This Isn’t Just a Wild Ride, It’s a Crash Test
Last week, I asked whether this is a new economic era or just another bubble. My conviction has shifted—this is a bubble. And bubbles burst.
This past week may well go down as a defining moment for Trump’s presidency—though not for the reasons his administration had hoped. After posting a headline GDP growth of 3% on July 30, Commerce Secretary Howard Lutnick triumphantly declared: “The Trump Economy has officially arrived.” That line, echoed on social media and in press briefings, marked a pivot point: the administration publicly claimed ownership of the economy’s trajectory. Unfortunately, they didn’t check beneath the hood, or worse, mistook the engine’s backfire for a rally cry.