Ah, the economy, a subject that makes one instantly yearn for a nap or, if you’re like Kevin Hassett, a chance to point out some unsung achievements. According to Kevin, the former National White House Economic Director, the U.S. has been witnessing some stellar economic growth numbers that could make even the dullest of stock market charts sparkle. A staggering 4.3% growth feels quite the accomplishment, especially after experiencing a government shutdown just a month prior. It’s as if the economy was told to sit down, but instead, it decided to sprint a marathon.
Under President Trump’s first term, reaching a consistent 4% GDP growth became the new normal, despite the previous administration’s claims that such figures were insurmountable. They told everyone to settle for mediocre growth, but Trump and his team were ambitious. They said it loud and clear, and now, the former President’s supporters say, Americans are starting to see the benefits in their wallets. This kind of optimistic economic environment, Hassett suggests, points to more robust months ahead as Americans spend confidently, having been freed from the gloomy economic forecasts that typically precede holiday shopping seasons.
Yet, a mystery lingers. Despite impressive numbers indicating growth, not everyone in America seems to feel the benefits—or at least, that’s what the polls indicate. With nearly half of Americans describing the economy’s current state as poor, it raises questions on the disconnect between statistical growth and personal experience. Maybe, just maybe, numbers don’t always tell the whole story. Or it could be a case of media bias, as suggested by some, where doomsday narratives triumph over realities. But for those crunching numbers and analyzing stock markets, things appear brighter than they were just a few years back.
Of course, not all would agree. When one tunes into some channels or listens to certain voices, one might just walk away thinking every payday is a disaster. Across the political landscape, Democrats often paint a bleaker picture of the economy. But Kevin Hassett has a refreshing take on the economic narrative: “The economy is strong and the growth is real,” he implies, contrary to those who scream economic Armageddon from the rooftops.
In the political theater, especially around the Fed Chair selection, the plot thickens with whispers that rate cuts might be on the agenda. President Trump’s preferences lay in a strategy where economic confidence isn’t dampened by needless rate hikes. Kevin knows a thing or two about this dialogue, having discussed economic and monetary policy with Trump on many occasions. His understanding is simple: let growth happen without the brakes of high interest rates, especially when inflation appears to be under control. Whether Hassett finds himself in the seat as the Fed Chair remains to be seen, but it’s certain he’ll have plenty to say regardless of the numbers.
