Tag Archives: jobs report

Trade wars aren’t ‘good,’ really, they aren’t

I believe it was the character Gordon Gekko, portrayed by Michael Douglas, who said in the film “Wall Street” that “Greed … is good.”

That was about three decades ago. These days, we have another character, who happens to be the president of the United States, who is saying that “trade wars are good.”

Well, greed isn’t necessarily good. Trade wars aren’t good, either.

Yet the president of the United States, Donald J. Trump, has now officially gone to “war” with China, the world’s second-leading economic powerhouse.

Ladies and gents, we’re all going to pay for this.

Trump has imposed tariffs on Chinese imports. As the New York Times has reported: On Thursday, President Trump showed no signs of backing down from his fight, saying aboard Air Force One that the first wave of tariffs on $34 billion in goods would quickly be followed by levies on another $16 billion of Chinese products. And Mr. Trump continued to threaten Beijing with escalating tariffs on as much as $450 billion worth of Chinese goods.

How are the Chinese going to respond? That remains the open question. According to the Times: “At the moment, I don’t see how this ends,” said Edward Alden, a senior fellow at the Council on Foreign Relations. “This is very much in the president’s hands because he’s got advisers that seem divided, some substantively, some tactically. I just don’t think we’ve had any clear signs of the resolution he wants.”

Trump’s war against our traditional allies and trading partners has reached around the world. He’s imposed tariffs on Canada and Mexico, on the European Union and on Great Britain.

Tariff is another word for “tax,” meaning that the tax will add to the cost of producing the goods being shipped. If we’re going to impose these taxes on imported products, then the nation from which they come will respond with tariffs/taxes of their own on the goods that come from the United States.

Think, too, for a moment about the U.S. Labor Department’s report today that non-farm payrolls grew by 213,000 jobs in June. Good news, yes? Of course it is!

Will we continue to experience this continuing job growth if manufacturers no longer can afford to do business in this world of growing tariffs and taxes?

That’s my fear.

Trade wars aren’t good.

Another presidential directive tossed aside

Donald Trump told us he would be an “unconventional” president.

Oh, man, has he ever delivered on that campaign promise.

Case in point: Trump fired off a tweet about an hour before the Labor Department announced the May jobs figures. He said he was “looking forward” to the announcement. It came and the numbers were good. They were great! Joblessness is now at 3.8 percent, the lowest in many years.

Although the president didn’t break any law with the tweet, he violated a directive handed down some years ago that counseled presidents to avoid scooping these reports. They idea is to protect the integrity of the announcement and avoid any premature reaction by big-time financial investors.

This guy, the president, just cannot control himself. Sure, the news was good. He wanted to share it. I can’t blame him for that. I can, however, question the judgment of a president who cannot exhibit any sort of discipline that all of his predecessors have shown.

His getting ahead of the jobs figures once again betrays a fundamental lack of understanding of the complexity of the office to which he was elected.

As I’ve noted before, the presidency of the United States is no place for on-the-job training.

Jobs report: once cooked up, now legit?

Donald John Trump has this maddening capacity for talking out of both sides of his mouth and for avoiding accountability for it.

The U.S. Labor Department’s jobs report this week is an example of it. The bean counters at the Labor Department reported that 223,000 jobs were added to non-farm payrolls in May. Unemployment fell to 3.8 percent.

Good news? Of course it is! The president should take a victory lap on this one. He hailed the report so much that he actually sort of spilled the beans an hour before the data were released, breaking with longstanding presidential protocol. Some critics are concerned that he might have manipulated stock markets around the world by offering that hint of the good news that was about to be revealed.

But wait! He once derided those same bureaucrats’ findings when they delivered stellar jobs report numbers during the Barack Obama administration. He called them phony, cooked up. He said the actual jobless rate during President Obama’s time in office was many times greater than what the Labor Department said it was.

So, which is it? Were they cooked up then and have gained validity just because Trump is in office?

This is the kind of duplicity that Trump gets away with. It simply is astonishing in the extreme that the man’s “base” continues to cheer him on, giving him more incentive to keep lying to the nation.

Weird.

Great jobs report, but what has POTUS done … exactly?

The U.S. Labor Department chimed in this morning with a stellar jobs report for July.

The nation added 209,000 payroll jobs. The unemployment rate fell from 4.4 percent to 4.3 percent. It’s good news. The economy is on the move, as it has been for some time now.

Donald J. Trump, as expected, took credit for the great jobs report. Yes, the president should be thrilled and happy with them. I welcome the good news as much as he does.

He said he’s “only just begun” to bring back more American jobs.

My question, though, is this: What, precisely, has the president done to generate the stellar jobs numbers?

Legislative accomplishment? None. We haven’t overhauled the tax system. Congress hasn’t acted on the president’s infrastructure revitalization plan. It hasn’t tossed out and replaced the Affordable Care Act.

The U.S. Environmental Protection Agency has rolled back many of regulations enacted in prior administrations, but have those actions produced — by themselves — these big job numbers? Umm. No.

Take credit, Mr. President, if you wish. You are entitled to all the credit you deserve — which is some, but nearly as much as you seem to suggest.