Yesterday’s News 2026-09-05

curated news excerpts & citations
… trying to ‘unbury the lede’

The biggest problem facing the U.S. economy right now is Trump

Tony Romm, Colby Smith @ NY Times:
Trump Threatens to Halt Some Trade Unless the Fed Cuts Rates

Robert Reich:
The biggest problem facing the U.S. economy right now is Trump

The Labor Department reported this morning that the United States added 162,000 jobs in August. That’s more than expected, especially given how few jobs the country has added over the last few months.

But I want to let you in on a little secret (which shouldn’t be secret): Monthly jobs reports are now barely worth the paper they’re printed on, because the Bureau of Labor Statistics has so little experience dealing with a labor market suddenly depleted by Trump’s mass deportations and the almost-as-sudden retirement of the giant boomer generation. In other words, much of what the BLS is now trying to do relies on pure guesswork.

But there are three real reasons to be concerned:

  1. Wages. Prices continue to rise faster than wages — which means most Americans are getting poorer. …
  2. Job stagnation. Another concern I have is that while employers aren’t firing many workers, they’re also not hiring. A low-hire, low-fire labor market doesn’t create opportunities for advancement. It’s also difficult for young people to get into.
  3. Trump. He’s interfering in the jobs market and the economy in ways that will make things worse. Bad enough that he’s waging a costly war in Iran and imposing costly tariffs around the world — both of which are driving up prices.

    He’s also making really, really stupid threats. … The very notion of ending trade with all countries from whom we buy more than we sell — a very large portion of the world — is absurd.

(Robert Reich   more…)


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