Transcript: Kevin Hassett on "Face the Nation with Margaret Brennan," November 30, 2025

The following is a rewritten and unique version of the conversation with Kevin Hassett that aired on "Face the Nation with Margaret Brennan" on November 30, 2025.

Holiday Shopping Outlook

Margaret Brennan: Kevin, thanks for joining us today.

Kevin Hassett: It's a pleasure to be here.

Margaret Brennan: The holiday season is underway. Surveys from major banks suggest that low- and middle-income Americans plan to spend less due to higher prices. Some analysts argue that any increase in spending is mostly due to price hikes. Is this a temporary effect or a lasting one from the trade policies?

Hassett: Those surveys were anticipatory, but the actual data from Black Friday and Saturday shows strong sales. Online sales jumped nearly 10%, while in-store purchases rose 4%. This demonstrates that consumer anxiety over holiday spending was overstated. Rising incomes and strong employment numbers, along with some pent-up demand from the recent government shutdown, contributed to this solid shopping weekend.

Price Increases and Consumer Advice

Margaret Brennan: How much of the spending increase is because prices are higher? For instance, some toys have seen significant price jumps due to shipping delays from the trade war. What guidance do you have for shoppers concerned about higher costs?

Hassett: It varies by item. While some goods, like toys, have risen in price, other items, such as eggs and gasoline in certain states, have decreased. Overall, the average inflation is about 2.5% under Trump, half the rate seen under Biden, while wages are rising faster than prices. Real income has grown around $1,200 this year, boosting consumer confidence and spending during Thanksgiving weekend.

Public Perception and Economic Sentiment

Margaret Brennan: Polls show public skepticism. A CBS News survey reports 68% of Americans think the president's policies are driving grocery prices up, even as overall economic optimism has declined.

Hassett: Grocery prices have only increased 1.4% this year, well below the Federal Reserves 2% target. The recent tax cuts are returning money to people's pockets, increasing optimism for next year. Refunds from the tax adjustments will further strengthen consumer spending, suggesting a positive economic trend beyond Thanksgiving.

Healthcare Subsidies

Margaret Brennan: How does the expiration of Obamacare subsidies affect Americans' purchasing power? The White House initially proposed a two-year extension, then retracted it.

Hassett: The initial proposal was a pre-decisional leak. President Trump remains focused on lowering healthcare costs, including allocating $50 billion for rural hospitals and $30 billion for cost sharing. Most ACA participants continue to pay under $50 a month. The main concern lies with a small group facing high costs, not the majority of beneficiaries.

Federal Reserve Chair Speculation

Margaret Brennan: Bloomberg reports you are a leading candidate to replace Fed Chair Jay Powell. How did the interview process go?

Hassett: The report may not be accurate. I am honored to be considered alongside other candidates. Market reactions to the speculation were positive, with lower interest rates and strong Treasury auction results, signaling potential benefits for consumers through cheaper loans and mortgages.

Closing

Margaret Brennan: We'll soon learn the presidents decision. For now, Kevin Hassett remains Director of the White House National Economic Council. Thank you for your time.

Author: Sophia Brooks