Sen. Bernie Sanders (I-Vt.) found himself in rare agreement with President Donald Trump's top economist on Wednesday—but with a very different spin. Sanders said Kevin Hassett, director of the National Economic Council, was 'right' that credit card spending is 'through the roof,' but argued that's a sign of economic pain, not prosperity.

Hassett told Fox Business host Maria Bartiromo that a 'big five' bank executive had described credit card spending as 'through the roof.' He framed it as evidence of a 'very, very strong' job market and resilient households, with consumers spending more on gasoline and other essentials.

Sanders shared a clip of the interview on X and wrote, 'Trump's chief economist is right: “Credit card spending is through the roof.” Americans are forced to put more of their spending on credit cards because of outrageously high prices. That's a win for big banks charging 30% interest rates. It's a disaster for working people.'

The exchange came as federal data showed higher fuel costs driving a large share of recent consumer spending. Retail sales rose 1.7% in March from February, while business at gas stations jumped 15.5%, according to the Commerce Department. Excluding gasoline, retail sales rose just 0.6%.

Sen. Elizabeth Warren (D-Mass.) also seized on Hassett's remarks, writing that 'The Trump Administration is raising your costs and celebrating it on live TV.'

The effective closure of the Strait of Hormuz since the U.S.-Iran conflict began at the end of February has pushed energy prices higher. AAA data puts the national average price for regular gasoline at about $4.53 a gallon, the highest level since July 2022 and more than $1 above year-ago levels.

A New York Federal Reserve study published Wednesday found that the gas-price shock is hitting lower-income households hardest. Households earning under $40,000 a year cut gasoline consumption by 7% in March, but still spent 12% more on fuel because prices rose so sharply. Higher-income households reduced consumption by just 1% while increasing gasoline spending by 19%.