The job market fell off a cliff, Trump's first year saw 125,000 jobs added total, Joe Biden's last year saw 2,200,000 new jobs added. And it's getting worse, much worse. The Biden economy was still producing jobs into 2025, took Trump several months to grind it to a halt and now we're losing jobs.
It's a bigger story than inflation was under Biden, that was something Biden had almost nothing to do with. Trump's policies directly killed job growth. It's not an exaggeration to state that inflation got 100 times more coverage than this jobs disaster and people don't realize it yet, but zero job growth is a bomb about to be dropped on the working class. People are losing their jobs and not finding new ones. People are giving up looking. People are staying out of work for longer periods of time. And everything that comes with this is going to hit, more needs for social services that have been slashed. Lower wages. Lower benefits. A drop in economic activity.
Tariffs completely destroyed the job market. These firms felt a lot of pressure not to raise prices, so instead they just shelved hiring plans, shelved new investment that would create jobs, and shelved new equipment purchases. The working class will be suffering from this disaster for years to come, there is no way out of it now.
That quote from Powell is just remarkable.
"Effectively, there's zero net job creation in the private sector," after accounting for revisions over the past six months, Powell said. "But actually, that looks like that's about what the economy needs, in terms of dealing with very, very low — nonexistent, really — growth in the labor force, which of course we've never had in our history."
This should be a bigger story than Iran right now. The jobs market is impploding.
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