White House Economic Advisor Kevin Hassett did not appreciate the data collected by the New York Federal Reserve that explained 90% of Trump's tariffs are being paid domestically, undermining Trump's ridiculous claims about them.
CNBC reports, "The researchers looked at whether countries that export products to the U.S. were lowering their prices, or in effect eating the tariffs, or raising their prices and passing them onto consumers and companies. The paper found that some 90% of the added costs from tariffs were being passed on ..."
Hassett joined CNBC's Squawk Box to refute the study and demand punishment.
KERNEN: A study by the New York Federal Reserve claims 90 percent of the tariff burden is being shouldered by U.S. firms and consumers, but the White House disagrees.
HASSETT: Yeah, I mean, the paper is an embarrassment.
It's I think the worst paper I've ever seen in the history of the Federal Reserve System.
The people associated with this paper should presumably be disciplined, because what they've done is they've put out a conclusion which has created a lot of news that's highly partisan based on analysis that wouldn't be accepted in a first-semester econ class.
I imagine Kevin Hassett and much of the Trump administration don't bother shopping or buying on their own because, if they did, they would see the enormous costs the public is facing.
If you go to any online retailer, whether it's Walmart, Best Buy, Amazon, Lowe's, or Home Depot. Kroger's, etc., and look at today's purchase price compared with a year ago, you will see huge spikes in pricing.
People see right through the constant lies over "affordability" issues for Americans being vomited by Trump minions like Kevin Hassett and Scott Bessent.
The only recourse these a-holes have is to attack all data collections and studies and demand they be punished.
I'm not even mentioning the skyrocketing costs for renters, of which I am one.
I just had a weird vision of Hassett wearing S&M gear, his face covered by one of those leather masks, and holding a cat-o'-nine-tails, demanding to see those responsible for the Fed paper.
I can see it.
