logo
Trump takes aim at Pelosi's hometown legacy

Trump takes aim at Pelosi's hometown legacy

Yahoo21-02-2025
SAN FRANCISCO — President Donald Trump is taking aim at a crown jewel of former House Speaker Nancy Pelosi's legacy with an order to cut funding for an agency that operates a 1,500-acre national park on the site of a former Army base overlooking the Golden Gate Bridge.
But at an event in the city on Thursday, Pelosi said the agency was protected under an act of Congress — and she accused Trump of creating a flurry of distractions to draw attention from an unpopular Republican proposal to cut social safety-net programs.
'I'm saying this to say, 'We're here to talk about Medicaid, Mr. President,' Pelosi said as she slapped a paper on the table. 'We will not be distracted with other things. He called himself a king the other day. Really? King of what? Anyway, the emperor has no clothes as far as I'm concerned.'
The White House did not immediately respond to a request for comment.
Trump's call for cuts to the Presidio Trust was widely viewed as an act of political retribution to one of the president's fiercest rivals. Pelosi in the 1990s led the effort to create a federal agency to manage what's now a hilly waterfront oasis covered by historic buildings, green meadows and eucalyptus trees.
The president's executive order, which also targeted three other independent agencies he identified as 'unnecessary,' might actually have little effect on the trust's operations. It calls for eliminating the agencies' 'non-statutory' functions — and the Presidio Trust was not only created by Congress, but it's almost entirely self-funded.
It does, however, require a detailed accounting report to be submitted to Trump's Office of Management and Budget within two weeks.
On Thursday, during an event Pelosi hosted on proposed GOP cuts to Medicare, the former speaker stressed that the agency was enshrined in federal law so it 'would be protected from assaults over time' and that the act was approved by a bipartisan group of lawmakers when Republicans held the majority.
Marie Hurabiell, a former member of the Presidio Trust, shared the former speaker's sentiment, saying initial reports about Trump's executive order incorrectly suggested he had 'eliminated' the trust by executive order.
'It's not going away, it cannot be eliminated by one person,' Hurabiell said.
The move — part of an unprecedented push by the president and his allies to dismantle the federal bureaucracy — put San Francisco leaders on edge.
'He's not just targeting the trust. He's not just targeting Speaker Pelosi. He's targeting all San Franciscans,' said city Supervisor Stephen Sherrill, whose district includes the park and its nearly 3,000 residents.
The Presidio Trust is unlike other national park sites as its operations are almost entirely self-sufficient. The agency has raised money by renovating and leasing dozens of former Army structures which now house offices, museums, rental housing, a bowling alley, gift shops and event spaces.
Budget records state the trust forecasts an operating surplus of $46 million for the current fiscal year, and hasn't received annual appropriations from Congress since 2013.
However, Pelosi helped the trust secure $200 million from the Department of the Interior in 2022, as part of the Biden administration's Inflation Reduction Act, to pay for infrastructure and climate-resilience projects. Some congressional Republicans want to claw the money back, though the trust said most of it has been allocated.
Former Mayor Willie Brown, a longtime power broker in the city, predicted that Trump will continue the attack regardless of the Presidio's statutory protections.
'He doesn't worry about the results,' Brown said. 'Just the headlines are important to him.'
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

President Trump fires BLS commissioner after July jobs report
President Trump fires BLS commissioner after July jobs report

Yahoo

time3 minutes ago

  • Yahoo

President Trump fires BLS commissioner after July jobs report

President Trump said in a social media post Friday afternoon that he directed members of his administration to fire Erika McEntarfer, commissioner of the Bureau of Labor Statistics, after the BLS on Friday published the July jobs report that contained what it called "larger than normal" revisions to data from May and June. The July jobs report published Friday morning showed the US economy added 73,000 jobs last month, fewer than expected while the unemployment rate rose to 4.2%. The most notable number to emerge from the report, however, was a downward revision to job gains in May and June which that saw 258,000 jobs taken away from what had been initially reported. May's job gains were revised down to 19,000 from 144,000, while June's additions were cut to just 14,000 from the 147,000 initially reported. In its release on Friday, the BLS said these revisions, "result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors." Economists on Friday were near-unanimous in their view that July's jobs data and the revisions to May and June reflect a labor market that is far weaker than had been suggested by recent data and characterizations by some officials, notably Federal Reserve Chair Jerome Powell. "The 'solid' state of the labor market described by the FOMC earlier this week looks more questionable after the July employment report," Wells Fargo senior economists Sarah House wrote in a note Friday. Job gains over the last three months have now averaged just 35,000 after Friday's revisions. This is breaking news, more to come...

Trump Taps Banks For Fannie, Freddie IPO Ideas
Trump Taps Banks For Fannie, Freddie IPO Ideas

Yahoo

time3 minutes ago

  • Yahoo

Trump Taps Banks For Fannie, Freddie IPO Ideas

Trump pulled in big-bank CEOs to pitch how to turn Fannie Mae (FNMA) and Freddie Mac (FMCC) back into public companies, and the market reacted fastafter-hours the two mortgage giants popped about 15% and 6% on light volume. Warning! GuruFocus has detected 2 Warning Sign with FNMA. The conversations are wide open and informal: Jamie Dimon has already been in the room after years of cool relations, David Solomon was slated to meet Thursday, and Brian Moynihan is up next. Other banks are likely in the mix too as the White House crowdsources ideas on structuring a major public stock offering that would monetize the government's stake. Both GSEs have been in conservatorship since 2008, but the pitch is leaning on the narrative that they've rebuilt capital, paid back federal support, and could be shifted toward private markets. The meetings are exploratory, and there's no clean roadmap yet officials have signaled that conservatorship isn't suddenly ending, so any shift would take time and political alignment. That ambiguity is why the pop feels part hope, part speculation. The talks put a long-dormant privatization story back into play and give investors a reason to price a potential regime change. The next few days of follow-up meetings and any clearer White House signal will tell if this is groundwork or just noise. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

This week in Trumponomics: The Trump slowdown is here
This week in Trumponomics: The Trump slowdown is here

Yahoo

time3 minutes ago

  • Yahoo

This week in Trumponomics: The Trump slowdown is here

Economists have been warning that President Trump's trade wars will depress growth and hiring. Trump and his defenders say pshaw. But the Trump economy is suddenly looking shaky. Hiring slowed dramatically in July, and downward revisions for the two prior months reveal the weakest job market since the COVID recession in 2020. Employers added just 73,000 jobs in July, with the average for the past three months an anemic 35,000. In 2024, job growth averaged 168,000 new jobs per month. Up till now, Trump has waged his trade war with impunity. His tariffs have raised the average tax on imports from 2.5% to about 18%. That's a hefty tax on some $3 trillion worth of goods, paid by American businesses and consumers. Yet inflation is still below 3%. The stock market flinched in April and May but has since hit a series of new record highs. The second quarter of 2025, however, is now looking like it may have been the last respite before Trump's disruptive policies take their it's not just hiring. Second quarter GDP rose by 3%, which would be solid in normal times. But the numbers are distorted by a surge of imports in the first quarter and a corresponding plunge in the second. Even it out, and GDP growth in the first half of 2025 was a weak 1.2%. That's less than half the growth rate in the first half of 2024, which was a more robust 2.8%. Many companies are beginning to say Trump's tariffs are harming profits, including bellwethers Ford (F), General Motors (GM), and Procter & Gamble (PG). The US manufacturing sector has contracted for five months in a row, and manufacturing employment has dropped for three months straight. Tariff-related inflation might also be materializing. The inflation rate inched up from 2.4% in May to 2.7% in June. There were notable month-to-month price hikes in product categories dominated by tariffs, including clothing, appliances, sporting goods, and toys. Consumers don't normally notice small monthly price hikes, but they notice for sure if price hikes persist and stuff continually gets more expensive. All of these trends are exactly what the many critics of Trump's trade wars have predicted. Tariffs raise costs for any firm or household dependent on imports. Higher costs reduce spending and investment. Trump's episodic tariff announcements also create uncertainty because affected businesses can't predict future costs. That creates an incentive to wait instead of investing, expanding, or hiring. The net effect is lower growth, lower employment, and possibly stagflation. Read More: What is stagflation, and how does it impact you? It's possible that Trump will get the message and wind down his trade wars. But not before more chaos. Just as Trump was inking trade deals with Japan, South Korea, Indonesia, and the European Union, he upped the ante on some five dozen other countries by threatening tariffs on their imports as high as 40%, including a new 35% rate — up from 25% — on some Canadian imports. The US stock market had been hovering near record levels on the hope that the worst of Trump's tariff fulminations were over. But stocks sank anew on Aug. 1 on the latest tariff shock, plus the lousy job numbers. There's yet another tariff deadline, Aug. 7, when the latest barrage of tariffs will go into effect unless those 60-odd countries make trade deals with Trump. Some of them probably will. But the new regime of higher tariffs is here to stay, and whether the average tariff rate is 18% or 20% or 22%, everybody's going to have to deal with Trump's new import taxes. Read more: 5 ways to tariff-proof your finances The consolation prize is that the weakening economy makes the Federal Reserve much more likely to cut interest rates in the fall. Odds of a quarter-point rate cut in September jumped from 38% to 81% after the latest job and tariff news, according to the CME Group's FedWatch tool. Trump, of course, has been hectoring the Fed to cut rates, and the weakening Trump economy now gives it a reason to. Most economists think the economy will slow from 2.8% GDP growth in 2024 to around 1% in 2025 and 2026. That's not a recession, but weak growth will make jobs more scarce, keep a lid on wages, and intensify the economic blahs many people feel. It's probably happening now. Rick Newman is a senior columnist for Yahoo Finance. Follow him on Bluesky and X: @rickjnewman. Click here for political news related to business and money policies that will shape tomorrow's stock prices. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store