Trump’s guy saw Fed math and called 911 on the spreadsheet

“The worst paper I’ve ever seen.” Kevin Hassett looked at a Federal Reserve analysis and reacted like it was a haunted doll.

Hassett — former Trump economic adviser, professional PowerPoint survivor — decided the Fed committed a war crime by saying tariffs get paid by… Americans. Like the people who buy the stuff. Like your mom at Target. Like you doom-scrolling while Venmoing your landlord.

The Fed paper’s basic point is the one every cashier understands: slap a tax on imported goods and the price doesn’t levitate into the sun and disappear. It shows up on the receipt. Tariffs are just a cover charge for shopping.

Hassett’s counterargument is essentially vibes. He’s mad because the math makes the policy look expensive, and this whole genre of politics only works if you pretend the bill gets mailed to “China” with a cute little red bow.

And sure, some companies eat some of it, some suppliers adjust, currencies move, blah blah. But the dirty secret is tariffs are the rare tax politicians can sell as a punch to foreigners while quietly socking domestic wallets. It’s like telling people you’re mugging the bully, then shaking down everyone in the cafeteria for “protection.”

Meanwhile, the Fed is sitting there like the nerd in group project hell, explaining that gravity exists, and Kevin Hassett is screaming that gravity is biased.