White House economic director downplays economic anxiety amid higher prices
Summary
Kevin Hassett, the White House economic director, said Americans’ real incomes are rising despite inflation and higher gas prices. He acknowledges energy costs are difficult but expects them to improve soon, while some surveys show Americans feeling worried about the economy.Key Facts
- Kevin Hassett is the director of the White House National Economic Council.
- Hassett said real wages (income adjusted for inflation) are increasing overall.
- In April, wages rose 3.6% yearly, but inflation rose 3.8%, slightly outpacing wage growth.
- Recent surveys show Americans’ confidence in the economy has dropped to historic lows.
- Gas prices and inflation are a source of financial stress for many people.
- Hassett said people will vote based on their financial situation and that many have more money after prices rise.
- He dismissed concerns about oil supplies, saying there is a large inventory of oil reserves.
- The ongoing conflict in Iran affects energy prices and adds uncertainty to the economy.
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