Struggling dairy farmers who flocked to an expo in Wisconsin last month hoped to hear some encouragement from one of their own — Agriculture Secretary Sonny Perdue, a Georgia agri-businessman whose dad had run a small farm.But some came away angry after Perdue — speaking in a state that lost nearly two dairy farms a day last year — remarked that small farms would not likely survive as the “big get bigger and small go out.”
The U.S. government’s budget deficit ballooned to nearly $1 trillion in 2019, the Treasury Department announced Friday, as the United States’ fiscal imbalance widened for a fourth consecutive year despite a sustained run of economic growth. The deficit grew $205 billion, or 26 percent, in the past year. The country’s worsening fiscal picture runs in sharp contrast to President Trump’s campaign promise to eliminate the federal debt within eight years.
U.S. manufacturing fell deeper into a contraction last month, erasing hope of a quick turnaround for the industry and handing a blow to President Trump’s promises that he would revive blue-collar jobs and companies. September marked the worst month for U.S. manufacturing in more than a decade, since June 2009.
President Trump escalated his unprecedented attacks against America’s central bank Friday, calling Federal Reserve Chair Jerome H. Powell an “enemy” of the United States that is as bad as China, a tweet that triggered a stock market slide and came minutes after Powell vowed to keep the economy growing.
President Trump on Tuesday confirmed that he is considering whether to push for a temporary payroll tax cut amid mounting concerns about an economic slowdown. Trump’s comments pulled back the curtain on a freewheeling policy process within the White House. Senior administration officials are both trying to assess the real weaknesses in the economy while also determining whether they should take any steps to intervene before the 2020 elections.
President Trump unexpectedly announced on Thursday that he will impose new tariffs on $300 billion worth of imports from China, effectively taxing every product that Americans buy from China. The president acted one day after Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert E. Lighthizer wrapped up two days of talks in Shanghai aimed at a comprehensive trade deal.
Fears are rising about the state of the world’s biggest economies, with China posting its worst annual growth in decades and the United States injecting more uncertainty with tariffs and a lengthy government shutdown. China reported Monday that its economy expanded at 6.6 percent last year — a figure that would be good for many countries but represents the slowest growth for China in 28 years.
President Trump has asked internal and external advisers about whether he can fire Federal Reserve Chairman Jerome H. Powell, two people familiar with the exchanges said, in a sign of his mounting frustration with the central bank chief. News of Trump’s discussions about Powell prompted rebukes from lawmakers and alarm among economists and Wall Street executives Saturday
When President Trump imposed tariffs on steel imports in June, Richard Lattanzi thought of dozens of his fellow steelworkers who have for years put off badly needed repairs of their cars and homes. “There was a lot of excitement here; there were a lot of us saying, ‘It’s about time someone is looking out for us,’ ” said Lattanzi, the mayor of this town of 7,000 and a safety inspector at the U.S. Steel plant in nearby West Mifflin. “A lot of people around here were saying, ‘We’re going to be okay.’ ”
Rising prices have erased U.S. workers’ meager wage gains, the latest sign strong economic growth has not translated into greater prosperity for the middle class and working class. Cost of living was up 2.9 percent from July 2017 to July 2018, the Labor Department reported Friday, an inflation rate that outstripped a 2.7 percent increase in wages over the same period.