Despite a significant setback in the Buenos Aires provincial election, President Javier Milei has affirmed that his free-market economic policies will remain unchanged. The center-left Peronist opposition secured a decisive victory, garnering approximately 47% of the votes, while Milei’s La Libertad Avanza party received around 34%. This defeat, with the majority of votes tallied, marks a challenge to the President’s agenda.
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The August jobs report revealed a significant economic downturn, with only 22,000 jobs added and the unemployment rate rising to 4.3%, the highest since 2021. These figures, released after President Trump fired the Bureau of Statistics Commissioner, further indicated that the jobs market is struggling. While Trump’s administration continues to push a narrative of economic prosperity, the numbers undercut those claims and could prompt the Federal Reserve to lower interest rates. The report has also caused the number of Americans who have been out of work for more than six months to reach 1.9 million.
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The latest jobs report revealed a struggling labor market, with only 22,000 jobs added in August and an unemployment rate increase to 4.3 percent, the highest since 2021. This downturn follows revisions to previous months, indicating negative job growth, exacerbated by the administration’s erratic economic policies. Imposing tariffs and causing economic uncertainty created a brutal post-COVID economy, and now, those factors have severely impacted job growth. Moreover, the administration’s response involves blaming others and attempting to downplay negative findings, while also implementing policies that have shrunk the workforce and reduced job opportunities.
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The U.S. trade deficit surged in July, exceeding $78 billion, marking a significant 32.5% increase from the previous month. This widening gap reflects the ongoing impact of President Trump’s tariffs on the global economy, with imports rising nearly 6% as businesses and consumers stocked up ahead of new tariffs. Small business owners have reported increased costs and challenges in selling products abroad due to tariffs on imported components, impacting their competitiveness. Furthermore, tariffs appear to have negatively affected the “Made-in-the-USA” brand, as indicated by declining global favorability ratings for the United States.
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The Bureau of Labor Statistics (BLS) released August jobs numbers indicating a disappointing increase of only 22,000 nonfarm payrolls, far below the projected 75,000. While healthcare saw gains, losses in federal government employment, mining, quarrying, and oil/gas extraction offset those gains. This follows the firing of the previous BLS commissioner by President Trump due to weak employment data from the previous month. Furthermore, analysts are noting a possible rate cut by the Federal Reserve.
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President Donald Trump downplayed the upcoming U.S. jobs report, suggesting the true economic figures would be apparent in a year. This statement follows Trump’s removal of the Bureau of Labor Statistics commissioner, Erika McEntarfer, after he disputed previous reports. While the August report is anticipated, economists offer differing projections, with some forecasting a slowdown in job growth. These actions have sparked concerns about the politicization of economic data and its trustworthiness.
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President Trump’s tariffs, which imposed duties as high as 145% on some countries, face a Supreme Court challenge after a federal appeals court ruled they were unlawfully enacted. If the Supreme Court upholds the lower court’s decision, the Treasury could be forced to refund over $210 billion in tariff revenue to American businesses. While businesses await potential refunds, economic experts caution that such a move could lead to increased government borrowing and potentially fuel inflation. Therefore, the outcome of the Supreme Court’s decision on the legality of the tariffs has wide-ranging implications for both businesses and the overall economy.
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Recent Gallup polling indicates a noticeable shift in Donald Trump’s approval ratings among non-college-educated Americans, a key demographic for his support. While approval dipped slightly in July, it rebounded in August, demonstrating the continued resonance of his populist messaging. However, this comes in contrast to a decline in approval among college-educated voters. Despite this rebound, there’s rising pessimism among non-college-educated Americans regarding the economy, with concerns about its performance and the impact of potential tariffs.
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Despite a rising stock market, the economy is in worse shape than a year ago, largely due to Trump’s policies. Public disapproval of his economic handling is evident, yet media coverage has been lacking. Trump’s “Liberation Day” tariffs have damaged trade relationships and led to job losses and price increases. While tariffs generated increased revenue, it is significantly less than income tax revenue.
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Ukraine knocking out 17% of Russia’s oil capacity — and that’s just this month, Reuters says, is certainly a headline that grabs your attention, doesn’t it? It’s a pretty significant hit, particularly when you consider it’s a blow to Russia’s economic lifeline – their oil industry. It’s hard not to feel a sense of satisfaction, and perhaps even a bit of vindication, seeing this kind of impact on their ability to fund the war. It’s a clear illustration of how Ukraine is evolving in its offensive capabilities, using its resources strategically and effectively.
This news report specifically mentions refinery capacity, which is a critical distinction.… Continue reading
John Q. Hosedrinker 
Matt Underwood