Scott Galloway, a NYU professor, reacted to President Donald Trump’s recent State of the Union address.
“The lying has gotten so out of control that it’s been normalized,” Galloway said on the Prof G Markets podcast.
He added that at this point, “we’ve just given up on fact-checking.”
Galloway and co-host Ed Elson spent a significant portion of the episode dissecting Trump’s claims about the economy.
They challenged statements about trillions in foreign investment, falling gas prices, and who actually pays tariffs.
Galloway said the pattern is what bothers him most.
“When all the mistakes are in your favor, they’re not mistakes, they’re lies,” he said.
He compared the State of the Union to an earnings call without oversight.
“It felt like an earnings call where investors are the Republicans, and there’s no SEC,” Galloway said. “You can just throw out numbers.”
Elson pointed to several claims made during the speech, including the assertion that the U.S. secured $18 trillion in foreign investment. “Where the f*** is he even getting these numbers?” Galloway responded.
Applause And Accountability
Beyond the numbers, what struck Galloway was the reaction inside the chamber.
He described repeated standing ovations and applause breaks, saying it felt excessive given the questionable claims.
“The lying has gotten so out of control that it’s been normalized,” he repeated. He then questioned why elected officials appear unwilling to push back.
“I just can’t figure out what is so amazing about being an elected leader,” Galloway said.
“Is it just that awesome to be in Congress? Like what is so incredible about being in Congress that you’re willing just to prostrate yourself like this?”
For Galloway, the larger issue isn’t partisan. He argued that the U.S. faces serious structural challenges that aren’t being addressed directly, including the federal deficit and long-term entitlement spending.
“At some point we’re getting an adult in the room that says, ‘Okay, folks, Democrats, we’re going to have to cut spending. Republicans, we’re going to have to raise taxes. Let’s get to it,’” he said.
Instead, Galloway described what he sees as spin layered over selective data. “It was a master class in cherrypicking,” he said.
The Numbers Versus The Mood
While acknowledging that unemployment remains relatively low and GDP growth is positive, Galloway argued that those headline numbers don’t tell the full story.
“It doesn’t matter how great the barbecue is if it’s raining outside,” he said, suggesting that broader confidence and capital flows matter just as much as isolated economic indicators.
Galloway also warned that the real risk to U.S. prosperity may not be artificial intelligence or short-term market volatility, but declining confidence in American governance.
“The American market has underperformed every major market,” he said, arguing that foreign capital is becoming more cautious. “People are rotating out of U.S. stocks. That is a much bigger threat.”
He tied that to what he described as unpredictable industrial policy and fiscal irresponsibility.
“When the deepest pools of capital become more shallow because foreign investors don’t know who they’re waking up to next,” Galloway said.
Culture Inside The Chamber
Still, his most pointed criticism returned to the culture surrounding the presidency and Congress.
He described the atmosphere in the chamber as reminiscent of authoritarian regimes, where dissent feels risky.
“You got the very real sense that if they were not seen jumping up and applauding, there was a chance they might be strapped to a cannon and executed the next day,” he said, adding that the scene felt extreme even if it wasn’t literal.
Galloway emphasized that his frustration stems from what he sees as a lack of accountability.
“We’re much more protective and value investors more than we do citizenry,” he said, arguing that corporate executives face stricter consequences for misleading statements than elected officials do during nationally televised speeches.
A Systemic Concern
For Galloway, the issue isn’t only what Trump said. It’s how everyone in the room responded.
He suggests the bigger problem is that questionable claims no longer seem to draw much pushback.
The real question, in his view, is why so few people appear willing to challenge them in the moment.
IMAGE CREDIT: ”Scott Galloway” by Xuthoria, via Wikimedia Commons. Licensed under CC BY-SA 4.0. Image adjusted for layout.