Hassett calls affordability crisis "a myth" on Fox Business; economists dispute his data
White House economic adviser Kevin Hassett told Fox Business the affordability crisis is "a myth", citing consumption data, and said gas prices will "drop like a rock soon". Economists and critics pushed back ahead of the midterms.
1 / 2
The story, neutrally told
Mixed · 2Kevin Hassett, director of the National Economic Council, told Fox Business host Larry Kudlow on Monday 26 October that the affordability crisis is "a myth". NewsweekN “All the things that have made the economy great means that 'affordability crisis'—it's a myth!” Read at Newsweek ↗ Raw StoryL “joined Larry Kudlow on Fox Business to discuss the Trump administration's economic record ahead of the midterm elections” Read at Raw Story ↗ Mixed · 2Hassett cited an income boom, a capital spending boom and low job losses. He said Americans are "$1 trillion better off" than when Trump took office and that consumption per household is up about $5,000 after inflation. NewsweekN “The amount of consumption per household has gone up maybe around $5,000 per household” Read at Newsweek ↗ Raw StoryL “citing increased capital spending and wage growth for some workers” Read at Raw Story ↗ Mixed · 2When gas prices came up, Hassett said they would "drop like a rock soon". NewsweekN “Hassett said these would "drop like a rock soon."” Read at Newsweek ↗ Raw StoryL “It's gonna drop like a rock soon.” Read at Raw Story ↗
Mixed · 2According to AAA, the national average for regular unleaded is $4.27 a gallon, up from about $3 before the Iran war began in late February. Raw Story attributes rising gas and grocery prices to the administration's war against Iran. NewsweekN “the national average is $4.27 for a gallon of regular unleaded, up from about $3 prior to the start of the Iran war in late February” Read at Newsweek ↗ Raw StoryL “gas and grocery prices have both skyrocketed as a result of the administration's war against Iran” Read at Raw Story ↗ Centre · 1Newsweek reports that the Bureau of Labor Statistics found inflation accelerated to 3.7 percent in September from 3.4 percent in August. Prices rose 0.6 percent in the month against a 0.1 percent rise in nominal hourly earnings. Consumer prices are up roughly 6.1 percent since January 2025, while Commerce Department data show personal income up 7.3 percent and spending up 9.3 percent over the same period. NewsweekN “inflation accelerated to 3.7 percent in September from 3.4 percent the month prior”“aggregate personal income has risen 7.3 percent over this period to $27.6 trillion, with spending rising 9.3 percent to $22.3 trillion” Read at Newsweek ↗ Centre · 1Economists quoted by Newsweek dispute that aggregate figures settle the matter. Mark Zandi of Moody's Analytics said wages are falling after inflation and that spending has held up because wealthier households are doing well. David Wessel of Brookings said high spenders raise the average, and he questioned the gas price forecast. NewsweekN “After inflation, wages are falling, personal saving rates are low, and borrowing costs are on the rise”“I wonder how much money Kevin Hassett would bet that gasoline prices are going to drop like a rock.” Read at Newsweek ↗
Centre · 1Newsweek adds survey data: the University of Michigan sentiment index is at 48.0, and a Harris Poll for The Guardian found 96 percent of Republicans agreed there is an affordability crisis. It notes Hassett has previously criticised polls for surveying "way too many Democrats". NewsweekN “96 percent of Republicans agreed with the statement that the U.S. was in the midst of an affordability crisis”“way too many Democrats” Read at Newsweek ↗ Centre · 1Trump has called affordability a "hoax" and "fake", though in a Gray Television interview this month he said it "is big" and blamed his predecessor. NewsweekN “The president has repeatedly painted affordability as a "hoax" manufactured by political rivals”“affordability "is big," but that these issues were caused by his predecessor” Read at Newsweek ↗ Left · 1On social media, critics mocked the remark. MS NOW contributor Molly Jong-Fast wrote "Yeah, that should do it", and former Republican congressman Joe Walsh called it "One heck of a closing argument". Raw StoryL “"Yeah, that should do it," she wrote.”“"One heck of a closing argument," Walsh posted on X.” Read at Raw Story ↗
Centre · 1Newsweek said it had contacted the White House for comment. NewsweekN “Newsweek has contacted the White House for comment.” Read at Newsweek ↗
Every sentence links to the reporting it rests on. The pill in front of each says where its sources sit: Left, Centre or Right when one side supplies at least half of them, Mixed when they are evenly split. The number is how many outlets it cites.
Left1 outlet
- Framing
- Reaction piece: Hassett's remark is shown as a political blunder, mocked by commentators.
- Emphasis
- Social media ridicule from Jong-Fast, Walsh and a Trump critic; the Iran war's effect on prices.
- Leaves out or plays down
- Hassett's supporting data (consumption, $1 trillion) and economists' analysis.
- Charged language
- “brutally ridiculed”“bashed”“skyrocketed”
- For example
-
“was brutally ridiculed Monday after he bashed a "myth" that many voters care about during an interview” — Raw Story
Centre1 outlet
- Framing
- Data-led explainer testing Hassett's claim against economic figures, expert comment and polls.
- Emphasis
- Inflation, income and spending figures, economists' rebuttals, consumer sentiment and poll results, Trump's earlier remarks.
- Leaves out or plays down
- Social media reaction; no White House response yet.
- Charged language
- “affordability crisis”
- For example
-
“Hassett argued that income and spending data should dispel the widespread concerns over the current cost of living.” — Newsweek
Right0 outlets
No right outlet in our sources has covered this story yet.
What every side reports
- Hassett appeared on Fox Business with Larry Kudlow on 26 October and called the affordability crisis a "myth".
- He said gas prices would "drop like a rock soon".
- The remarks came ahead of the midterm elections, amid higher gas prices following the Iran war.
Where accounts differ
-
Whether Americans are better off and there is no affordability crisis
- Left
- Raw Story presents the claim as out of touch and relays critics' ridicule; it says Hassett cited wage growth for only 'some workers'.
- Centre
- Newsweek gives Hassett's consumption and income figures, then quotes economists (Zandi, Wessel) and polls that contradict his framing.
Kevin Hassett person
Says spending and income data show Americans are better off and the affordability crisis is a myth, and that gas prices will fall soon.
“Americans are now "$1 trillion better off than when President Trump took office."” — Newsweek
Donald Trump person
Has called affordability a hoax and fake, but also said it 'is big' and blamed his predecessor, saying 'we're bringing it way down'.
“"We're bringing it down," he said.” — Newsweek
Left1 article
-
Trump's top economic adviser ridiculed after bashing 'myth': 'That should do it'
Critical Highlights mockery of Hassett's comment as a poor midterm message.
Centre1 article
-
Trump Economic Chief Says Affordability Crisis Is ‘a Myth’: What Data Shows
Mixed Presents Hassett's figures, then weighs them against economist critiques and sentiment data.
Right0 articles
No coverage yet.
- 26 Oct 23:22 First Raw StoryL Trump's top economic adviser ridiculed after bashing 'myth': 'That should do it'
- 27 Oct 14:17 +14h 55m NewsweekN Trump Economic Chief Says Affordability Crisis Is ‘a Myth’: What Data Shows
Times are when each article was published, or when we first saw it if the outlet gave no time.
Ask about this story
Loading…