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MaddowBlog-Why it matters that Howard Lutnick is flunking the basics on economic growth
Either the commerce secretary is confused about rudimentary economic details, or he’s doing an excellent imitation of someone who’s alarmingly ignorant.
Why it matters that Howard Lutnick is flunking the basics on economic growth - MS NOW
— (@oc88.bsky.social) 2025-12-29T18:16:05.374Z
apple.news/ACqUiUTQCS26...
https://www.ms.now/rachel-maddow-show/maddowblog/why-it-matters-that-howard-lutnick-is-flunking-the-basics-on-economic-growth
One of the early signs of trouble came in late September, when Commerce Secretary Howard Lutnick, touting gross domestic product data that had just been released, declared via social media that Joe Biden’s economy “could never reach 3%” growth....
Given that the Department of Commerce, which Lutnick ostensibly leads, is responsible for compiling and releasing GDP data, the secretary’s apparent confusion was difficult to defend.
Last week, he made matters considerably worse.
....But that wasn’t even close to being true. Indeed, the secretary’s on-air comments reflected ignorance about what the numbers themselves mean: Wages and economic growth are both important metrics, but they routinely rise and fall separately and independently. This isn’t complicated: 4.3% GDP growth does not mean a 4.3% “raise” for American workers.
The broader question is whether the head of the Commerce Department is genuinely confused about this, or whether he’s pretending to be genuinely confused about this....
This is, incidentally, the same commerce secretary who recently struggled to understand how percentages work while trying to defend Donald Trump’s absurd claims about 700% price drops, which followed an infamous exchange in which Lutnick said food companies can avoid tariffs on bananas by producing bananas in the United States — seemingly unaware of the fact that this isn’t possible.
And did I mention the time when Lutnick suggested that only criminals would complain about missing a Social Security check? Because he did that, too.
Back in April, The Wall Street Journal reported that Lutnick’s rhetorical record was proving to be so “challenging” to the White House that officials asked him to start saying less. He might need a reminder.
Given that the Department of Commerce, which Lutnick ostensibly leads, is responsible for compiling and releasing GDP data, the secretary’s apparent confusion was difficult to defend.
Last week, he made matters considerably worse.
Link to tweet
....But that wasn’t even close to being true. Indeed, the secretary’s on-air comments reflected ignorance about what the numbers themselves mean: Wages and economic growth are both important metrics, but they routinely rise and fall separately and independently. This isn’t complicated: 4.3% GDP growth does not mean a 4.3% “raise” for American workers.
The broader question is whether the head of the Commerce Department is genuinely confused about this, or whether he’s pretending to be genuinely confused about this....
This is, incidentally, the same commerce secretary who recently struggled to understand how percentages work while trying to defend Donald Trump’s absurd claims about 700% price drops, which followed an infamous exchange in which Lutnick said food companies can avoid tariffs on bananas by producing bananas in the United States — seemingly unaware of the fact that this isn’t possible.
And did I mention the time when Lutnick suggested that only criminals would complain about missing a Social Security check? Because he did that, too.
Back in April, The Wall Street Journal reported that Lutnick’s rhetorical record was proving to be so “challenging” to the White House that officials asked him to start saying less. He might need a reminder.
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