National Economic Council Director Kevin Hassett on Wednesday called out Senate Minority Leader Chuck Schumer’s hypocrisy and ignorance of the Biden economy as he corrected claims by Schumer that the new GDP data is “very troubling.”
As The Gateway Pundit reported earlier, Chuck Schumer addressed the Quarter 2 GDP numbers showing positive economic growth under Trump on the Senate Floor.
“Today’s GDP number is, in fact, a mirage,” the leftist crank said. He then claimed that “ominous numbers lurk under the hood” show how “worried” businesses are.
“Donald Trump’s tariffs are weighing down the US economy, spiking costs for small businesses and families alike, and if Donald Trump keeps up the chaos, the dangers for the economy will continue to get worse,” he added.
When asked by The Gateway Pundit about Schumer’s claims, Hassett chuckled and quipped, ” I’m actually impressed that Mr. Schumer would be looking through the nuances of the numbers.”
He continued, “If he had been doing that in the previous administration, he might have noticed that almost all of the growth in jobs was for government employees, and almost all of the growth in GDP was for government spending.”
Hassett further outlined that the decline in investment could be attributed to manufacturing companies waiting for the passage of the Big Beautiful Bill so that they could expense costs to build in America, not a sign of economic slowdown as Schumer claims.
Additionally, according to the report from the Commerce Department, “The largest contributor to the decrease in investment was private inventory investment, led by decreases in nondurable goods manufacturing (mainly, chemical manufacturing) and in wholesale trade (reflecting widespread decreases in durable goods industries).”
WATCH:
Conradson: This morning, Chuck Schumer said that the GDP growth numbers are a “mirage.” He said some dark numbers lurk below the surface. He was pointing to business investment numbers that came out today. Can you respond to that?
Hassett: Well, I’m actually impressed that Mr. Schumer would be looking through the nuances of the numbers. If he had been doing that in the previous administration, he might have noticed that almost all of the growth in jobs was for government employees, and almost all of the growth in GDP was for government spending. Government spending dropped enormously, we’ve reduced government employment by about 70,000 people, and we’ve got 3% growth.
The one bit of news in today’s release that was a little bit different than all the other toplines was that there was a decline in capital formation. But that was for the manufacturing facilities that are going to be able to be expensed because we passed the Big Beautiful Bill. And so, our expectation is that what happened is that people held up on construction because they wanted to make sure they could expense it after the bill was passed.
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