ECONOMY ON FIRE: Hassett Touts 5% GDP Growth And Record Low Claims
National Economic Council Director Kevin Hassett is painting a bullish picture of the US economy, insisting Americans are spending at a pace not seen in years. Consumer consumption is up year-over-year at the highest rate in years, Hassett said, pointing to it as proof the economy is running strong under the current administration. He also claimed third quarter GDP is tracking at 4 to 5 percent growth, a figure he has repeated across multiple television appearances in recent weeks. Rounding out his case, Hassett pointed to unemployment claims, which he says are sitting near their lowest levels since World War II, back when the American labor force was far smaller than it is today.
Hassett has leaned on this same trio of statistics, consumption growth, strong GDP, and historically low jobless claims, repeatedly in recent weeks as he defends the administration's economic record against criticism over affordability and inflation. His GDP figure, however, is a projection rather than confirmed government data, and some economists and fact-checkers have pushed back, noting that official growth numbers earlier in the year came in well below the 4 percent pace Hassett had forecast at the time. Similarly, while initial unemployment claims have been low by historical standards, critics note they were lower still in parts of this year, meaning Hassett's World War II comparison tells only part of the story. The disagreement underscores a broader divide between the White House's optimistic economic messaging and a public still grappling with high prices on everyday goods.