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Economic Times
02-08-2025
- Business
- Economic Times
It's Trump's economy now. The latest US financial numbers offer some warning signs
AP FILE - A sheet of new $1 bills is seen, Nov. 15, 2017, at the Bureau of Engraving and Printing in Washington. (AP Photo/Jacquelyn Martin, File) For all of President Donald Trump's promises of an economic "golden age," a spate of weak indicators this week told a potentially worrisome story as the impacts of his policies are coming into focus. Job gains are dwindling. Inflation is ticking upward. Growth has slowed compared to last year. More than six months into his term, Trump's blitz of tariff hikes and his new tax and spending bill have remodeled America's trading, manufacturing, energy and tax systems to his own liking. He's eager to take credit for any wins that might occur and is hunting for someone else to blame if the financial situation starts to totter. But as of now, this is not the boom the Republican president promised, and his ability to blame his Democratic predecessor, Joe Biden, for any economic challenges has faded as the world economy hangs on his every word and social media post. When Friday's jobs report turned out to be decidedly bleak, Trump ignored the warnings in the data and fired the head of the agency that produces the monthly jobs figures. "Important numbers like this must be fair and accurate, they can't be manipulated for political purposes," Trump said on Truth Social, without offering evidence for his claim. "The Economy is BOOMING." It's possible that the disappointing numbers are growing pains from the rapid transformation caused by Trump and that stronger growth will return - or they may be a preview of even more disruption to come. Trump's economic plans are a political gamble Trump's aggressive use of tariffs, executive actions, spending cuts and tax code changes carries significant political risk if he is unable to deliver middle-class prosperity. The effects of his new tariffs are still several months away from rippling through the economy, right as many Trump allies in Congress will be campaigning in the midterm elections. "Considering how early we are in his term, Trump's had an unusually big impact on the economy already," said Alex Conant, a Republican strategist at Firehouse Strategies. "The full inflationary impact of the tariffs won't be felt until 2026. Unfortunately for Republicans, that's also an election year." The White House portrayed the blitz of trade frameworks leading up to Thursday's tariff announcement as proof of his negotiating prowess. The European Union, Japan, South Korea, the Philippines, Indonesia and other nations that the White House declined to name agreed that the U.S. could increase its tariffs on their goods without doing the same to American products. Trump simply set rates on other countries that lacked settlements. The costs of those tariffs - taxes paid on imports to the U.S. - will be most felt by many Americans in the form of higher prices, but to what extent remains uncertain. "For the White House and their allies, a key part of managing the expectations and politics of the Trump economy is maintaining vigilance when it comes to public perceptions," said Kevin Madden, a Republican strategist. Just 38% of adults approve of Trump's handling of the economy, according to a July poll by The Associated Press-NORC Center for Public Affairs. That's down from the end of Trump's first term when half of adults approved of his economic leadership. The White House paints a rosier image, seeing the economy emerging from a period of uncertainty after Trump's restructuring and repeating the economic gains seen in his first term before the pandemic struck. "President Trump is implementing the very same policy mix of deregulation, fairer trade, and pro-growth tax cuts at an even bigger scale - as these policies take effect, the best is yet to come," White House spokesman Kush Desai said. Recent economic reports suggest trouble ahead The economic numbers over the past week show the difficulties that Trump might face if the numbers continue on their current path: - Friday's jobs report showed that U.S. employers have shed 37,000 manufacturing jobs since Trump's tariff launch in April, undermining prior White House claims of a factory revival. - Net hiring has plummeted over the past three months with job gains of just 73,000 in July, 14,000 in June and 19,000 in May - a combined 258,000 jobs lower than previously indicated. On average last year, the economy added 168,000 jobs a month. - A Thursday inflation report showed that prices have risen 2.6% over the year that ended in June, an increase in the personal consumption expenditures price index from 2.2% in April. Prices of heavily imported items, such as appliances, furniture, and toys and games, jumped from May to June. - On Wednesday, a report on gross domestic product - the broadest measure of the U.S. economy - showed that it grew at an annual rate of less than 1.3% during the first half of the year, down sharply from 2.8% growth last year. "The economy's just kind of slogging forward," said Guy Berger, senior fellow at the Burning Glass Institute, which studies employment trends. "Yes, the unemployment rate's not going up, but we're adding very few jobs. The economy's been growing very slowly. It just looks like a 'meh' economy is continuing." Trump's Fed attacks could unleash more inflation Trump has sought to pin the blame for any economic troubles on Federal Reserve Chair Jerome Powell, saying the Fed should cut its benchmark interest rates even though doing so could generate more inflation. Trump has publicly backed two Fed governors, Christoper Waller and Michelle Bowman, for voting for rate cuts at Wednesday's meeting. But their logic is not what the president wants to hear: They were worried, in part, about a slowing job market. But this is a major economic gamble being undertaken by Trump and those pushing for lower rates under the belief that mortgages will also become more affordable as a result and boost homebuying activity. His tariff policy has changed repeatedly over the last six months, with the latest import tax numbers serving as a substitute for what the president announced in April, which provoked a stock market sell-off. It might not be a simple one-time adjustment as some Fed board members and Trump administration officials argue. Trump didn't listen to the warnings on 'universal' tariffs Of course, Trump can't say no one warned him about the possible consequences of his economic policies. Biden, then the outgoing president, did just that in a speech last December at the Brookings Institution, saying the cost of the tariffs would eventually hit American workers and businesses. "He seems determined to impose steep, universal tariffs on all imported goods brought into this country on the mistaken belief that foreign countries will bear the cost of those tariffs rather than the American consumer," Biden said. "I believe this approach is a major mistake."
Yahoo
27-03-2025
- Business
- Yahoo
Georgia State Sen. Brandon Beach named U.S. treasurer
March 26 (UPI) -- President Donald Trump on Wednesday selected Georgia state Sen. Brandon Beach to serve as the next treasurer of the United States, including having his signature appear on money. The treasurer oversees the U.S. Mint, the Bureau of Engraving and Printing and Fort Knox in Kentucky. Beach, who doesn't need to be confirmed by the U.S. Senate, will serve under Treasury Secretary Scott Bessent, whose signature also is on bills. Trump announced the selection on Truth Social, where he boasted about Beach's efforts in the 2024 election. "Brandon helped us secure a Massive and Historic Victory for our Movement in the Great State of Georgia, and has been doing an incredible job in the Georgia State Senate since 2012," Trump said. "As our next Treasurer, Brandon will uphold the Values of Fiscal Responsibility, Economic Growth and help unleash America's Golden Age. Congratulations Brandon!" Trump defeated Joe Biden in Georgia after losing in 2020 in the nation and the state. Beach backed efforts to overturn the vote in Georgia over unfounded fraud allegations. Lt. Gov. Geoff Duncan stripped Beach of his chairmanship of the Transportation Committee. In July 2022, Fulton County prosecutor Fani Willis said she sent a target letter to Beach and two other Republican officials, warning them that they face indictment in connection with a scheme to appoint alternate electors. He wasn't indicted. Beach, 63, has represented District 21 in Georgia north of Atlanta since 2013. He ran unopposed in 2020. The district represents 196,729 residents. He is a former member of the Alpharetta City Council. Beach has also served as president and CEO of the Greater North Fulton Chamber of Commerce. In 2016, Georgia Trend Magazine Beach named Beach to its Power List of "100 Most Influential Georgians." Patricia Collins has been acting treasurer since Trump became president again on Jan. 20.
Yahoo
24-03-2025
- Business
- Yahoo
15 Strange Facts You Never Knew About Your Money
You might not think twice about the money you use every day, but you should. There could be some facts about your bills and coins that might fascinate you — and they could be useful, too. Do you know what bills are made out of? (Hint: It's not paper). What about how long the typical bill stays in circulation? Find Out: Be Aware: From the hidden messages in money to the security features you never noticed, here are some interesting facts about your money. The $2 bill was first printed in 1862. Interestingly, $2 notes were considered unlucky and unpopular throughout most of history. The back of the bill depicts the famous John Trumbull painting 'Declaration of Independence' — sans five of the 47 people who appear in the original. So, although plenty of conspiracy theories about money have fixated on the $2 bill, perhaps the real controversy here is who was left out on the final design. Learn More: Check Out: After being used on a regular basis, bills wear out and are taken out of circulation. The $1 bill gets the most use and typically only lasts about 5.8 years. However, it's not the shortest life expectancy for a bill — that title belongs to the $10 bill, which surprising only lasts about 4.5 years. The $5 bill also has a shorter lifespan than the $1 bill, coming in at 5.5 years, whereas the $20 and $50 bills start to trend upward at 7.9 years and 8.5 years, respectively. The longest lifespan belongs to the $100 bill, which lasts an average of 15 years. For You: If you have money that's been badly damaged, don't be too quick to throw it out. The Bureau of Engraving and Printing might redeem it at full value. To qualify for the redemption, you must have more than half of the original note, including any relevant security feature. Or, you can qualify if you have less than half but are able to prove how the note was mutilated and that the missing portions were destroyed. From time to time, Congress authorizes the U.S. Mint to make a limited production run of special commemorative coins. These coins are still legal currency, but they're generally not intended for general circulation. By selling commemorative coins to collectors, the U.S. Mint has raised hundreds of millions to fund various museums, monuments and other programs. The motto 'In God We Trust' hasn't always been a staple on U.S. currency. It wasn't until 1957 that it first appeared on paper bills, but it has appeared on the penny since 1909, the dime since 1916 and all full-, half- and quarter-dollar coins since 1908. However, the motto isn't appreciated by all. Kenneth Mayle, a self-described satanist from Chicago, filed a federal lawsuit in May 2017 that claimed the implicit religious message behind the motto violated his rights. A judge threw out the case, and then Mayle lost his appeal with the 7th Circuit Court of U.S. Appeals. Up Next: We're so used to seeing portraits and faces on our currency today. However, early coins produced by the United States used images of Liberty and the bald eagle rather than the faces of prominent figures. That's because the British used pictures of the monarchs on their currency, and having just won their independence, Americans didn't want to be reminded of that. Hold up your bill to the light, and you'll see a second image of the portrait. For example, with a $100 bill, you can see Benjamin Franklin from both sides of the bill in the blank space located on the right side of the portrait. Want to learn how to spot counterfeit money? Embedded security threads are also used to protect against counterfeiting. If you have a UV light, hold it up to your bill to see the thread glow. On the $5 bill, the thread glows blue. On the $10 bill, it glows orange. On the $20 bill, it glows green. On the $50 bill, it glows yellow. On the $100 bill, it glows pink. Though people commonly refer to bills as 'paper' money, they actually aren't made from paper. Instead, each bill is a combination of 75% cotton and 25% linen. See More: Under English rule, the colonies were banned from making their own currency and were forced to use their existing coins or creatively barter with each other, according to the Federal Reserve Bank of Philadelphia. However, in 1652, Massachusetts started making its own coins against the British directive. In an attempt to mitigate any punishment they would receive if the British ever found the currency illegal, they dated all of the coins with the year '1652' — even though they continued to be produced for many years. The initial Articles of Confederation — aka the predecessor to the Constitution — gave both Congress and the states the right to coin money. Can you imagine the hassle of having to get new currency every time you crossed a state line? Ultimately, it was decided there should be only one national coinage. Under the Coinage Act of 1792, gold coins had different values, including $2.50 (called a quarter eagle), $5 (half eagle) and $10 (eagle). If you think those names are weird, wait until you find out what people call money in different parts of the world. Some of the terms used to describe money include toad (Denmark), pasta (Spain), lobster (Australia) and mosquito (Germany). It's almost as weird as calling money cheddar or dough… Early silver coins didn't even have denominations marked on them and were all identical — except for their size. So, the only way you would know how much they were worth was by their size. It wasn't until 1804 that quarters started bearing '25c' on them to show how much they were worth. Take a Look: Though the colonies issued paper money prior to winning independence, the federal government didn't start circulating paper money (greenbacks) until 1861. That's because the government needed to finance the Civil War — which was expensive — and needed the 'Demand Notes' issued by the Treasury to secure loans from Northeastern banks. As such, any and all U.S. tender issued in 1861 or later remains legal tender to this day, redeemable at its face value. During the Civil War, there was a shortage in the supply of coins. At the time, they were still made of silver and gold, so people were holding on to them because the metals were valuable. To address this, the government started accepting postage stamps as payment for debts. Ironically, and perhaps unsurprisingly, this caused a shortage of stamps. So, the government authorized printing 'fractional currency,' which were bills with denominations under $1 starting in 1863. More From GOBankingRates Who Would Benefit the Most from Trump's Social Security Tax Plan I'm a Retired Boomer: 6 Bills I Canceled This Year That Were a Waste of Money25 Creative Ways To Save Money This article originally appeared on 15 Strange Facts You Never Knew About Your Money Sign in to access your portfolio
The Independent
05-03-2025
- Business
- The Independent
Rep. Lauren Boebert endorses plan to put Trump's face on $100 bill
Outspoken Colorado Representative Lauren Boebert has endorsed a proposal that would put Donald Trump 's face on a new $100 bill. The proposal was officially introduced by Texas Congressman Brandon Gill this week as the 'Golden Age Act of 2025' and featured the president 's mugshot – taken when he was booked into the Fulton County Jail in Georgia in 2023. 'This legislation would require that all $100 bills feature a picture of Donald J. Trump on the front face of the note', a press release on behalf of the congressman read. Boebert, a staunch advocate of the president, chimed in on Gills' proposal to declare her unwavering support. 'Add me as a co-sponsor!' she wrote on X shortly after the congressman announced the bill. Gill explained in his formal proposal that the Secretary of the Treasury would release a preliminary design of the $100 bill – featuring the striking image of the President – by no later than December 31, 2026. The bill would require all $100 bills after December 31, 2028, to feature Trump's image. Whether this photo would be his mugshot remains unclear. Citing the president's resilience after 'he took a bullet for this country' referencing the attempt on Trump's life during an election campaign rally in Butler, Pennsylvania in July 2024, Gill wrote: 'There has been no one who has done more to bring America into the golden age than President Trump. 'Featuring him on the $100 bill is a small way to honor all he will accomplish these next four years.' The congressman, who once slated Biden's immigration policies as 'an abomination', declared his unwavering MAGA support by praising Trump's harsh stances on immigration, trade, energy, and foreign aid. Just days before the Texan congressman's announcement, South Carolina Representative Joe Wilson also revealed he was drafting legislation that called for Trump's face to appear on a new $250 bill to honor the president's economic achievements. However, federal law prohibits any living person's face from appearing on U.S. currency. The Bureau of Engraving and Printing is responsible for creating the bills. The last $100 bill went into circulation in 2013 and features a portrait of founding father Benjamin Franklin on the front and Independence Hall on the back. The Independent contacted the Secretary of the Treasury and The Bureau of Engraving and Printing for comment.
USA Today
28-02-2025
- Business
- USA Today
Commendations, cash awards, positive reviews. Then they were fired for poor performance.
Commendations, cash awards, positive reviews. Then they were fired for poor performance. Show Caption Hide Caption Thousands of IRS employees laid off as tax refund season gets underway Thousands of IRS employees were laid off, primarily affecting President Biden's expansion hires aimed at tax enforcement on wealthy taxpayers. Samantha Leach had been thrilled eight months ago to find a job she loved, working with a team that appreciated her skills and enthusiasm when she went to work at the federal Bureau of Engraving and Printing. That joy came crashing down earlier this month when she learned she was among tens of thousands of probationary federal government employees abruptly fired. Even a recent performance review with a perfect score of five out of five couldn't protect her as President Donald Trump moved to fire the vast majority of the federal government's probationary employees. The reference to poor job performance in her termination letter was an additional gutting blow, she said. 'I was good at my job, very good at my job, and I wanted to stay being good at my job,' she said. 'I did everything right. Literally. And I still got fired. So for someone like me who wants nothing more in the world than to fit somewhere and contribute, to be fired when I'm doing that is kind of soul crushing.' Like Leach, dozens of former federal workers tell USA TODAY reporters they were particularly hurt and angry that their termination letters cited poor work despite receiving performance awards, or years of positive performance reviews. Several fear the letter could keep them from getting other government jobs or even follow them into the private sector. Each of the seven former employees interviewed for this article had received commendations, cash awards or multiple positive reviews yet were told they were being let go because of poor performance. On Monday, Hampton Dellinger, who leads a federal whistleblower protection entity called the Office of Special Counsel, said the mass firings of probationary federal employees appear to be illegal because the termination letters don't cite specifics to each of the employees. On Wednesday the Merit Systems Protection Board, which protects federal workers against partisan politics and illegal employment practices, reinstated six fired employees in six different federal agencies so Dellinger and the Office of Special Counsel can further investigate. When asked for a response to the Board's decision or what the White House wanted to say to employees with positive reviews who received a disparaging termination letter, White House deputy press secretary Anna Kelly said in a statement 'President Trump is working every day to deliver on the American people's mandate to eliminate wasteful spending and make federal agencies more efficient, which includes removing probationary employees who are not mission critical." 'As far as a federal job, I think I'm screwed' Tony Ruiz, of Orange County, Calif., was fired on Feb. 3, just ten days before his probation as a Veteran Service Representative for Veterans Affairs was supposed to end. The disabled Army veteran said he was recruited after 15 years in the private sector to help veterans with their claims, such as getting a medical procedure approved or adding a spouse to their policy. He said he often handled up to 40 claims a day. He was aghast that the termination letter criticized his "unacceptable performance." In August, Ruiz was the first employee in his division to win an employee of the quarter award, which came with a $1,000 cash prize and was presented by Veterans Affairs Undersecretary Joshua Jacobs. His performance report, reviewed by USA TODAY, is positive, with Ruiz receiving an "exceptional" scoring in half of the categories. 'You're telling me (that) me one of their best employees, who was awarded money, who was an employee of the quarter … I'm a bum. I'm a poor performer?' he said. He had a hard time even leaving the house at first and is taking some time to recover from 'the punch,' he said. 'As far as a federal job I think I'm screwed,' he said. 'I'm heartbroken, I'm upset. I don't think any American federal employee deserves this, especially a veteran.' 'This is the official record now' Last year, Megan Ruxton took a pay cut from her private-sector job with a digital health technology company to join the Food and Drug Administration as a social scientist with the Center for Tobacco Products. She helped screen tobacco products before reaching the market to ensure they would not worsen the harmful effects of tobacco for adults or appeal to children. She had hoped that she and other probationary employees would be spared from the cuts because their work was in the public interest and it was funded through tobacco industry fees, not taxpayers. But last Saturday she was home in Indianapolis with her husband when the bad news hit. More: 'It's a lie': Federal workers incensed by performance language in termination letters What angered her the most was the boilerplate language blaming poor performance. Her personnel record reviewed by USA TODAY shows she only received favorable reviews. 'I am getting choked up now just talking about it. Like many of my colleagues, I've always been the best at anything I do. I have never been told that my performance is inadequate. Ever,' Ruxton said. 'They said our employment was no longer in the public interest. Forgive my language but bull----.' What's more, she worries the termination will hurt her chances of landing a new job in the federal government or the private sector. 'I hope that people understand, but this is the official record now. If I am asked if I have ever been terminated from a position, I am going to have to say yes and I may or may not be given the opportunity to explain why,' she said. 'I think to some degree there are people out there who will see this and understand that this is not representative of who I am. But I can't guarantee that.' 'It was very insulting' About six months ago, aquatic scientist Robyn Smyth publicly announced that she successfully completed her probationary period as a program director in the Environmental Biology division at the National Science Foundation, a position she said she worked decades to get. Then a couple of weeks ago, Smyth learned from her union, the American Federation of Government Employees, that the agency had changed the length of the probationary period and she was actually still on probation. Last Tuesday, Smyth was fired. 'They told 168 of us in a meeting we no longer have our jobs ‒ and that they weren't done cutting,' she said. 'Our building is filled with accomplished scientists who have climbed through the ranks of our profession and now they're being treated like lazy people who don't want to do their jobs,' she said. Smyth, an ecologist and former college professor, said she was hurt that her termination letter said "further employment was not in the interest of the American public." "It was very insulting," she said. 'I just feel a sense of emptiness' For five years, Allie Mitchell, 30, worked her way up in the National Institute on Aging from a contract employee to a supervisory position where she conducted research and advised on initiatives for Alzheimer's Disease and related dementia research. But Saturday she was let go in a mass purge of the department. 'I just feel a sense of emptiness. Like I feel I've done everything right. I studied hard, worked in a lab, worked as a contractor to get this job,' Mitchell said. "And they just fired us and said it was because of your performance and that's not true. I have awards, great performance reviews. I exceeded expectations.' The work was personal for Mitchell. Her 87-year-old grandmother Gail Mitchell suffers from early-stage Alzheimer's. "I just want to do my work, heal people, help my people like my nana," she said. Mitchell also wants to believe there a remote chance she might be rehired. 'I have a little bit of hope that somehow I'll be able to go back, but, for now, I have to plan for what's next,' Mitchell said. 'I don't think everything that happened can be this way, Maybe I'm naive. We'll see.'
