Trump administration billionaire Howard Lutnick has blasted negativity over the economy, insisting that “nothing bad is happening” as millions of Americans struggle with cost-of-living pressures.
Not long after Lutnick’s extraordinary claim, the president also weighed in on the issue with a frustrated post asking his Truth Social followers: “When will the Fake Polls show that I am doing a great job on the Economy, and much more???”
The comments came as Americans struggle to pay for food, housing, and medical care in an affordability crisis that the president has repeatedly described as a “hoax.”
But speaking on CNBC on Thursday, Lutnick, the billionaire businessman who now serves as Trump’s commerce secretary, insisted that the economy was “doing great” as he lashed out at Federal Reserve Chairman Jerome Powell for not cutting interest rates more.
“These people are too afraid,” said Lutnick, who Forbes estimates to have a personal wealth of $3.2 billion.
“J. Powell is too late. But maybe he should be called “too afraid”—too afraid to lead the greatest $30 trillion economy in the world. We should be leading with our front foot. Instead, we’re always leaning back as if something bad is happening. We are doing great. Nothing bad is happening. Greatness is happening.”
Lutnick’s remarks came the day after the Fed cut its benchmark interest rate a quarter of a percentage point, its third interest rate cut this year in an effort to revive a sluggish labor market.
But the comments also underpin the difficulty the administration faces trying to convince millions of Americans that the economy is booming at a time when many are struggling with soaring costs.
A new poll released on Thursday confirmed that voters are not buying the spin, with Trump’s approval ratings on the economy at the lowest ever recorded during both of his stints at the White House.
According to the AP-NORC poll, just 31 percent of respondents had a positive view of Trump’s economic stewardship—a nine-point dive from a similar poll in March.
The issue has frustrated Trump, who came to office touting his economic credentials and promising he would bring down cost-of-living pressures on “day one.”
But almost one year later, his messaging has oscillated from insisting prices are down, to claiming affordability is a “democratic hoax”, to admitting prices are too high while blaming the Biden administration.
At a rally in Pennsylvania on Tuesday, the president, who Forbes estimates has a personal wealth of about $7.3 billion, even suggested parents cut back on items for their children this year.
“You don’t need 37 dolls for your daughter. Two or three is nice, but you don’t need 37 dolls,” he said, standing in front of signs that said: “LOWER PRICES, BIGGER PAYCHECKS.”
Democratic National Committee Rapid Response director Kendall Witmer said Trump was “living in an alternate reality.”
“Prices are soaring and wage growth has slowed dramatically since Trump took office, yet Trump continues dismissing concerns about rising costs as a ‘hoax,’ and made it clear that he couldn’t care less about working families,” Witmer said.
“He has offered ZERO solutions to make life more affordable for everyday Americans. A more accurate sign for Trump’s next pitstop would be “higher prices, smaller paychecks, billionaires first.”
But Lutnick, who helped devise Trump’s tariff policies, touted the administration’s efforts.
“There is no inflation in the country. It’s less than 3 per cent. There’s no fears,” he said on Thursday.
“There’s nothing happening that are horrible. You know things are coming down. Energy prices are coming down. I think the key is: rates should be lower.”
