National Economic Council Director Kevin Hassett, a contender to replace Jerome Powell as the Chair of the Federal Reserve, boasted over the weekend that Americans had just delivered “the best Black Friday that we’ve ever seen," amid continued economic uncertainty. He argued that Black Friday's showing alone disproved the idea that Christmas would be more expensive for Americans this year.
“The fact is that we just had the best Black Friday that we’ve ever seen,” Hassett said on "Fox and Friends" on Sunday. “And it’s not just because people are out there, you know, taking debt on their credit cards. It’s because incomes are way up under President Trump. They dropped about $3000 a person, $6000 a family, under Joe Biden, and it’s up $1500 a person so far this year.”
And with all that extra money, and with the government shutdown over so that people feel comfortable going back to stores, we’re seeing a really blow-out Thanksgiving and Christmas coming our way,” he continued. “I think all the retailers expect that both online and in-store sales are going to be the highest we’ve ever seen — and the point is that’s happening even though inflation is way, way down under President Trump, you know it was 5-10 percent under Biden and right now it’s running at about 2.5 percent, and it’s not — it’s way lower than wage growth, so people’s incomes are going up by way more than inflation and that’s why we’re seeing these blowout sales.
National Economic Council Director Kevin Hassett: "We just had the best Black Friday that we've ever seen... Retailers expect that both online and in-store sales are going to be the highest we've ever seen." pic.twitter.com/zKhSJNXThI
— Rapid Response 47 (@RapidResponse47) November 30, 2025
He doubled down in an interview with CBS News' "Face the Nation," later that day, repeating his message but adding, “I think the folks who were saying, ‘Well, maybe people are going to be anxious about going back and getting presents for the kids and so on,’ they have been disproven this weekend."
Top White House economic adviser Kevin Hassett says Black Friday spending increased this year, although early forecasts indicated that if spending was higher, it would likely be due to higher prices.
— Face The Nation (@FaceTheNation) November 30, 2025
“I think the folks who were saying, ‘Well, maybe people are going to be anxious… pic.twitter.com/UQev2irJkl