Bacon: Nebraska GDP down 6 percent under Trump
In an interview with CNN's Phil Mattingly, Bacon pointed to the recent jobs data and the latest round of tariffs as reason for his pessimism about the economy.
'From my vantage point here in Nebraska, we're seeing a bit of a troubled economic mess — or, right now, it's a troubled time,' Bacon said.
'In Nebraska, the GDP here has decreased by 6 percent over the last year, and it's all about trade, it's all about getting corn and soybeans out the door,' Bacon continued. 'So, what I hear with, you know, weak jobs numbers, we're sort of seeing that in Nebraska right now.'
The Commerce Department's Bureau of Economic Analysis released a report in late June showing real GDP in the first quarter of 2025 decreased in 39 states, with Nebraska and Iowa showing the largest decline with annual rates of -6.1 percent. Declines in agriculture contributed most significantly to the drop.
Bacon, one of three House Republicans reelected in districts that voted for the former Vice President Harris- Gov. Tim Walz (D-Minn.) ticket in 2024, has criticized President Trump's trade policy in the past.
He again expressed his support for free and fair trade, saying, 'Free trade provides the best products at the best price, in the most efficient manner,' while adding that, in circumstances where 'it's not fair trade, the president should try to correct that.'
'But doing tariffs against 80 different countries, I have a hard time accepting that as a sound strategy,' Bacon continued. 'I think in the end the American consumer would be paying a lot more for the price of their goods. And we're already starting to see that because in the end, tariffs are a tax on consumers.'
The lawmaker, who is retiring at the end of his term, said he's hearing from Fortune 500 companies and agriculture producers that 'we're losing a share of the market right now,' which he said is going to affect jobs numbers and is already having a small effect on inflation, which Bacon expects to increase.
'But if the president sticks with these numbers, I think over time, these 25 percent tariffs will be represented in the goods we buy from these countries. And so I'm concerned about the strength of our economy,' he said.
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