Trending Now - Trump's Team Struggles to Address Economic Concerns

WHO:

CNN - President Trump, White House economic adviser Kevin Hassett, Treasury Secretary Scott Bessent, California Governor Gavin Newsom, former congressman Justin Amash, Agriculture Secretary Brooke Rollins, billionaire Commerce Secretary Howard Lutnick.

WHAT:

CNN - Kevin Hassett stated that credit card spending is "through the roof" and that Americans are spending more on gasoline and other items.

CNN - President Trump claimed that "thanks to these pro-growth policies, our economy is roaring and factory construction is way up."

CNN - Only 6% of Americans rated the economy as "very strong" in a recent poll.

CNN - Factory construction is down under Trump after increasing under President Biden.

CNN - Trump mentioned that a wealthy friend bought an airplane he didn’t even use during his first term.

WHERE:

CNN - Trump spoke at a small business summit at the White House.

CNN - Trump traveled to Davos, Switzerland, to speak to a gathering of CEOs.

WHEN:

CNN - Hassett made comments about credit card spending on a Wednesday.

CNN - Trump made comments at a White House small business summit on a Monday.

WHY:

CNN - Hassett argued that strong consumer spending suggests a healthy economy, despite rising prices and Americans going into debt.

CNN - Critics, including Justin Amash and Gavin Newsom, suggested that the administration's comments reflect a disconnect from the economic struggles faced by average Americans.

HOW:

CNN - Hassett discussed credit card data with the head of one of the big five banks to support his claims about consumer spending.

(UPDATED May 7, 2026 17:35 UTC)

At a small business summit at the White House, President Trump highlighted his administration's economic policies, claiming that "thanks to these pro-growth policies, our economy is roaring and factory construction is way up," despite a recent poll showing only 6% of Americans rate the economy as "very strong." Economic adviser Kevin Hassett noted that credit card spending is "through the roof," suggesting strong consumer activity, although critics like Justin Amash and California Governor Gavin Newsom argue this reflects a disconnect from the struggles many Americans face. Hassett also referenced discussions with a major bank's head to back up his claims about consumer spending, while Trump shared a personal anecdote about a wealthy friend buying an unused airplane during his first term.