Kevin Hassertt, Trump appointed Director of the National Economic Council, was asked about credit card debt. Credit card debt and delinquencies are at the highest levels in the last 15 years.
Hassertt said he contacted CEOs of major credit card companies and they are not worried about so many people being in debt to them because it shows they are spending and the economy is strong. Apparently, it was lost on Hassertt that middle class people having to use credit cards to buy gas at almost $5 a gallon or hamburger meat at $7-$9 per pound is not an indication of a strong economy. It is certainly strong for the credit card companies who charge 21%, causing many card holders to default.
By the way, Hassertt’s net worth is about $8 million, with a yearly salary of $245,000. He doesn’t have to use a credit card to buy peanut butter. But, Hassertt was happy that the credit card companies were doing just fine.
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