Bulwark Takes Trump’s WORST Jobs Report Yet, Stagflation Incoming?
Sep 5, 2025
Tim Miller talks with Jonathan V. Last, an insightful author and contributor to The Bulwark, about a dismal jobs report revealing only 22,000 new jobs. They dive into the significant manufacturing losses and how government policies like tariffs and federal cuts are exacerbating the economic downturn. The discussion pivots to potential stagflation and the alarming similarities to Argentina's economic struggles. Miller and Last also ponder whether Trump could manipulate the Federal Reserve amid these challenges.
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Jobs Report Reveals Broad Weakness
- The August jobs report showed only 22,000 new jobs and downward revisions to prior months.
- Jonathan V. Last warns most sectors outside healthcare lost jobs, signaling broader weakness.
Labor Sentiment And Construction Signal Trouble
- Deeper labor indicators like the quits rate have stagnated, showing worker anxiety and weaker sentiment.
- Construction starts and spending have collapsed, which historically predict recessions.
Policy Choices Are Dragging Demand
- Policy choices like tariffs, mass deportations, and federal hiring cuts are actively suppressing economic demand.
- Tim Miller and Jonathan V. Last argue these were promised and predictable effects of Trump's agenda.