“.. At its peak, the @AtlantaFed’s GDPNow nowcast for the second quarter was +4.3% … it’s now down to +1.2%.” - Schwab

In case you missed yesterday's economic news:

One year after the "Big Beautiful Bill" became law, ACA premiums are up 58%, more than 4 million people have lost SNAP benefits and the richest households are getting the biggest tax breaks.

Trump has profited off the presidency, earning more than $2 billion in cash and gifts this term alone. @citizenwillis.bsky.social: "What this results in is policy for and by the highest bidder."

Real wages are negative for the second month in a row. That means even if you got a raise, you're falling behind. You're working harder and taking home less. That's the Trump economy.

I've learned today that this summary of Trump's second term makes some MAGA folks very unhappy. But they have difficulty refuting it, because it's all true.

“have a country” here means, of course, “live in a white ethnostate”

Today's jobs report confirms that there has been a massive slowdown in job creation under Trump. In the 17 months before Trump returned to office, the economy added 2 million jobs. In the 17 months since he returned, the economy has added less than half that number of jobs. #EconSky

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Trump's factory boom is only in his head cepr.net/publications...

Manufacturing employment is crawling along, gaining 3k jobs in June, all in durable goods. After downward revisions, manufacturing lost jobs in May. Since January 2025 when Trump took office, the manufacturing sector has lost 75,000 jobs. #EconSky

We won't get the inflation data for June until July 14, but recent price data suggest year over year real wages likely fell in June. Workers and their families are finding it increasingly difficult to make ends meet and real wages are most surely now below where they were in January 2025. #EconSky

Today's jobs report came in weaker than expected. The economy added 57k jobs in June and prior months were revised down. April and May are a combined 74k lower than previously reported. Analysts believe the World Cup added 40k to June numbers—without that, job growth would have been 17k. #EconSky

Today's jobs report confirms that there has been a massive slowdown in job creation under Trump. In the 17 months before Trump returned to office, the economy added 2 million jobs. In the 17 months since he returned, the economy has added less than half that number of jobs. #EconSky

Employment rate for native-born men is down 1.6 percentage points from two years ago.

The US tech sector continues bleeding jobs—American tech sector employment is down 49k over the last year in data released this morning. That's nearly as bad as the worst of the 2024 tech-cession, and significantly worse than either the 2008 or 2020 recessions

Employment-to-population ratio for prime age men (ages 25-54)plunges 0.9 percentage points to 85.7%, the lowest since June of 2022.

"Both total nonfarm payroll employment (+57,000) and the unemployment rate (4.2 percent) changed little in June." Well below consensus and previous 2 months revised down sharply.

A year after the One Big Beautiful Bill Act, it's worth asking what those tax cuts actually bought. Greater fortunes for the wealthiest Americans, less security for millions of working people and a political system increasingly shaped by concentrated wealth and power. Read Noa Rosinplotz's latest:

Not only did the June jobs number from ADP come in below expectations, but the larger trend since Trump returned to office has been a sustained slowdown in private-sector job creation compared to what he inherited:

Trump's "Golden Age": • Price-hiking tariffs • Price-hiking war in Iran • Higher healthcare premiums • More tax breaks for billionaires • Masked ICE agents violating our rights • A bumbling cover-up of the Epstein files • Non-stop corruption for Trump and his cronies

Trump's "Golden Age": • Price-hiking tariffs • Price-hiking war in Iran • Higher healthcare premiums • More tax breaks for billionaires • Masked ICE agents violating our rights • A bumbling cover-up of the Epstein files • Non-stop corruption for Trump and his cronies

Trump & Hegseth are now asking for $88 BILLION more for their illegal war in Iran.

Just as I predicted, they are pairing this money with other priorities to buy votes for this war.

The American people shouldn't backfill this blunder. Not another dime!

“.. Real disposable income (aka the money in our pocket after taxes & inflation) was flat (0% y/y) while consumer spending is up 2.1% y/y. “.. More & more are dipping into savings, using credit & leveraging wealth.” @gregdaco.bsky.social

The House and Senate passed a bipartisan bill to build more housing supply and stop Wall Street from buying up homes. 86% of Republicans voted for it. 100% of Democrats voted for it. For once, Congress did its job. What’s standing in the way of lower costs? Donald Trump

Inflation rose to 4.1%, the first time in three years. What are trump and Republicans focused on? -Covering up the Kennedy Center -Covering up the Reflecting Pool -Health care plan. Just kidding, GOP has no plan, not even concepts of a plan. November is coming.

Trump is not going to like this Fox News graphic

Senator Bill Cassidy unloads on Trump and the Iran war: “Worst foreign policy blunder in decades” (!)

Labor’s share of income is at a post-war low. The 1.6pp post-pandemic decline in the labor share has primarily been driven by within-industry changes as firms improved profits. libertystreeteconomics.newyorkfed.org/2026/06/the-...

Trump = non-stop corruption = you get screwed

Trump has turned the White House into a 24/7 corruption operation. This is a national crisis. Trump thinks the public will stop paying attention. So I went to the Senate floor to call his bluff. I told the ENTIRE STORY of his 500 days of corruption. 1/ Here it is - in one🧵

When I heard Trump was gonna sign our housing bill, I ran down in excitement! But he was nowhere to be found…. Trump refuses to sign a bill that would make housing cheaper for you because he rather make voting harder for you!

Comedy gold from the Trump White House today. Senior Trump staff brags about him fulfilling a "signature commitment" by signing housing affordability bill shortly before Trump himself refuses to sign the bill.

One thing I will say about this administration, they’re always finding new and inventive ways to press the “make prices higher” button

The Pentagon has requested an additional $80 billion to continue fighting Trump's Iran War. $80 billion could cover: —A year of healthcare for 8.6M Americans —Two years of free lunches for every public school student —Affordable housing for over 10M Americans —A year of childcare for over 6M kids

Yet another Trump betrayal.

"This is the kind of thing that happens in dictatorships. It’s not supposed to happen in a democratic country, in a democratic republic...he wants to be czar. That’s probably the best historical analogy that we can come up with."

President Trump's illegal, unconstitutional war with Iran was never popular with the American people. New polling shows nearly two-thirds of Americans disapprove of his handling of Iran.https://www.commondreams.org/news/polling-on-iran-war

What did we get out of Trump’s war? Heightened prices. A more dangerous Iran. Nothing to help you.

Over 5 million Americans lost Medicaid and ACA coverage in the past year due to Trump and Republicans' Big Beautiful Bill.

Trump = Non-Stop Corruption = You Get Screwed

What we have here is a failure to communicate.

JUDGE SCHILTZ: “.. Initiating a criminal investigation in order to harass political opponents or to coerce them into taking official action .. is a blatantly unlawful and unethical use the grand-jury process.” @politico.com www.politico.com/news/2026/06...

I asked @pkrugman.bsky.social if Democrats should be making a bigger argument right now about what Trump has done to our country and what it really means. He discusses how attacking corruption opens the door to a big case like this one. Our exchange: newrepublic.com/article/2121...

> @cbsnews.com

The continuing price of Trump's incompetence. Trump signed a "deal" that was contingent on Israel ending it's disastrous war in Lebanon and apparently he didn't check that with Israel.

Was away from this account for a month and, upon returning, am inclined to think that the key messages for Ds remain the same.

This is really important analysis.

"Americans are feeling financially stressed, see gas prices as a hardship and don't think their income is keeping up with inflation." And they know who is to blame.

“.. government watchdogs immediately pledged to fight what they called a ‘corrupt’ and unprecedented resolution, warning that the arrangement would unjustly enrich people close to the president with taxpayer dollars.” @apnews.com apnews.com/article/trum...