Cracks are forming in America’s economy. Trump is a big reason why
CNN
America’s nearly five-year economic boom is starting to show its age.
America’s nearly five-year economic boom is starting to show its age. Cracks are forming in the economy’s foundation: Layoffs are mounting, hiring is slowing, consumer confidence is eroding and inflation is picking up speed. Although all of those things would almost certainly be happening if former Vice President Kamala Harris had won the election, the uncertainty that President Donald Trump’s economic policy has unleashed is exacerbating those problems. Tariffs — particularly the on-again, off-again nature of Trump’s dictates — are sowing confusion for businesses, consumers and investors alike, and they’re stoking concerns about inflation at a time when consumer prices have been stubbornly on the rise again. Trump’s immigration crackdown threatens key industries, including agriculture, construction and health care, which have been struggling to hire. And steep cuts to federal workers and government aid could hurt the most vulnerable Americans who are least insulated from price hikes. “Federal government job losses could be larger than expected, and laid-off workers could pull back on their spending, leading to slower job growth in other industries,” said Gus Faucher, chief economist at PNC, in a note to investors Friday. “Uncertainty about the outlook for tariffs could lead businesses to slow their hiring. And restrictions on immigration could limit the supply of labor available, weighing on employment gains over the next few years.” Trump’s policy poses real risks for the strong, yet wobbling, economy he inherited.
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