Once again, the professor has come up short… His latest screed is an impressive display of economic prestidigitation. He concedes that wages are growing faster for low-income workers and then attempts to bury that dispositive fact beneath nearly 2,000 words. Bank of America data show that spending among lower- and middle-income households has converged toward levels at the top as they lead labor market gains. Professor Reich has a documented history of “inventing dialogue” when the truth doesn’t fit his narrative, a habit that forced him to rewrite his memoir after the media exposed his fabrications. Burger King appears not to be the only one who peddles “Whoppers.” As I do not like “punching down,” this will be the last response to his four-decade pattern of packaging falsehoods as fact.

Scott Bessent criticizes a professor's economic analysis, arguing the professor downplays positive wage growth for low-income workers. He cites Bank of America data suggesting increased spending among lower- and middle-income households due to labor market gains.