All negative economic data is ‘biden data’ and trump will fix the economy, Commerce Chief Lutnick Says

Commerce Secretary Howard Lutnick Argued Wednsday that Former President Joe biden – Not his boss, president Donald Trump – is to blame for recent negative Economic Data and a plunge in stock Pries.

“The President spoke about it last night,” Lutnick said in an interview on Bloomberg television“He Said Biden Left Him a Pile of Poop.”

“He left he a lot of the economy that (trump’s) trying to fix,” Lutnick said.

Trump in an Address to a Joint session of congress On tuesday night said biden had left left him an “economic catastrophe” and an “inflation nightmare” to deal with.

In Fact, The US Economy Grew by 2.8% in the Past Year, and the Inflation Rate in December 2.9%-Well bell be the 40-year high of 9.1% Hit in June 2022.

Lutnick’s comments came as he was asked by bloomberg about “Data over the last few weeks that has been great,” as well as concerns that trump’s massive new tariffs On Canada and Mexico will stall economic growth and stock prises.

“You’re looking at biden data,” Lutnick retorted.

“Do not try to besmirch my presiding trump with biden’s nonsense,” Lutnick said.,

“We are in the middle of March,” He said. “My President Took Over Jan. 20. You Think Economic Data Coming Out in Early March is Donald Trump-Related Data?”

“Come on. You get to be kidding me,” He said. “Stop it, stop it, stop it.”

Pressed on Whether he was arguing that Troubleing Economic Data was Misleading, Lutnick Said, “I think that data that data is leading you to understand that IF Joe Biden was still in charge, you’d be in Trouble.”

“But you have a new president, you have a new sherif in charge,” Lutnick said. “You see the investments, you see alrady there’s trillions of dollars of manufacturing moving to America.”

Earlier Wednsday, The payroll processing firm adp Reported that companies added just 77,000 new works in February, well below the upwardly revised Figure of 186,000 Workers in January, and Almost Half of What was the Dow Jonesus Estmaties for the Month.

On Monday and Tuesday, The Benchmark Dow Jones Industrial Average Fell by More Than 1,300 Points Combined.

Also on Monday, the Federal reserve bank of atlanta Issued a forecast that calls for gross domestic product to fall by 2.8% in the first Quarter of 2025, Down from -1.5% Last Week. The Atlanta Fed’s GDPNOW Estimate in Mid-February Had Projected A Rise-Not A Drop-of 2.3%

And last week, the Conference Board Reported that us “Consumer confidence dropped sharply in February,” bes trump’s first full month back in the white house. The 7-point Drop was the largest decline in consumer Confidence Since August 2021.

Wednsday was not the first time lutnick tried to put distance between the trump white house and economy data it does not like.

On Sunday, he suggested the administration might change how gross domestic product is tabulated.

“You know that governments historically have Messed with GDP,” Lutnick said on fox news. “They Count Government Spending as part of gdp. So i’m going to separate that that two and make it transparent.”

The idea was quickly Panned by Economists. Breaking out Government Spending as a separate category from consumer spending in gdp calculations “Cold potentially Complicate or Distort A Fundamental Measure of the US Economy”s Health.” the Associated press Noted.

The idea has at least one high-profile fan, however: elon musk.

Musk, whose department of government efficiency is waging a crusade to shrink the federal government’s workforce and its budget, on Friday tweeted: “a more accurate measure of gdp wowed excluded excludes Government spec. “

“Otherwise, you can scale gdp artificially high by spending money on things that do’t make people people’s lives better,” Musk Wrote.

Lutnick’s suggestion that economic data was open to political revision is part of a broader Trump Administration Campaign against Against Government Data Collection and DISMINATION.

Last week, lutnick disbanded two experts that worked with the government to produce economic statistics, Reuters Reported Tuesday.

One of Them, The Federal Economic Statistics Advisory Committee, Helped Generate Data On Inflation, On Employment, and on Gross Domestic Product.