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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsPowell: Job creation is near zero
The title says it all. The tariffs, the trickle down on steroids, DOGE and the decimation of gov't workers and research, the ICE attacks on vibrant cities, the attacks on industries he doesn't approve of, the attacks on our most productive (Blue) states, the kneecapping of the ACA....etc...
This is the Tramp GOP economy.
https://finance.yahoo.com/news/powell-job-creation-is-near-zero-202637723.html
Lovie777
(22,852 posts)it's basically a search engine with a bunch of glitches.
It's advising the Pentagon how to fight the war. I read that when asked how to end the war the response was "nuclear bombs".
They are right now testing, experimenting human responses and reactions to certain events so AI can have the human experience.
Johnny2X2X
(24,140 posts)Probably creating more jobs than it replaces still.
This was tariffs. Every company who paid tariffs put off hiring and investments that lead to hiring.
617Blue
(2,422 posts)OC375
(862 posts)Maybe those who figured they were covered, and could ignore it all, will start to wake up. Not just that Gen X coder losing their jobs anymore.
Wait till all those Door Dash and Uber jobs weve been counting in reports go away when no one can pay $10 or $20 extra for delivery.
Once RMDs and dividends start to suffer, maybe it will start to matter.
Johnny2X2X
(24,140 posts)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.
617Blue
(2,422 posts)gypsy11
(420 posts)Still unemployed. Looking like Im going to have to get creative when it comes to generating an income. But even then- if only the rich have $? Generating an income becomes impossible for average people.
I was so excited about Kamala, she campaigned on a 25k incentive for starting a small businesses.
When the orange shit-stain won I was like great- Ill never get another job now. And, here we are. People better learn how to grow their own gardens if they want to eat.
Johnny2X2X
(24,140 posts)We're in a bad spot. And they just keep compounding more mistakes on top of the ones they already made.
And investors getting hammered too. If on the day Trump was inaugurated, you pulled your 401K out of the DOW and put it into a high yield savings account, you'd be ahead today over where you'd be if you left it in the DOW. I realize no one is 100% in the DOW in their 401Ks, but the point remains. In 14 months, the DOW is up about 3% under Trump. It averages 10.4% a year over the last 30 years.
Things are going to get really really bad for the working class.