Saturday, August 8, 2026

Trump’s economy is in the dumps

 

Trump’s economy is in the dumps

https://www.dailykos.com/stories/2026/8/7/800080962/business-and-economy/trumps-economy-is-in-the-dumps/ 

Trump’s economy is in the dumps

by Emily Singer
Staff
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President Donald Trump dances after speaking at an event at the Red Rock Casino Resort and Spa in Las Vegas, Wednesday, Aug. 5, 2026. (AP Photo/Mark Schiefelbein)
President Donald Trump does a celebratory dance after an event in Las Vegas on Aug. 5. Two days later, a jobs report revealed that the U.S. economy lost 23,000 jobs in July.AP

The U.S. economy lost 23,000 jobs in July, the Bureau of Labor Statistics announced on Friday, a drop that economists describe as “downright concerning.”

This marks the sixth report showing a job loss during President Donald Trump’s second term.

Not only did the economy lose jobs in July, but BLS also revised both the May and June reports  to decrease by an additional 103,000 jobs. That means that, in the last year, the economy has averaged a paltry 60,000 jobs-per-month average—far less than what’s needed to keep up with population growth.

Citizens protest against President Trump's tariff policies in front of the U.S. Supreme Court in Washington, D.C., on November 5, 2025. The U.S. Supreme Court began oral arguments in a lawsuit challenging the legality of the "reciprocal tariffs" imposed by the Trump administration on the same day. ( The Yomiuri Shimbun via AP Images )
People protest against President Donald Trump’s tariffs in front of the Supreme Court on Nov. 5, 2025.AP

“There’s no sugar coating the overarching message in the July jobs report—the economy is struggling,” Mark Zandi, chief economist at Moody’s Analytics, wrote on X. “Job growth is at a virtual standstill and concentrated in a few sectors. While unemployment is low, that’s only because those losing their jobs are leaving the workforce, too discouraged to look for a job, as few businesses are hiring.”

Even worse is that wage growth also slowed in July, with hourly earnings up 3.2%—down from 3.5% in June and marking the lowest wage growth in five years, according to Heather Long, chief economist of Navy Federal Credit Union.

And given that inflation is rising thanks to Trump’s boondoggle of a war in Iran and his idiotic tariff policies, many workers actually saw their take-home pay decline.

“Inflation is totally wiping out wage gains,” Long said of what she described as a “bleak” jobs report. “The financial squeeze is real for many Americans right now.”

The jobs report is just the latest problem for Trump and the GOP ahead of the midterms.

The weakening economy is causing even Republican voters to move away from Trump and the GOP, threatening a massive blue wave that could cost Republicans both the House and Senate in November.

Worse still is that the GOP has no good way to address this situation, as no amount of lying can convince voters that everything is fine when they’re living in a daily financial struggle.

But that hasn’t stopped Republicans from trying.

A cartoon by Jack Ohman showing Trump stealing money and pointing in the opposite direction while saying, "Look over there! Commies!"
Jack Ohman/Tribune Content Agency

“The Trump industrial resurgence is on schedule,” White House spokesperson Kush Desai declared after the jobs report was released. 

Even Baghdad Bob would be impressed with that level of delusion.

“Right now, there are great things happening in our economy,” House Majority Whip Tom Emmer whined on Fox Business Tuesday after being asked about why Republicans are doing so poorly in the midterms. “Nobody wants to talk about 78 cent eggs, nobody wants to talk about milk that’s under $2. No, no. They want to focus on gas prices.” 

If that’s how Republicans are going to try to convince Americans to vote for them in the midterms, they’re in big, big trouble.

Meanwhile, Democrats are laying the blame for this economic crisis at Trump and the GOP’s feet.

“Donald Trump’s economy is a failure,” Senate Minority Leader Chuck Schumer wrote on X after the jobs report dropped. “Job losses, skyrocketing costs, all while he’s fully consumed with interior design for the White House and golf. The only person who should be losing their job is Donald Trump. Accountability and a new way forward are coming in November.”

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  1. Comment by lmartinpa.

    At these modern prices, $0.78 will get you 0 to 2 eggs depending on whether you can buy them loose.

  2. Comment by De veritas.

    Reminds me, why wasn't simple and obvious "dump Trump" around more as a campaign (even impeachment) slogan, or did I miss it?

  3. Comment by Slideman.

    Is the corrupt dinosaur legacy media even talking about how things are really going?

  4. Comment by yunohu.

    I don't trust any jobs reports coming from this regime. Expect those positive job gains from March through June to decline.

  5. Comment by Flymari.

    Our company just gave us a WARN notice Monday. All our warehouses shut down October 3rd. I know tariffs had a lot to do with it, but they've made some bone headed decisions the past two years, but the tariffs put the nail in the coffin. I'm 61 and I have no idea what to do. I don't know if I'll be able to find another job. This sucks. Republicans SUCK!!!!

    • Reply by voidstuff.

      Frozen cod at Costco was $10/lb in May, and in June, it was $16.50/lb.

  6. Comment by lskall.

    One 8 oz jar of Hellman's mayo was $5.45 this afternoon.

    • Reply by Bolton Peck.

      Two bottles of Coca-Cola, a pound of butter, two bags of cat treats and a container of Hershey's syrup was $24 tonight.

    • Reply by BKT0611.

      I imagine you could find this info on other food items as well as eggs. Most states are above $2 per gallon. So, yeah. These idiots just make prices up. They have had someone training them who is excellent at imaginary numbers.

    • Reply by Rhetor2.

      GOP IQ = √-1

    • Reply by Bolton Peck.

      It's hovering around $6 a gallon here in King County, Washington. I don't know who's paying $2.64 at the pump, but it sure ain't us.

    • Reply by joellenb.

      I love this!!! (And for those who don't know/remember, the square root of -1 is i, for in imaginary number.)

    • Reply by SquadronLeader.

      The graphic is for MILK prices, not gasoline.

  8. Comment by ChiknSpectre.

    The way he sees it, HIS economy is doing well, it's the rest of us that has the problem and we don't count.

  9. Comment by LCJinRoslynPA.

    $.78 eggs? On what planet does Tom Emmet live? Or does he mean $.78 apiece?

    • Reply by BKT0611.

      Wondered that too.

    • Reply by Toro Blanco.

      $0.78 each would be about $11/ dozen.

      He pulled that number straight from his ass.

      They're fine just lying and making things up now, they've seen Trump get away with it because of how meek our reporters are.

      Say whatever you want, it literally doesn't matter anymore. Their contempt for the voters is insultingly transparent.

    • Reply by joellenb.

      I'm thrilled. Eggs at WalMart here (NC) recently dropped to just under $2/doz. I could barely believe it! I am eating scrambled eggs again.

  10. Comment by PMatPAlibdem.

    Trump's economy is going gangbusters for trump family and cohorts! But not so great for Americans. All those people no longer working must still live and eat. Where will they find food and shelter? Deplete retirement savings? Social (gasp) Security? Pensions? HA! Unemployment? Government largess or unemployment insurance? I doubt it, seriously! These are millions more added to the roles of the destitute, without any means of support.

    This is what 45 years of "Reagonomics" and trumpenomics have given the American people.

    Thanks all you republicans, both elected and voting!

  11. Comment by davidawood53.

    I just checked: National Retail AveragesEggs (Grade A, Large): ~$3.78 per dozenMilk (Fresh, Whole): ~$4.03 per gallonCommodity wholesale fluctuations: Egg wholesale markets shift frequently based on agricultural conditions and supply chain costs.

    • Reply by HikerGuy.

      Yeah, eggs are $2.50+ a dozen where I live. Rs just make up numbers. Gasoline is $2 a gallon and the price of beef is down 400, 600, 1200%, numbers not thought possible; the store is PAYING me to eat steak LOL. The reality is that even MAGA knows that Trump is fucking up the economy and everything, except eggs, is more expensive since he took office. But Americans wanted cheaper eggs and we got them.

    • Reply by Leilafile.

      Where I am, eggs HAVE gone down, but I keep in mind that it has nothing to do with Trump's policies: farmers killed off their chickens that had the Bird Flu until it was under control, then built their flock back in size.

    • Reply by Toro Blanco.

      And for some of us, the price never moved much.

      Here in Texas, the price of eggs has been fairly consistent

    • Reply by chickenfarmerwood.

      They just had to recall a bunch of eggs for Salmonella so I expect we will see the price go up there. Maybe not too much. I still have chickens laying eggs for me and I am growing my own vegetables as much as possible though in this heat some aren't doing great. I plan on having a large fall/winter garden this year here in Florida. I am lucky I can do that. But everything is going up. Car insurance here in Florida is horrible, homeowners is high and I just got a notice today of a stormwater assessment that the county wants us to all pay for the development we don't want. My granddaughter has given up trying to find a job, is delivering for Amazon and grub hub to make money rather than a conventional job, plus selling her crafts at flea markets and craft fairs. She is working her behind off, 7 days a week, often from as early as 5 am to 10-11 at night. It isn't easy to just survive anymore. Which is all she is doing, plus living with me because a place of her own is an impossible dream.

  12. Comment by Carbon.

    I'd bet that 23,000 job loss number will end up having another zero on the end, by the time it's quietly revised.

    • Reply by chopperQC.

      I seem to remember hearing this morning something along the line of 200,000+ new people filing unemployment, too.

    • Reply by Carbon.

      Sounds about right. I wonder how long it will be until people start torching AI data centers.

    • Reply by justavoter.

      Can't pick a date, but sometime after the mandatory public blackouts to feed the data centers.

      I believe i heard a story on NPR today that Abbot was pausing data centers because, as planned, they need five times the energy that Texas uses at peak demand!

      And, as commented upstream, after they are built the number of employees go down to a handfull.

      The companies that construct the centers are brought from elsewhere specialising in building them.

  13. Comment by soxer1.

    I'm sure Orange Face will blame the decline in jobs and take-home-pay on Biden, just like all of his other failures. I just wish that Congress would get a backbone and impeach him for a third time, which is a charm, so he can nap and golf and we can get our country back on track before it's too late!!!!

    • Reply by Rhetor2.

      He should be making license plates and eating shit on a shingle from a metal tray, not golfing at a club fed.

  14. Comment by noofsh.

    That is one ugly looking job creation chart!

  15. Comment by noofsh.

    Fa/“Acosta always have terrible economies. That is because they pursue policy that only benefit the upper one percent who can not generate enough economic activity by themselves.

    • Reply by noofsh.

      Fascists .

      Damn spell checker

    • Reply by justavoter.

      That's a doozy.

  16. Comment by sweetthesound.

    Eggs are at 78 cents apiece.

    • Reply by teacherps.

      That is $9.36 a dozen!!

    • Reply by sweetthesound.

      Oops, I meant to punctuate with a question mark and a snark tag.

      But $9.36 is a lot closer to reality than 78 cents per dozen, isn't it?

  17. Comment by Merlin196360.

    Eggs for 87 cents? Not near me, and I live in Kentucky. Milk for under two dollars? What size milk, Moses Mike? And grocery bills are more than just eggs and milks. Try beef prices now! Got diabetes type II and need to stay away from sugar, try sweeteners that cost around six dollars or more! Even simple things like bananas have seen price increases of at least ten percent.

    Before any politicians, especially Republicans, talk about grocery prices, they actually need to do THEIR OWN SHOPPING FOR AT LEAST A MONTH! I bet Mike Johnson couldn't give you a date the last time he was in a grocery store. And we all know that Trump has never been to a grocery store in his life. His family has someone do their grocery shopping for them.

  18. Comment by strawbale.

    "Nobody wants to talk about totally imaginary prices!"

  19. Comment by eXtina.

    Yesterday I was on a trip and saw a Freedom Fuel gas station in real life! The graphics and logo are so underwhelming (of course) I almost missed it. The best part was gas was $4.19/gal. Exxon was $4.17 Sunoco was 4.15 and WaWa was $4.09. All within a mile radius 🤪

    • Reply by minidriver.

      A far cry from the demented one's price of 3.47 (three genders and 47 cents).

  20. Comment by JOHN PHKNG ZOIDBERG.

    Swing voters are no doubt looking around angrily for the parties responsible.

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