**Excerpt:** Kevin Hassett, Director of the White House National Economic Council, addresses holiday shopping trends and economic sentiment during his interview on “Face the Nation.”
Key Points
– Holiday spending showed a significant increase, with online sales up nearly 10% during Black Friday.
– Low and middle-income Americans are reportedly feeling the pinch from rising prices.
– Hassett highlights that wage growth is outpacing inflation, leading to increased purchasing power.
– There is public skepticism regarding President Trump’s economic policies, despite positive spending data.
– The future of Obamacare premium subsidies remains uncertain after mixed messages from the White House.
Full Article
Economic Outlook for Holiday Shopping
During an interview on “Face the Nation” on November 30, 2025, Kevin Hassett, the Director of the White House National Economic Council, provided insights into the current economic landscape as the holiday shopping season commences.
Hassett noted that preliminary data from Black Friday indicated a strong performance in retail, with online sales increasing by nearly 10% and in-store sales rising by 4%. He attributed this surge to rising incomes and pent-up demand following recent government shutdowns.
Price Increases and Consumer Spending
Despite the encouraging sales figures, Hassett acknowledged concerns regarding rising prices. He referenced a specific example of a toy truck that has seen a price increase from $30 to $40, linked to supply chain disruptions due to trade tensions with China.
Hassett advised consumers to consider the overall economic environment, pointing out that while some prices have risen, others, such as gasoline and mortgage rates, have decreased. He emphasized that average wages have increased faster than inflation, resulting in an approximate $1,200 rise in real incomes this year.
Public Perception of the Economy
Despite the positive data on spending, public sentiment appears to be wavering. A CBS News poll indicated that 68% of Americans believe President Trump’s policies have contributed to rising grocery prices, which have increased by approximately 1.4% this year. Hassett explained that this inflation rate is still below the Federal Reserve’s target and described it as “very low.”
Uncertainty Surrounding Healthcare Subsidies
The discussion shifted to healthcare when Hassett was asked about the future of Obamacare premium subsidies for 22 million Americans, particularly in light of recent conflicting statements from the White House. Hassett clarified that the administration is actively seeking solutions to healthcare costs and expressed optimism about reaching a resolution before the Christmas period.
Future Prospects
In closing, Hassett addressed rumors regarding his potential candidacy to replace Federal Reserve Chair Jay Powell, stating he is honored to be considered among other candidates. He expressed confidence in the administration’s direction and the positive economic implications for American consumers.
Hassett’s insights reflect a complex economic picture as the holiday season progresses, underscoring both the optimism in retail spending and the challenges posed by rising prices and public skepticism.
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