Trump take jobs
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Donald Trump’s regressive tax increases, arbitrary deportations of critical workers, and discouragement of tourism seems to be wrecking the generally outstanding economy he was left with by Uncle Joe Brandon:
Employers have sharply pulled back their hiring, a sign that the labor market is weakening and more businesses are putting expansion plans on hold as they deal with economic uncertainty created by President Trump.
The economy added 73,000 jobs last month, the Labor Department reported on Friday, lower than economists’ expectations. The unemployment rate slightly rose to 4.2 percent, up from 4.1 percent the month before.
In an indication that the labor market was not as resilient as it seemed earlier this year, job gains from the previous two months were also revised down by a total of 258,000, an unusually high number that came as a surprise.
The slower growth in payrolls signals that cracks in the labor market are deepening, and it touched off concerns that conditions could further deteriorate as Mr. Trump’s economic policies take hold. Economists have warned that chaotic tariff plans, immigration restrictions and job reductions in the federal government could significantly dampen growth in the coming months.
Initial reviews of his latest round of huge and illegal tariffs are now in: Trump, of course, wants to fire the messenger:
President Trump said he directed his team to fire the top Bureau of Labor Statistics official after the bureau issued a weak jobs report on Friday.
The report weighed on markets Friday along with Trump’s revamped tariff plan. Trump in a social media post said Erika McEntarfer, the BLS commissioner, would be “replaced with someone much more competent and qualified,” asserting without evidence that the government’s jobs numbers have been manipulated for political purposes.
The July jobs report undershot forecasts, suggesting the economy added just 106,000 positions over the past three months, although unemployment stood at 4.2% last month, matching expectations.
The dollar sank, while Treasury yields dropped and the Dow industrials shed more than 1%. The VIX, a market-volatility index often dubbed a fear gauge, shot higher. After the report, investors ramped up bets that the Federal Reserve will now be more inclined to cut rates to support the economy.
This won’t be the end of Trump’s attempts to hide or manufacture the data rather than change any of his terrible economic policies.
One of the many tragic ironies of the 2024 election is that voters had a way to essentially fulfill their goal of bringing the 2019 economy back — vote for Kamala Harris.