Trump's economic adviser says Americans are spending more because they're confident, but the data shows people are paying more because of inflation tied to the Iran conflict — bad news for households and retirement savers.

• Kevin Hassett, Trump's National Economic Council director, claims rising credit card spending shows optimism, when it actually reflects higher prices.
• The Iran conflict closed the Strait of Hormuz, cutting 20% of global oil and gas flow and pushing energy costs up across the economy.
• Hassett dismissed the University of Michigan consumer survey as partisan, but the Conference Board report he pointed to also shows confidence falling in May.
• More than 75% of Americans say the economy is in bad shape, and only 16% call it good or excellent.
• Wall Street keeps hitting record highs while regular people feel squeezed, raising fears that big investors will cash out before a crash hits 401(k) holders.

Outlook: Near-retirees should talk to a fiduciary, since rising energy costs and a possible market drop could hit savings hard in the coming months.