Trump's top fed chair choice doubles down on Walmart turkey price claims

Kevin Hassett, director of the National Economic Council since the start of Donald Trump's second term, doubled down on the president's misleading claims about Thanksgiving prices at Walmart during a recent Fox News appearance. He also happens to be one of Trump's top picks to lead the Federal Reserve.

Earlier this month, after nationwide concerns about cost-of-living issues led to major electoral gains for Democrats, Trump took to Truth Social with a dubious claim. He touted the fact that Walmart's Thanksgiving dinner package was "now down 25% since" the same time under Joe Biden in 2024. This, he argued, showed that prices were declining under Republican leadership.

Closer scrutiny saw this argument come apart. While the Walmart Thanksgiving package is indeed cheaper this year, about $39.33 compared to $56 in 2024. However, this year's meal features seven fewer items and replaces many brand names in the 2024 bundle with generic Walmart brand versions, meaning the drop in price is most likely not attributable to overall affordability gains resulting from Trump's policies.

Speaking with Fox News guest host Kellyanne Conway ahead of Thanksgiving Weekend, Hassett doubled down on this claim as a sign of improving costs for everyday consumers, and accused those who disputed it of being "out of touch," specifically responding to criticisms from ABC News's Jonathan Karl.

“He criticized the fact that Walmart said that the Thanksgiving dinner is cheaper by, I think it was about $10, for a typical Thanksgiving dinner,” Hassett said. “And then he said, ‘Oh yeah, but they substituted generic stuff,’ as if having a generic something is a crime for ordinary folks. It shows how out of touch these people are."

In a report on Hassett's comments, the Daily Beast highlighted reactions to Hassett's claims, with one anti-Trump X user pointing out that year-on-year price comparisons have to be made with the same items.

"He’s being highly disingenuous," the user wrote. "A price comparison is supposed to compare THE SAME ITEMS in two time periods. Otherwise it’s apples-to-oranges. Would Hassett compare a Chevrolet to a Cadillac and say the price is down? Also, THERE WERE FEWER ITEMS in this year’s basket."

A New York Times piece from Wednesday piece from Wednesday noted that Hassett, a leading economic advisor to the president, is one of Trump's top picks to replace Jerome Powell as head of the Federal Reserve next year. Trump has feuded with Powell over the course of his second term, with the president calling for interest rate cuts favorable to businesses, while the Fed chair has resisted pressure. While Trump has largely backed off from his threats to fire Powell, the latter's term is up in May no matter what, clearing the way for a replacement.