on gasoline, but they are also continuing to spend heavily on shopping, dining, travel, and everyday purchases.
That level of consumer activity, he argued, is a major sign that the U.S. economy remains resilient under President Trump’s leadership.
Trump Team Predicts Stable Job Growth
Hassett also predicted that the American labor market will stay steady and healthy throughout the remainder of the year.
He described the outlook as a “very healthy, steady jobs picture,” signaling confidence that businesses will continue hiring despite economic uncertainty overseas.
The comments come as many Americans remain concerned about inflation, energy prices, and international instability following escalating conflict involving Iran.
Still, Trump administration officials have repeatedly argued that the underlying economy remains far stronger than many media outlets are suggesting.
Gas Prices Continue Climbing Nationwide
New government figures show consumer spending rose 1.7 percent in March compared to the previous month, with gasoline purchases accounting for a large portion of the increase.
Business at U.S. gas stations surged by more than 15 percent during that same time period as Americans faced rapidly rising fuel prices.
Much of the pressure has been linked to disruptions involving the Strait of Hormuz, one of the world’s most critical oil shipping routes.
Since tensions escalated in the region earlier this year, global energy markets have experienced major volatility, driving oil and gasoline prices sharply higher around the world.
According to AAA, the average price for a gallon of regular gasoline in the United States climbed above $4.50 on Wednesday — more than a dollar higher than prices seen one year ago.
Earlier this spring, gas prices briefly reached their highest levels in four years.
Lower-Income Americans Feeling the Pressure
While wealthier households appear to be absorbing the higher fuel costs, a new report from the Federal Reserve Bank of New York suggests that working-class Americans are facing greater financial strain.
Researchers found that households earning under $40,000 annually have reduced gasoline consumption more significantly than higher-income groups.
The findings suggest many lower-income Americans may be cutting back on driving, combining trips, carpooling, or turning to public transportation in order to manage rising costs.
Meanwhile, higher-income households have largely continued spending at normal levels despite the increase in fuel prices.
Economy Remains a Key Trump Focus
As President Trump continues emphasizing economic growth and energy independence, administration officials are pointing to strong consumer spending and stable employment as evidence that the broader economy remains durable.
Even amid international uncertainty and rising energy costs, Trump allies argue that the American economy continues to outperform expectations — and they believe the months ahead could bring even stronger growth.
