The same economists who missed the 2008 crash, swore Brexit would end Western civilization, and guaranteed a Hillary landslide are now the authoritative voices debunking Trump's economy claims — and once again, they're arguing about the wrong thing while ordinary Americans foot the bill.
Trump told reporters this week the U.S. has "the opposite of a depression" and "the strongest economy we've ever had," citing low oil prices and trillions in investment pledges. The White House website claims $10.6 trillion in secured investments, though economists have disputed that figure. Biden-era Council of Economic Advisers chairman Jared Bernstein fired back: "It's not a recession, that's for sure, but to a lot of people, it kind of feels like it."
Bernstein's diagnosis isn't wrong on the feeling — it's just rich coming from an architect of the economy that produced that feeling. BuzzFeed framed the pushback as economists having "THOUGHTS" about Trump's rhetoric, burying the real admission: GDP is growing, productivity is growing, and we're not in a recession. University of Michigan economist Justin Wolfers conceded this isn't a standout economy — but standout for whom?
"It looks great for Elon Musk right now, but if you're a young person trying to buy a house, it looks pretty tough," Bernstein said. He accidentally stumbled onto the real story.
While establishment economists debate semantics, the billionaire class is feasting on programs sold to the public as help for the little guy. The Verge reports that Elon Musk and Jeff Bezos have become the biggest beneficiaries of the $42.45 billion Broadband Equity, Access, and Deployment program — a Biden-era initiative meant to build fiber networks in underserved communities. Five years later, only a handful of the millions promised internet access actually got it. A Blue Origin rocket carrying Amazon satellites exploded on the launchpad — a fitting metaphor for the entire program.
The Digital Equity Act was deemed too "woke" by Republicans. The Affordable Connectivity Program, which provided a $30 monthly internet discount for 23 million low-income households, was defunded by the GOP-controlled Congress. Ted Cruz and a dozen Republican lawmakers sent a laundry list of complaints to the agency administering BEAD in 2023. Both parties agreed on spending billions; neither delivered for the Americans who needed it.
Pew Research found that the general American view of the economy has been negative for six straight years — healthcare, housing, and food costs are top concerns. Forty-nine percent of Republicans now rate the economy more positively under Trump, which says more about team sport politics than pocketbook reality.
The establishment consensus isn't analysis — it's activism with a spreadsheet. These experts have been wrong at every consequential moment this century. Their track record is the debunking. The real question isn't whether Trump's rhetoric matches the data — it's why a $42 billion program meant to connect rural America instead connected two billionaires to the Treasury, and why the same people who designed that failure still get quoted as authorities on what's working.
