Yesterday’s News 2025 05 01


20250430WSJ

NPR: The U.S. economy shrinks as Trump’s tariffs spark recession fears

As President Trump marks his 100th day in office this week, there’s not much to celebrate about the U.S. economy.

Economic output is shrinking. The stock market has dropped sharply. And consumer confidence has tumbled to its lowest level since the onset of the COVID-19 pandemic.

That hardly looks like the new “golden age” the president promised on Inauguration Day just over three months ago.

Figures released by the Commerce Department Wednesday show that the United States’ gross domestic product contracted at an annual rate of 0.3% in the first quarter of the year, after growing at a solid pace of 2.4% in the final months of 2024.

(NPR more…)

Heather Cox Richardson: Letters from an American – April 30, 2025

This morning the Bureau of Economic Analysis released a report showing an abrupt reversal in the U.S. economy. Gross domestic product (GDP), which measures the total market value of goods and services, shrank from a healthy 2.4% in the last quarter of 2024 to -0.3% in the first quarter of 2025. The shift is the first time in three years that the economy has contracted. The slump appears to have been fueled by a surge in buying overseas goods before Trump’s tariffs hit.

The stock market plunged on the news. Although it would recover later in the day, the stock market during President Donald Trump’s first 100 days in office has been the worst since the administration of Richard Nixon. Today Trump posted on his social media site: “This is Biden’s Stock Market, not Trump’s. I didn’t take over until January 20th. Tariffs will soon start kicking in, and companies are starting to move into the USA in record numbers. Our Country will boom, but we have to get rid of the Biden “Overhang.” This will take a while, has NOTHING TO DO WITH TARIFFS, only that he left us with bad numbers, but when the boom begins, it will be like no other. BE PATIENT!!!”

Observers noted that in January 2024, when the stock market was booming under Biden, Trump took credit for it, posting: “THIS IS THE TRUMP STOCK MARKET BECAUSE MY POLLS AGAINST BIDEN ARE SO GOOD THAT INVESTORS ARE PROJECTING THAT I WILL WIN, AND THAT WILL DRIVE THE MARKET UP.”

Trump held a televised two-hour Cabinet meeting today, at which administration officials sat behind red MAGA hats and praised him so extravagantly that right-wing commentator Ann Coulter posted: “Would it be possible to have a cabinet meeting without the Kim Jong il–style tributes?”
(Heather Cox Richardson more…)

Bulwark: Donald Trump, an All-Powerful President With No Power at All

When the rain falls, Trump wants credit. When the rain stops, Biden’s to blame.
(Bulwark more…)

Boing Boing: Trump solves toy shortage by telling children to want fewer toys

In today’s episode of “Make America Deflate Again,” President Trump told Americans to lower their expectations about the economy.


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