Make Me Smart

The future of economic data under Trump

Aug 1, 2025
The podcast dives into President Trump's controversial decision to fire the head of the Bureau of Labor Statistics after disappointing job figures, raising concerns about data credibility. The hosts explore how tariffs are destabilizing global economies, with real-life impacts on garment workers and rising consumer prices. They also discuss the rising commercial influence in youth sports and NYC's luxury dessert scene. Finally, listener opinions on using tariff revenue for rebates reveal widespread skepticism about quick fixes to economic challenges.
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INSIGHT

Trump Fires BLS Head Over Jobs Data

  • President Trump fired the Bureau of Labor Statistics Commissioner for reporting weak jobs data he disliked.
  • This undermines trust in official economic data and politicizes objective statistics.
INSIGHT

Why Jobs Data Revisions Were Large

  • Jobs data revisions were unusually large due to fewer businesses responding amid economic uncertainty.
  • Assumptions used during rapid change periods can mislead initial job estimates significantly.
INSIGHT

Importance of Trusting Economic Data

  • Trust in official government economic data is crucial for businesses and individuals.
  • Politicization of economic numbers risks undermining public confidence and the integrity of institutions.
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