Hassett brags that credit card spending is 'through the roof' — as delinquencies climb and farm bankruptcies jump 46%

White House NEC Director Kevin Hassett touted record-high consumer spending as a sign of strength, but the article highlights mounting credit stress that could pose downside risk for the market. Fed data show total household debt at $18.8 trillion in Q4 2025, with credit card balances rising to $1.28 trillion and 4.8% of household debt delinquent (~$900 billion). Farm bankruptcies jumped 46% year-over-year, while layoffs at large firms and a rise in part-time work signal uneven labor-market health. Short-term boosts from larger tax refunds and spending support S&P 500 exposure to consumer-facing sectors, but increasing delinquencies and debt-servicing pressures create mixed prospects for consumer-reliant companies and financials. Overall market implications are mixed: consumption may sustain gains now, but credit deterioration raises medium-term downside risks for the US SP 500.