Kevin Hassett urges Americans to look at whole picture on prices
The way the media covers economic news draws disproportionate attention to the worst problems at any given moment, the director of the White House National Economic Council said Sunday.
Speaking on ABC’s “This Week,” Kevin Hassett said: “One of the things I’ve noticed in the White House is that whatever is a little bit disappointing about consumer prices, that’s the only thing we talk about.”
Hassett was addressing a question about rising gas prices and their impact on inflation since the United States and Israel launched a war against Iran in late February. He said everyone needs to look at the whole picture, not just energy prices or any area of the economy that’s currently in trouble.
“What you need to do is smooth out the ups and downs, look at what happens to real wages,” he said.
“When you look at it, profits are higher because more people are working and the stock market is moving, and that is reflected in wages and salaries,” Hassett said.
Host Jonathan Karl challenged Hassett’s optimism and asked: “People seem worried and uneasy about the economy, don’t they?”
Hassett said if Americans look at their own situation, they’ll realize they’re doing pretty well.
“Look, people are finally looking at their wallets,” he said to Karl. “They decide how they vote. And if they look in their wallets and see how much money they have after the increase in prices, they will see that they have a lot more money.”
