Latest news with #TrumpEconomy
Yahoo
09-07-2025
- Business
- Yahoo
Voters now say its Trump's economy as they pin current economic conditions on him over Biden
Voters now overwhelmingly say President Donald Trump is responsible for the current state of the economy, according to late June survey data. Overall, 55 percent of respondents to a Wall Street Journal / YouGov survey said the president is responsible for the economy. That's more than double those who pinned current conditions on former President Joe Biden. That analysis held true among Trump voters, too, many of whom said the Biden economy, including its record inflation during the pandemic, was a key reason for turning out. Among the MAGA faithful, 46 percent of respondents to the survey, conducted June 17 - 20, said it was Trump's economy. As for the underlying indicators about the Trump economy, recent data paints a mixed picture. The economy added about 147,000 jobs in June, beating forecasts and surpassing May's 144,000-person increase. Unemployment also declined a tenth of a percent. Consumer sentiment, meanwhile, rose compared with May readings, according to the University of Michigan consumer survey, despite a period of domestic unrest that included mass protests against immigration raids in Los Angeles and the fatal shooting of a Minnesota lawmaker. But private sector hiring fell by half, and the overall labor market shrunk by 130,000 people. Considerable uncertainty remains about the long-term fate of the Trump economy with the administration's 90-day freeze on tariffs with international trading partners set to end on July 9. The tariffs could cost midsize American firms at least $82 billion in value from projected price hikes, layoffs, hiring freezes, and reduced margins, according to a JPMorganChase Institute study. Moreover, as the president himself has acknowledged, the scope of the administration's deportation campaign could pose a major threat to industries heavily reliant on migrant labor such as agriculture and hospitality. In immigrant communities across the country, residents have described decreased consumer traffic and employees skipping work. The White House's signature 'Big, Beautiful Bill' spending package could also impact the country's economy in longer-term ways. The bill, which passed the House of Representatives on Thursday and is heading to the president's desk, extends 2017 tax reductions and makes major cuts to Medicaid and nutrition assistance programs for low-income people. The legislation will add $3.3 trillion to the deficit over the next decade, and 11.8 million more people will go without health coverage, according to the Congressional Budget Office.
The Independent
03-07-2025
- Business
- The Independent
Voters now say its Trump's economy as they pin current economic conditions on him over Biden
Voters now overwhelmingly say President Donald Trump is responsible for the current state of the economy, according to late June survey data. Overall, 55 percent of respondents to a Wall Street Journal / YouGov survey said the president is responsible for the economy. That's more than double those who pinned current conditions on former President Joe Biden. That analysis held true among Trump voters, too, many of whom said the Biden economy, including its record inflation during the pandemic, was a key reason for turning out. Among the MAGA faithful, 46 percent of respondents to the survey, conducted June 17 - 20, said it was Trump's economy. As for the underlying indicators about the Trump economy, recent data paints a mixed picture. The economy added about 147,000 jobs in June, beating forecasts and surpassing May's 144,000-person increase. Unemployment also declined a tenth of a percent. Consumer sentiment, meanwhile, rose compared with May readings, according to the University of Michigan consumer survey, despite a period of domestic unrest that included mass protests against immigration raids in Los Angeles and the fatal shooting of a Minnesota lawmaker. But private sector hiring fell by half, and the overall labor market shrunk by 130,000 people. Considerable uncertainty remains about the long-term fate of the Trump economy with the administration's 90-day freeze on tariffs with international trading partners set to end on July 9. The tariffs could cost midsize American firms at least $82 billion in value from projected price hikes, layoffs, hiring freezes, and reduced margins, according to a JPMorganChase Institute study. Moreover, as the president himself has acknowledged, the scope of the administration's deportation campaign could pose a major threat to industries heavily reliant on migrant labor such as agriculture and hospitality. In immigrant communities across the country, residents have . The White House's signature ' Big, Beautiful Bill ' spending package could also impact the country's economy in longer-term ways. The bill, which passed the House of Representatives on Thursday and is heading to the president's desk, extends 2017 tax reductions and makes major cuts to Medicaid and nutrition assistance programs for low-income people. The legislation will add $3.3 trillion to the deficit over the next decade, and 11.8 million more people will go without health coverage, according to the Congressional Budget Office.
Yahoo
01-07-2025
- Business
- Yahoo
Please, Please, Please Don't Show This Post About Trump's Economy To Your MAGA-Supporting Family (Unless You Want To Start A Fight)
Want to know if Trump's economy is actually doing as well as he promised? Subscribe to the Economy Hate Watch newsletter and never miss our monthly update. Hi there, my name is Alexa, and for each month of Donald Trump's presidency, I'm tracking the real numbers achieved by his administration on BuzzFeed. (AKA, the unemployment rate, cost of eggs, gas prices, inflation, the Dow Jones, whether citizens received a stimulus check, and Trump's overall approval rating.) View this photo on Instagram Related: Who would have known that within five months of starting this newsletter, we'd not only see shifts in unemployment and the Dow Jones amid mass government layoffs and a global trade war... ...But now, we'll have to consider the economic impact of the US meddling in an ACTUAL WAR following Trump's airstrikes on Iran. Ain't known a FUCKIN day of peace since FUCKIN NOVEMBER — Urban Richard Simmons (@winwhite97) June 22, 2025 PBS / Twitter: @winwhite97 Time will tell whether these numbers start shifting as quickly as Marjorie Taylor Greene's loyalty after realizing her sons are of drafting age. In the meantime, here's how the 79-year-old's May 2025 played out: Note: Data on inflation is released a few weeks after each month has ended, so our reports will look at the previous month's numbers. Unemployment isn't budging for now. Coming in at 4.2% for the third month in a row, the percentage of jobless Americans searching for positions has remained the same, according to the US Bureau of Labor Statistics. Related: Eggs, eggs, eggs! Whether you're a baker dependent on cheaper egg prices or just a home cook craving pancakes, eggs were SUCH a huge conversation at the start of Trump's presidency. In March, they (hopefully) reached a peak of $6.23 for a grade-A dozen. Now, we've slowly inched down to a national average of $4.55. My breakfast can't wait until we get back to a more comfortable $2.99. For now, I still can't justify a nearly $5 price tag. Though gas prices per gallon fell by a few pennies month-over-month, May's national average of $3.278 teeters on the edge of hitting a five-month high, and it's expected to get much, much worse. And why is that? Well, as you can imagine, Trump's airstrikes on Iran realllllly raised tensions between the country and ours. And now, at the time of writing, there's valid concern that Iran may retaliate by closing off the Strait of Hormuz — aka, a route through which 20% of the WORLD's oil supply is shipped. I'm not in the oil industry, but it's pretty easy to guess what could potentially happen to gas prices if our access to oil were severely limited. ...And I'm not the only one feeling anxious. (Though the subject of his blame may be a bit misplaced.) Someone's panicking. — The Lincoln Project (@ProjectLincoln) June 23, 2025 Twitter: @ProjectLincoln Related: For a second there, I thought we'd be celebrating another month of decline. After all, shrinking inflation is one of the talking points Trump repeatedly brags about. Just short weeks ago, the White House published a press release titled "Under President Trump, America is Defeating Inflation." The memo is arguably misleading, though, as inflation actually rose from 2.3% in April to 2.4% in May according to the Bureau of Labor Statistics. After three months of steady decline in the Dow Jones and watching through spread fingers as our retirement accounts shrank, we finally saw returns at 3.3%. A win is a win. I've noticed the stimulus check voters have been verrrrrry quiet since January. Where'd y'all go? Finally, we have Trump's approval rating. According to Gallup, only 43% of the country approves of how Donnie is handling his presidency. No other second-term president has had a May number that low since at least 1949. Related: Those are our stats for May. Now, let's look at comments we received on our last edition in a little section I like to call ✨Comment Corner✨. Comment Corner #1: As a base number, Biden closed out his final full month as president in December with 100% ground beef costing an average of $5.58 per pound in the US, according to the US Bureau of Labor Statistics. Trump's numbers (including his 10ish days in January) so far are: January 2025: $5.50 per pound February 2025: $5.74 per pound March 2025: $5.85 per pound April 2025: $6.00 per pound May 2025: $6.02 per pound Comment Corner #2: Not only did Trump say, 'When I win, I will immediately bring prices down, starting on day one...' ...He also told NBC News that promises like these — which have not come to pass — are a significant reason why he believes he won the presidency. 'I won on groceries. Very simple word, groceries,' Trump said in December. 'When you buy apples, when you buy bacon, when you buy eggs, they would double and triple the price over a short period of time, and I won an election based on that. We're going to bring those prices way down.' Comment Corner #3: Hi! I'm genuinely confused about your comment. By "opposite," are you asking whether we'll post about Trump's economic successes? If so, this report has openly acknowledged and celebrated the decline in egg prices and inflation. Also, when you suggest we are too threatened by some kind of "explosion" to post the truth, I wonder about your thoughts on this newsletter's sourcing, which essentially pulls from administrations under Trump, like the US Bureau of Labor Statistics. Are you concerned about his leadership? What's the tea? Overall, it sounds like everything you're looking for in a truth-based newsletter is all right here! Please subscribe. :) Want to know if Trump's economy is actually doing as well as he promised? Subscribe to the Economy Hate Watch newsletter and never miss our monthly update. Also in In the News: Also in In the News: Also in In the News:
Daily Mail
30-06-2025
- Business
- Daily Mail
Trump slams Fed Chair Powell in handwritten note
By Published: Updated: President Donald Trump is finding novel ways to try to pressure Fed chair Jerome Powell to lower interest rates – this time releasing an angry hand-written note online that casts the US central bank as behind the curve. Trump posted a chart of 'World Central Bank Rates' – showing institutions from countries including Botswana, Bulgaria, Cabo Verde, and Albania who have set their own rates lower than the U.S. Trump last week said he was already thinking of replacements for the Princeton-educated Powell, who he has repeatedly called 'stupid.' Trump published the post shortly before the White House press briefing, where press secretary Karoline Leavitt read from what she called 'original correspondence' from Trump. 'As the President has consistently stated, the American economy is booming, and there were so many economic analysts who said that this President's policies would drive our economy down, when in fact, we have seen the opposite,' she said at the top of the briefing. 'We've seen a massive deregulation campaign take place. We've seen inflation completely diminish from where it was under the reckless spending and the bad policies of the previous, incompetent administration. 'The American people want to borrow money cheaply, and they should be able to do that, but unfortunately, we have interest rates that are still too high,' Leavitt said. The president made clear where he thinks US rates should be. 'Should be here,' he wrote on his note, pointing to six countries with lower rates at the top of his list. Powell himself testified last week that one reason the fed was reluctant to slash rates further were the Trump tariffs injecting uncertainty into the markets. He told the Senate Finance Committee: 'We do expect to show up — tariff inflation to show up more.' 'But I want to be honest, we really don't know how much of that's going to be passed through to the consumers. We just don't know. And we won't know until we see it. It could be lower than we expect; it could be higher. We have to wait and see, which is kind of what we're doing.' 'Increases in tariffs this year are likely to push up prices and weigh on economic activity,' Powell told members of the House Financial Services Committee in separate testimony. In just one example, Trump last week said the US was ending trade talks with Canada after it imposed a digital services tax that could hammer US tech companies. Then Canada PM Mark Carney announced it was dropping the tax after Trump's threat. Leavitt said the two men spoke Sunday night. She said Carney and Canada 'caved to the United States of America.' 'The President made his position quite clear to the prime minister, and the prime minister called the president last night to let the president to let the President know that he dropped that tax, which is a big victory for our tech companies and our American workers hear at home.' 'At the top is Switzerland. They're only paying a quarter for interest rates. Cambodia, Japan, Denmark, Thailand, Botswana, Barbados, Taiwan, Bulgaria, Cuba, Sweden, Morocco, Cabo Verde, South Korea, Algeria, Canada, Albania, Libya, Malaysia, China, New Zealand, Trinidad and Tobago, Czechia, Bolivia, Australia, Costa Rica, the Bahamas, Kuwait, Papua, New Guinea, Bosnia, United Kingdom and the UAE are all paying lower interest rates than the United States of America, which has one of the hottest and strongest economies in the world,' she said. Leavitt also read Trump's letter aloud, concluding: 'The President is right. There is historically low inflation thanks to his policies. And we will continue to drive down the cost of living in this country for Americans.' Leavitt wouldn't respond directly when asked why Trump wouldn't just fire Powell, the chair of the independent Fed's board of governors. But she did claim there had been 'politicization of the Fed.'
CNN
06-06-2025
- Business
- CNN
Trump feared a fight with Musk could undermine his signature bill. Then their feud erupted
The staggering and exceedingly public rupture in the world's most consequential and unprecedented partnership was a long time coming. But the surreal state of suspended animation that consumed Washington as President Donald Trump and Elon Musk traded escalating blows on social media obscured a 48-hour period that illustrated a profoundly high-stakes moment for the White House. Trump's entire economic agenda is sitting on a knife's edge. Its most critical components are running up against deadlines and locked in a series of complex negotiations with limited margin for error. In two days, Musk managed to undercut, attack or inflame just about all of it. 'He's kind of been a ticking time bomb for a while now,' one person familiar with Musk's unique and unprecedented role in the White House told CNN. 'But this is, and has always been, so much bigger than him and explains why we ended here after the last few days.' Musk was never a key player on Trump's economic team and wasn't involved in drafting the agenda or at the table for the implementation efforts that launched when Trump entered office. Musk had scrapped with Peter Navarro, Trump's top trade adviser, and Treasury Secretary Scott Bessent and had worn out his welcome in the power centers of the administration, multiple senior officials told CNN. But the billionaire's rolling and increasingly scorched-earth attacks on Trump's sweeping tax and spending package this week posed an acute threat to the cornerstone of Trump's legislative agenda. For all the ways Trump's tariff-centric economic approach has created chaos and uncertainty across the global financial system, the underlying data has continued to show the US economy in a stable and resilient place. But Trump and his top economic officials are in the midst of a high-wire act to maintain and, ultimately, they say, dramatically accelerate US economic growth. Musk's tirade served as the backdrop of Trump's critical meeting with key Republican senators on Wednesday afternoon, irritating White House advisers trying to balance the House-passed version of the 'One Big Beautiful Bill' and competing Senate priorities. Musk's stream of consciousness attacks centered on the deficit projections tied to the bill, which economic scorekeepers universally agree will pile trillions onto the soaring US debt over a decade. The White House has insisted the bill will pay for itself – and has rapidly accelerated its messaging efforts to rebut any analysis that says otherwise to mollify fiscal hawks on Capitol Hill. Yet Trump held his fire, in part because of an effort to avoid an escalation that would trigger Musk to declare all-out war against Republican lawmakers weighing the future of a bill essential to his entire agenda, according to two White House officials. On Thursday, as he weighed in on it during press spray with German Chancellor Friedrich Merz ahead of their private meetings that were heavily focused on trade and the economy, Musk's real-time reaction took it there anyway. By the time Speaker Mike Johnson arrived at the White House for his own meetings, an all-out war had broken out between the two and included Musk taking a clear swipe Trump's tariffs. Johnson was with Trump in the Oval Office watching in real time as Musk declared the equivalent of social media nuclear war. Johnson, who deftly navigated his miniscule minority to get Trump's 'One Big Beautiful Bill' through the House, is an essential player during the Senate effort that threatens to crack the fragile compromise between House conservatives and more moderate members. He's urged Musk to de-escalate, traded texts with him and repeatedly defended the bill from his attacks to reporters. Trump threatened the government contracts of Musk's business empire Thursday and placed a round of calls to reporters on Friday morning that focused primarily on making public there would be no call between the two men, despite efforts by allies to arrange the start of a peace process. There's now talk of selling the Tesla that Musk brought to the White House, one White House official said. But Trump again chose not to engage on the issue throughout the rest of the day. There were no social media posts about Musk. A scheduled swearing in and signing of an executive order were also closed to the press. In part, Trump didn't want to completely crowd out a morning of good economic news, according to a person familiar with the matter. But Trump has also told Republican lawmakers he understands how difficult Musk can make the path ahead in their legislative efforts. He's made clear, repeatedly, that he thinks Musk has 'gone completely crazy,' according to one lawmaker, and is cognizant of the pressure on his House and Senate allies. Musk's attacks, and his political threats to the same lawmakers who depended on his deep pockets in 2024 and planned to rely on them again in the midterm elections, undeniably add yet another complication to a moment defined by uncertainty. He has also amped up his rhetoric against Trump's tariffs – another cornerstone of the administration's economic agenda – at a volatile and critical moment in a dozens of complex and fluid negotiations. The second US-China bilateral trade talks, which were set in motion during Trump's call with Xi, will take place on June 9 in London, Trump announced Friday. Trump's economic team has dismissed Musk's tariff attacks, saying his opposition is well known and his argument is undercut by current economic data and Trump's first term tariffs. 'We can have disagreements about it, but I would simply say that everybody during our first term who said that the tariffs were going to be recessionary and inflationary were obviously, obviously and widely wrong,' Navarro told reporters on Thursday. The sweeping price increases predicted in the wake of Trump's market rattling April 2 'Liberation Day' announcement haven't emerged and economic activity remains durable despite pervasive pessimism in consumer and business sentiment surveys. The May jobs report Friday showed another month of steady job growth outpacing expectations. That has provided ample evidence for White House officials to dismiss outright concerns that the survey data is a leading indicator for turmoil to come. Still, Musk holds some important tools in his shed if he wanted to undermine Trump's tariff agenda – although it's not yet clear that is is considering using them. For example, many foreign governments have sought to sign contracts with Musk's Starlink service, which some diplomats have told CNN was viewed as helpful to trade talks. White House officials insist Musk's dramatic turn against Trump and the cornerstone of his legislative agenda won't ultimately move the needle as lawmakers grind through the most critical stage for the bill. 'We're full steam ahead, moving forward,' Office of Management and Budget Director Russell Vought said Thursday on CNN News Central. Their arguments in favor, but more importantly the alternative if it fails – a sweeping $4 trillion tax cut due to the expiration of the individual tax cuts in Trump's 2017 law that expire at the end of the year – will ultimately get it over the finish line, officials say. Trump needs this bill to pass. His economic agenda was always predicated on its sweeping package of tax cuts and incentives even as much as Trump's expansive tariff regime, which was designed to re-orient the global trading system, incentivize massive investment in the US, secure substantial market access for US firms and drive significant new revenues into the federal coffers. Senate Republicans spent this week grappling with the complex balancing act of merging their priorities with the House version of Trump's tax cuts and incentives package – a bill that passed by a single vote. The Trump-backed deadline of July 4th to sign the bill, which was always aspirational at best, is now widely understood to be impossible, according to three senior GOP senate aides. Congressional Republicans, many of whom had also grown annoyed with Musk over the last few months, have largely dismissed the billionaire's fiery opposition to the bill. But the fiscal hawks seeking deeper spending cuts have started to utilize an ally that has already demonstrated a bank account and social media company that carry with them the kind of power and reach without much modern precedent. White House officials are united in their confidence they can navigate the exceedingly tight timeline, complexity and whip counts ahead. But even they implicitly nod to a deeply uncertain reality when asked for their own economic forecasts. 'It's hard to give a very precise forecast for growth, because we have yet to see exactly how the tax bill shapes up between the reconciliation process, between the House and the Senate,' said Stephen Miran, Council of Economic Advisors Chairman, on CNBC Friday. 'And we have yet to see exactly how the trade deal shape up as they as they will, I expect, continue to be made in coming weeks, so it's hard to give a precise forecast when the policy details are still being worked out.' Musk wasn't as cautious with his own forecast the afternoon prior. 'The Trump tariffs will cause a recession in the second half of this year,' Musk posted.
