onlyTrustedInfo.comonlyTrustedInfo.comonlyTrustedInfo.com
Font ResizerAa
  • News
  • Finance
  • Sports
  • Life
  • Entertainment
  • Tech
Reading: Economists sound alarm over Trump firing
Share
onlyTrustedInfo.comonlyTrustedInfo.com
Font ResizerAa
  • News
  • Finance
  • Sports
  • Life
  • Entertainment
  • Tech
Search
  • News
  • Finance
  • Sports
  • Life
  • Entertainment
  • Tech
  • Advertise
  • Advertise
© 2025 OnlyTrustedInfo.com . All Rights Reserved.
News

Economists sound alarm over Trump firing

Last updated: August 4, 2025 10:34 pm
OnlyTrustedInfo.com
Share
8 Min Read
Economists sound alarm over Trump firing
SHARE

Welcome to The Hill’s Business & Economy newsletter

{beacon}

The Big Story 

Economists across the political spectrum spent the weekend sounding alarm bells about what President Trump’s recent firing of the Labor Department’s top statistician means for the country.

© Greg Nash

“President Trump is undermining the integrity of the information that policymakers, businesses, households, and investors use to make important decisions that affect the welfare of the nation,” Michael Strain, director of economic policy studies at the right-leaning American Enterprise Institute, wrote in a commentary.

 

He said it was “imperative” that people understand that U.S. economic stats are unbiased.

 

“By casting doubt on that, the President is damaging the United States,” he added after Trump fired the Bureau of Labor Statistics’ (BLS) commissioner.

 

Trump said on Friday that the latest employment report, which showed a modest 73,000 jobs added in July and revised numbers down for May and June by a whopping 258,000 jobs, was “manipulated for political purposes.”

 

Trump offered no evidence to back up his conclusion, and a number of observers said it would be difficult for someone to manipulate the data given the number of people who provide information for the reports.

 

Employment data from the BLS is bedrock-level data for businesses and economists. It’s put together from surveys of firms around the country and is used in myriad different models and forecasts, both public and private.

 

Because it’s so fundamental, economists say that political attacks on it are a lot more serious than those Trump has aimed at other agencies – even the Federal Reserve.

 

“This is much more dangerous than the pressure on the Fed,” Cato Institute research fellow Jai Kedia told The Hill on Monday. “The labor and inflation statistics are the bedrock of every other federal institution that’s trying to work on the economy.”

 

The Hill’s Tobias Burns has more here.

Welcome to The Hill’s Business & Economy newsletter, I’m Aris Folley — covering the intersection of Wall Street and Pennsylvania Avenue.

Did someone forward you this newsletter? Subscribe here.

Essential Reads 

Key business and economic news with implications this week and beyond:

US seeks to limit visa overstays with $15K bond requirement

The State Department is launching a pilot program that would require migrants from some countries to post a bond as high as $15,000 to secure a visa for business or personal travel, the latest move by the Trump administration to crack down on countries with high visa overstay rates.

 Full Story

Most stressed about grocery costs: Survey

A majority of Americans are stressed about grocery costs, according to a new survey from The Associated Press-NORC Center for Public Affairs Research.

 Full Story

Warren defends Mamdani: ‘Are you worried that billionaires are going to go hungry?’

Sen. Elizabeth Warren (D-Mass.) defended New York City Democratic mayoral nominee Zohran Mamdani, a fellow progressive, in a heated interview Monday.

 Full Story

Tax Watch 

‘Big, beautiful bill’ could add $5 trillion to deficit if temporary tax cuts extended: CBO

The Congressional Budget Office (CBO) informed Senate Budget Committee ranking member Jeff Merkley (D-Ore.) in a letter Monday that the One Big Beautiful Bill Act, President Trump’s signature domestic policy accomplishment, would add $5 trillion to the deficit over the next decade if its temporary tax relief provisions are extended for a full 10 years.

 

The budget office projects that if temporary tax relief provisions, such as the tax exemption on tipped wages up to $25,000 and the $6,000 senior deduction, are made permanent, it would add another $789 billion to the debt over the next 10 years.

 

That and $718 billion in debt-servicing costs bring the total price tag for Trump’s “big, beautiful bill” to nearly $5 trillion over a decade.

 

The CBO estimates that as a result, the total amount of federal debt held by the public would increase by 11.5 percentage points by the end of 2034.

 

“Each and every analysis from the nonpartisan Congressional Budget Office continues to show the same result regardless of how you look at it: this bill explodes the debt by trillions of dollars to fund tax breaks for billionaires,” Merkley said in a statement.

 

“It is the height of hypocrisy coming from the party that claims to be fiscally responsible,” he said.

 

CBO produced its estimate in response to Merkley’s request asking for the budgetary impact of making permanent 10 provisions in Trump’s domestic policy law that are otherwise due to sunset in the next few years.

 

The Hill’s Alex Bolton has more here.

Tax Watch is a regular feature focused on the fight over tax reform and extending the 2017 Trump tax cuts this year. Email a tip

The Ticker 

Upcoming news themes and events we’re watching:

  • The Bureau of Economic Analysis is set to release its U.S. International Trade in Goods and Services report for June 2025 on Tuesday.

In Other News 

Branch out with more stories from the day:

How reliable is the jobs data? Economists and Wall Street still trust it

WASHINGTON (AP) — The monthly jobs report is already closely-watched on Wall Street and in Washington …

Full Story

Good to Know 

Business and economic news we’ve flagged from other outlets:

  • New York Post expanding to Los Angeles with California Post (CNN)

  • Dow rebounds nearly 600 points and wipes out Friday’s loss, S&P 500 ends four-day losing run (CNBC)

  • For a Few CEOs, Pay Keeps Growing—by the Billions (The Wall Street Journal)

What People Think 

Opinions related to business and economic issues submitted to The Hill:

  • Why you’re getting debanked, and how lawmakers can stop it happening

  • Congress must hold cities accountable for holding back first-time home buyers

Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

For the latest news, weather, sports, and streaming video, head to The Hill.

You’re all caught up. See you tomorrow! 

You Might Also Like

Alleged Italian phone hacking involves political gossip website, sources say

Fed’s Powell asks watchdog to take fresh look at renovation project, Politico reports

Treasury secretary calls new Trump accounts ‘a backdoor’ way to privatize Social Security

Still awaiting a budget in North Carolina, Pennsylvania, Oregon

EXCLUSIVE: Biden Admin Quietly Installed Nearly 200 Attorneys As Ed Dept Pursued Radical Agenda

Share This Article
Facebook X Copy Link Print
Share
Previous Article Quantum liquid crystal: Scientists discover a new 5th state of matter Quantum liquid crystal: Scientists discover a new 5th state of matter
Next Article Democrat who fled Texas says “we’re willing to face whatever consequences” Democrat who fled Texas says “we’re willing to face whatever consequences”

Latest News

PFL Brussels 2026: Why the Odds Are Stacked Against the Underdogs in a Night of Dominant Favorites
PFL Brussels 2026: Why the Odds Are Stacked Against the Underdogs in a Night of Dominant Favorites
Sports May 23, 2026
Ja Morant Spotted at WNBA’s Dream vs. Wings: What His Presence Means for the NBA Star and Women’s Basketball
Ja Morant Spotted at WNBA’s Dream vs. Wings: What His Presence Means for the NBA Star and Women’s Basketball
Sports May 23, 2026
WWE Clash in Italy: Rhea Ripley vs. Jade Cargill Rematch Confirmed—Why This Title Showdown Matters
WWE Clash in Italy: Rhea Ripley vs. Jade Cargill Rematch Confirmed—Why This Title Showdown Matters
Sports May 23, 2026
Gerrit Cole’s Triumphant Return: 6 Shutout Innings After 569-Day Absence, But Yankees Fall to Rays
Gerrit Cole’s Triumphant Return: 6 Shutout Innings After 569-Day Absence, But Yankees Fall to Rays
Sports May 23, 2026
//
  • About Us
  • Contact US
  • Privacy Policy
onlyTrustedInfo.comonlyTrustedInfo.com
© 2026 OnlyTrustedInfo.com . All Rights Reserved.