Trump Official Celebrates Collapsing Economy On Fox

Added: 2026-05-24

[00:00:00]Kevin Hassett can't help but continue to cut ads for the Democrats. Uh it's between him and Scott Bessent, I would say. The the Oh gosh, but Luttig's really bad, too. They're the three horsemen of the affordability apocalypse. [laughter] And well, and Trump's the fourth, I guess. And they're >> Sean Duffy's also thrown his hat in the ring.

[00:00:24]>> You're right, you're right. That At the very least, honorable mention for Sean Duffy. Um and and they they just keep coming out and saying the most out of touch rich guy things ever. And um we keep hitting these records quarter after quarter. But just a reminder for people, at the end of last year, Q4, Americans ended the year with more credit card debt than ever recorded.

[00:00:55]In the fourth quarter, it rose by $44 billion to nearly $1.3 trillion. dollars.

[00:01:04]It was a over 5% increase in terms of household debt from the year before.

[00:01:12]60% of credit card users have a balance from one month to the next.

[00:01:18]And when you look at credit card rates, it was 13% in 2013. Now, the average credit card rate That was the average in 2013. The average credit card rate is 20 to 21%. And Trump, you know, is purely blaming interest rates on that. And yeah, I mean, that's in part because of the Fed policy, but it's also the corporate greed part. It's also the fact that these banks and these credit card companies are immensely greedy. And you have the rise of companies like Klarna and Afterpay, buy now, pay later on your $20 lunch.

[00:01:55]You think that people who can't afford a $20 lunch to pay it in full at the beginning are going to be able to make the second payment? Or are they going to get a massive increase in their interest rate and they'll be stuck in debt in a cycle because they had to pay the for their food? Or they had to pay their rent in installments. That's being offered right now.

[00:02:15]But no worries.

[00:02:17]The Trump administration says, "Hey, that's actually a good thing."

[00:02:22]So in fact I had the head of one of the big five banks in my office yesterday going through the credit card data. And just as Secretary Besson said, credit card spending is through the roof.

[00:02:31]They're spending more on gasoline, but they're spending more on everything else, too. And so in terms of the jobs picture for the rest of the year, it's really hard to see having the unemployment rate go up, for example.

[00:02:43]It's probably going to drop a little bit, but it's already very close to to full employment. But I think So in fact I So he he opens no awareness. No I mean this is why billionaires are the real aliens, and I don't want to hear anything now where Trump is like, "What conspiracy theory can I throw out there and chum for people with like, you know, false intelligence about aliens so that they can distract from the Epstein files, which was the conspiracy that I actually covered up." Now the real aliens are these freaks like Hassett and wealthy people and billionaires like this where he has doesn't he doesn't even have the awareness to hide the fact that he met with a credit card executive, and this is the one who was telling him, "Actually it's a really good thing that people have all of this debt because of these high interest rates and because there's all this credit card spending. Yeah, they're spending more on gasoline, but they're spending more on everything else." And the credit card executive said that was really awesome.

[00:03:40]Don't you get it, Fox Business?

[00:03:44]Man.

[00:03:46]Credit card companies, um just for folks who need it spelled out, um don't want you to have you know, enough money in your checkings and savings accounts to cover all of your expenses because then you don't need them. Uh, this is pretty rudimentary, but just for folks, there's a perverse incentive when you allow credit card bankers like to influence or any kind of bankers that require, you know, this kind of return um, to influence your politicians um, because yeah, like they like when they see when they see these stories coming out like fewer than this amount of Americans have a certain amount of money in the case of an emergency. They like that.

[00:04:25]That is mission accomplished. Families have to max out their credit cards to afford gas to take their kids to school.

[00:04:31]Isn't that amazing? That's what this credit card executive told me.

[00:04:35]Who's charging that family 21% interest?

[00:04:38]If there's anybody who wants what's best for Americans, it's the credit card executive.

[00:04:42]>> He said it like it was a celebrity, too.

[00:04:43]He's like, I actually had one of the top five bankers in the country in my office. Flexing on them. And then at the end admits that, you know, unemployment's probably going to go up a little bit, but but but but we're basically at the full employment now.

[00:04:55]That's the price you pay for uh, border security. Oh, we lost Brandon for Oh, now we have him back. Yeah, apparently border apparently border security and also what the American people were clamoring for is regime change in Iran, but not really regime change, just a difference in the leadership structure, which I know is at the top of Americans concerns going into 2024 when Trump was saying no new wars and I will fix the economy. Instead, now it's new war, the worst one, and I'm ruining the economy, and that's actually a good thing because Kevin Hassett in my administration just spoke to a credit card executive and is thrilled that you have to spend you have to spread out all these expenses over multiple credit cards and that your life savings are going towards gasoline and food.

[00:05:42]I mean, they do this with everything.

[00:05:44]They gauge everything by how their richest friends are doing. Yeah. We've seen this with like every single you know industry or whenever they're trying to gauge how Americans are doing, it's like oh uh They're Look at how they focus on the stock market above everything else.

[00:06:02]They they love They love to focus on how their rich friends are doing because they still you know they still go by the whole idea that obviously they care only about themselves cuz that's how they cuz they have no empathy for others. But also they still go abide by the idea of like trickle-down economics where like you know if the very rich are doing well then um you know that means the whole country is doing well which we clearly obviously know is just uh blatantly false.

[00:06:31]Yeah. We played a clip also of of Scott Bessent saying how the Trump accounts were filling in financial services deserts for people. Um and it was only Brian and I that day and I just couldn't get over the logic behind that. The what he was trying to say is that like like taking from Mom Donny and the more uh the the education about things like food deserts which he he builds on, you know, why we need uh grocery stores that the city owns in areas where corporations don't think it's profitable enough for them to put a store. Um he says we're servicing fi- these are financial service deserts.

[00:07:11]People uh need financial services and they don't get them.

[00:07:17]Dude, it's not that people don't have options for where to invest their money.

[00:07:22]They can open an E-Trade account. Or they can go to loan sharks which is often times when we're talking about financial deserts, it's that it's because banks are discriminating against poorer people. Um but but but the Trump accounts as an are an investment vehicle. It's because people don't in in their eyes, they don't have the money to put into them. That's the problem. It's not the fact that they don't have financial services that they could access. There are a lot of really predatory financial services that want to take your money ASAP and then charge you a crazy crazy interest rate. It's that they don't have the money. Financial deserts. Right. I mean this is this is this is this is >> that. This is what Jay-Z was saying about crypto in the black community.

[00:08:10]They were unbanked. This is this is something that scammers and like people like people selling investment properties and venture capital. This is the type of that they say. It's never like really about the brass tacks.

[00:08:22]It's all we're changing the The guy who does I don't know if it was Cal-Shi or Polymarket was talking about prediction markets as they're going to create like information for people. No, it's not.

[00:08:31]It's so you can make money off of suckers.

[00:08:35]Um Patty Debs, very jarring to see Emma pronounce Besson correctly without the French accent.

[00:08:42]Yes, Sam's not into it.

[00:08:44]>> That's a quiet act of resistance on my front on my end. I mean Sam genuinely thinks it's a Besson. It started as a bit, but he now >> It's become real. [laughter] It's a nice form of disrespect to never say these guys' names, right? I I understand. I understand. I just I I I worry about confusing the audience.

[00:09:04]>> [laughter] >> I don't think Sam has that compunction.

[00:09:07]>> on our credibility. Yes.

[00:09:09]>> [laughter] >> I our our 480p cameras do that just fine for us. [laughter] What's this Venezuela guy, Guido?

[00:09:17]Mhm.

[00:09:20]Uh Rory in Minnesota, the evangelical motivation is nothing but anti-Semitic.

[00:09:24]They want Jews in Israel because they believe they have to be there for Jesus to come back and send them all to hell.

[00:09:28]Not all, but most. Yes, that is true.

[00:09:32]12,000 B says Cliff Aguilar himself has said he's microdosed meth. Okay, so Adderall?

[00:09:39]Um VC Clavicular is 100% on meth. It suppresses appetite. That's the initial draw.

[00:09:48]I just feel like there are ways to suppress your appetite that are not meth. The initial draw to meth? No, it isn't.

[00:09:54]>> [laughter] >> Go do some meth and maybe you'll figure out what the initial draw is.

[00:09:59]>> There There are lots of There are lots of drugs that you can use. That sounds like one of those like old four chan fit board jokes that he took too seriously.

[00:10:06]Like he's like, "Oh, yeah, like just just do meth."

[00:10:09]Well, I mean, it's also a >> I'm on TRT or something." Like his whole like endocrine system is destroyed. It's also season one of The Sopranos where Meadow takes meth to take the SATs and I'm like, "Girl, you could have just gotten an Adderall prescription. You didn't have to go to Christopher for some meth."

[00:10:28]>> [laughter] >> Uh Serena, at this point they're lucky to be grateful. We're just proposing to tax them. If I had my way, we'd put them all in jail and redistribute their wealth.

[00:10:39]Um Fisting Corey Booker says they're actually remaking Mrs. Doubtfire starring Brian Noam.

[00:10:46]I WANT THAT MICHIGAN FIST. HEY FOLKS, DON'T FORGET TO HIT THE subscribe button and check out our daily show. We do it every day at 12:00 p.m. Eastern for about two and a half hours. We even take phone calls. You should check that out.