#kevinhassett

US Top News and Analysis | Credit card debt dips to $1.25 trillion — but maintains ‘K-shaped’ pattern, New York Fed research shows AI generated summary, Read the full article for complete information. Americans owe $1.25 trillion on credit cards—a quarter‑trimmed fall from the previous quarter but a 5.9 % rise from a year ago—according to a new Federal Reserve Bank of New York report. While overall household debt edged higher, mortgage, auto‑loan and home‑equity balances all increased, and the rise in credit‑card balances shows a “K‑shaped” split: higher‑income households keep spending, whereas lower‑income families face tighter budgets, higher delinquency rates and are forced to cut back on gasoline as prices hover around $4.50 per gallon. Subprime borrowers drive most of the recent uptick in delinquencies, and more than half of consumers (53 %) now carry credit‑card balances for essential costs, with 57 % expecting it will take six months or longer to repay their debt. Read more: https://www.cnbc.com/2026/05/12/new-york-fed-credit-card-debt-stands-at-1point25-trillion.html #KevinHassett #ChristianFloro #FoxBusiness #NewYorkFed #FederalReserve #Achieve #

US Top News and Analysis | Hassett says AI isn't costing anybody their job right now — but tech layoffs keep coming AI generated summary, Read the full article for complete information. National Economic Council Director Kevin Hassett told CNBC’s “Squawk Box” that, despite a wave of tech layoffs at companies such as Amazon, Meta, Oracle and Block, there is “no sign in the data” that artificial‑intelligence technology is currently costing anyone their job; he emphasized that the administration is studying AI’s future impact on the workforce and has set up a task force to assess it, while firms cite AI‑driven automation and the move to smaller, highly skilled teams as reasons for recent staffing reductions. Read more: https://www.cnbc.com/2026/05/11/trump-white-house-hassett-ai-jobs.html #KevinHassett #EconomicCouncil #CNBC #SquawkBox #WhiteHouse #Amazon #Meta #Oracle #Block #Square #