Prominent economist Justin Wolfers expressed profound frustration this week with former President Donald Trump's persistent misinformation about the American economic landscape. The University of Michigan professor didn't hold back during his appearance on Katy Tur's MSNBC program, revealing his overwhelming sense of disbelief while monitoring Trump's recent economic commentary.
The Overwhelming Number of Falsehoods
Wolfers described the primary emotion he experienced while watching Trump discuss economic matters as simply attempting to tally the numerous inaccuracies. "The overwhelming feeling" he confessed, was one of "trying to count the number of lies." The economist added with pointed humor that he quickly "ran out of fingers and toes" in his attempt to track the false statements.
The professor specifically identified several key areas where Trump presented factually incorrect information about current economic conditions. According to Wolfers, the former president incorrectly asserted that consumer prices are currently declining when they remain at historically elevated levels. Similarly, Trump falsely claimed that prices reached their peak during President Joe Biden's administration, despite current figures showing today's prices are actually higher.
Inflation Reality Check
Wolfers particularly emphasized Trump's misleading characterization of inflation rates. The economist noted that Trump referenced a 2.7% inflation figure while claiming inflation remains low. However, Wolfers clarified that 2.7% inflation "is well above the Fed's target" of 2%, contradicting Trump's suggestion that this represents favorable conditions.
What particularly troubled the University of Michigan professor was Trump's delivery style. Wolfers expressed bewilderment at how the former president could "look people in the eye and just lie to them about the state of the economy." While Wolfers declined to comment extensively on the political implications, he acknowledged having "views about the morality of that" approach to economic discourse.
The Actual Economic Reality
Beyond correcting the record on Trump's statements, Wolfers provided his assessment of the genuine economic situation facing Americans. He acknowledged that "there are folks out there struggling" financially, though he stopped short of characterizing the current environment as recessionary.
Wolfers graded the present economy as a "middling, B+ economy" – not catastrophic but certainly not optimal. His primary concern centers on the economy's vulnerability to potential future shocks. "If we're a B+ right now," Wolfers warned, "if something bad were to happen, things could get a whole lot worse."
The economist's analysis presents a more nuanced picture than Trump's characterization, acknowledging both the economic strengths and weaknesses while correcting the factual record on key indicators like inflation and pricing trends.
