US President Donald Trump speaks to reporters in an oval office. (Photo Anna Moneymaker/Getty Images)
President Donald Trump may not like numbers on August 1, when the work statistics office announced that the economy had Only 73,000 jobs were added in July and and the previous two months revised by a total of 258,000.
But his reaction – the release of the head of the agency who reported these numbers – will have a bad impact on Ohio’s economy, as the majority of the economists’ panel said.
Some economists worried about it Huge tariffs applied by Trump in combination with Mass deportations and deep cuts to Federal workforce and Social Security Network would drag the economy. It seemed that it did not happen, perhaps because these potential rainfall was compensated by an boost in performance due to Artificial intelligence.
Then Brutal report from August 1 hit. A few days later it was found that basic inflation increased in July by 3% – The biggest jump from March 2022.
Definitely that his government did not report economic numbers that made him look good, Trump Released office of commissioner for work statistics Erika MCENEARFER.
At least on the acting basis he replaced her Hey AntoniAn economist with the Heritage right -wing foundation, which in the past criticized the methods used by the office.
Some experts expressed the alarm that Trump seemed not to understand how the office reports were made. They also worried that he was working on a judge when the world must believe in economic data in the USA to believe in the dollar.
“The President’s conviction that Commissioner BLS personally” produced “the number of jobs is ridiculous and shows a total misunderstanding regarding the activities of government statistical agencies”, ” Heidi Shierholz, president of the non -partisan Institute of Economic Policy, said in a statement.
His website He said: “Trump’s movement also risks the politicization of the commissioner’s office in the future, threatening their removal if any published economic statistical data does not seem beneficial for the White House.”
Most economists from Ohio respondents have agreed with the analysis.
The panel was asked if he agreed that “Reduced trust in Bureau of Labor Statistics Estimates would hurt the economic development in Ohio.”
Ten agreed, three disagreed, and one was uncertain.
Several who agreed said that companies need solid numbers to plan.
“Uncertainty is essentially harmful to companies,” wrote Kathryn Wilson from Kent State University in the commentary section from the survey. “If business owners do not feel confident in economic data with (Bureau of Labor Statistics), they can hesitate to respond to real changes in the economy.”
One economist who disagreed said that it is incorrect to assume that Antoni would lead an agency that simply informs what Trump wants.
“I do not agree with the assumption,” wrote David Brasington from the University of Cincinnati. “If the new director exercises that (Bureau of Labor Statistics) uses more updated models, trust in numbers may increase. Current BLS surveys have 45% completion rate compared to 95% in the past.”
There is a precedent for the country to throw your economic statistics. The results were not good.
In 2007 Graciela Bevacqua It was removed from Indec, an agency that follows economic statistics for the Argentine government. Responsible for tracking inflation, Bevacqua stood in the face of intensive pressure to report numbers that were much lower than in reality. She refused.
After its dismissal, there was a earnest issue of the inflation government and a reaction from the international community. The International Monetary Fund threatened to limit Argentina’s access to critical loans and a completely expulsion of Argentina, if he did not pristine his data.
Economist Jonathan Andreas from Bluffton University said that in the United States it did not become so bad. But he said that Trump’s shooting in MCENTARFER can lead a slippery slope.
“Fortunately, I do not think that trust has fallen a lot, but the unfair shooting was a bad divination, and if it signals this transition to management in the Argentine/Venezuelan style, then America will bear this kind of results,” he said. “It has not yet happened, but like (Martin) Niemanller, the poem:” Bureau of Labor Statistics) first, and I did not say … I reduced confidence in the basic macroeconomic functions of the government, pushes investments throughout the country because investors hate uncertainty. “
