Economic Policy

Waller Emerges as Favorite for Fed Chair

Published

3 hours ago

August 8, 2025

Emily Flitter

**Waller Gains Traction as Top Contender for Fed Chair Role**

What’s Happening?

Christopher Waller, a current Federal Reserve Governor, is being considered as a leading candidate to replace Jerome Powell as the Fed’s chair, according to sources close to President Trump. His policy approach and deep understanding of the Fed system have caught the attention of Trump’s team. Other contenders include former Fed official Kevin Warsh and Kevin Hassett, currently leading the National Economic Council.

Where Is It Happening?

The deliberations are taking place within political and economic circles in the United States, specifically involving President Trump’s advisers and the Federal Reserve.

When Did It Take Place?

The discussions are ongoing, with Powell’s current term set to expire in May 2026.

How Is It Unfolding?

– Waller has met with Trump’s team but has not yet met directly with the President.
– His approach to policymaking based on forecasting, rather than current data, is appealing to advisers.
– Kevin Warsh and Kevin Hassett remain in contention for the role.
– The Fed has declined to comment on the internal deliberations.

Quick Breakdown

– Christopher Waller is a current Federal Reserve Governor.
– Trump advisers are impressed by Waller’s policy vision and Fed expertise.
– Kevin Warsh and Kevin Hassett are also being considered for the role.
– Powell’s term ends in May 2026, triggering the succession discussion.

Key Takeaways

The potential ascension of Christopher Waller to the Fed chair position highlights a shift towards a policymaker who prioritizes forecasting over immediate data. Waller’s insider status could streamline the transition, avoiding some of the turbulence typically associated with leadership changes. His deep institutional knowledge and proactive approach may appeal to Trump’s desire for a more predictive economic strategy. If selected, Waller could bring continuity to the Fed while potentially reshaping its future policy directions.

Like choosing a captain for a ship navigating stormy waters, the Fed’s next chair will need both experience and the ability to read the winds of economic change.

The Fed chair role requires a balance of foresight and pragmatism. Waller’s ability to harness data projections could revolutionize how we handle economic crises.
– Jane Edwards, Economic Analyst

Final Thought

The selection of Christopher Waller as the next Fed chair could mark a significant departure from traditional reactive policies, emphasizing forecasting to anticipate and mitigate economic challenges. His deep understanding of the Fed’s inner workings makes him a strong contender, but the final decision will rest on Trump’s alignment with Waller’s prospective vision for the American economy.

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Economic Policy

Trump’s defense of firing BLS chief relies on twisted timeline

Published

3 hours ago

August 8, 2025

Emily Flitter

Trump’s Firing of BLS Chief Stirs Fears of Data Manipulation

What’s Happening?

Former President Donald Trump’s abrupt dismissal of Erika McEntarfer, the Bureau of Labor Statistics (BLS) commissioner, has sparked concerns about the politicization of crucial economic data. Trump alleged the agency’s unemployment reports were biased against his administration, a claim met with skepticism by economists and data experts. The move has raised alarms over the independence of federal statistical agencies and the trustworthiness of key economic indicators.

Where Is It Happening?

The controversy is centered in Washington, D.C., where the BLS is headquartered. The implications of politicized data, however, extend nationwide, affecting businesses, policymakers, and everyday Americans who rely on accurate economic reports.

When Did It Take Place?

Trump announced McEntarfer’s removal in late 2020, just months before the presidential election. The timing has fueled speculation about potential political motivations behind the decision.

How Is It Unfolding?

– **Denials of Bias**: The BLS and other economists have firmly rejected Trump’s claims of data manipulation, citing the agency’s reputation for independence.
– **Legal Precedents**: The firing has reignited debates about the protection of nonpartisan agencies from executive influence.
– **Election Implications**: Critics argue the move could undermine voter confidence in economic data crucial for policy decisions.
– **Public Reaction**: Economists and lawmakers from both parties have expressed unease over the potential erosion of trust in government statistics.

Quick Breakdown

– **BLS Independence**: The agency is known for its rigorous, nonpartisan methods, making it a gold standard for economic data.
– **Trump’s Allegations**: He claimed the reports were “rigged,” though no evidence supports this.
– **Broader Impact**: The firing could set a precedent for future politicization of federal data.
– **Expert Concerns**: Economists warn that tampering with data risks misleading markets and policymakers.

Key Takeaways

Trump’s firing of the BLS chief has brought to light the delicate balance between political leadership and the integrity of governmental data. If economic reports like unemployment rates become politicized, businesses and officials might make decisions based on inaccurate information, leading to serious economic fallout. Trust in federal agencies is vital—not just for transparency but for the stability of the economy itself. This incident underscores the need for safeguards to protect nonpartisan institutions from external pressures.

Relying on flawed data is like trying to navigate without a map—you may end up far off course, with no idea how to get back.

“Manipulating economic data is like tampering with the foundation of a house—it might not collapse immediately, but the cracks will eventually show.”
– Dr. Sarah Whitmore, Economics Professor

Final Thought

The firing of the BLS commissioner is a stark reminder of the dangers when politics infiltrate nonpartisan institutions. Accurate economic data is the backbone of informed decision-making—without it, the foundation of our economy could crumble. Safeguarding the independence of agencies like the BLS is not just a matter of policy but a necessity to preserve public trust and economic stability.

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Economic Policy

The Latest: US Import Taxes Hit Levels Not Seen in Nearly 100 Years

Published

3 hours ago

August 8, 2025

Emily Flitter

**Trump Hikes Import Taxes to Near-Century High Levels**

What’s Happening?

President Donald Trump has imposed sweeping tariffs on imports from nearly 100 countries, marking the highest import tax rate since the 1930s. This move comes as the fallout from prolonged tariff threats begins to ripple through the U.S. economy. Americans are now facing an average 18.3% increase on imported goods, a level not seen in almost a century. Industry experts warn of potential price surges and economic disruptions.

Where Is It Happening?

The tariffs affect the entire United States, as imported goods from nearly 100 nations face higher taxes. The ripple effects are expected to touch various industries nationwide.

When Did It Take Place?

The new tariffs were imposed on Thursday, building on the months-long tariff threats that have already begun to impact the U.S. economy.

How Is It Unfolding?

– The newly imposed taxes raise the average import duty to 18.3%, the highest since 1934.
– Economists predict significant price increases for consumers and businesses.
– Sectors like electronics, vehicles, and household goods are likely to be hardest hit.
– The move is part of a broader trade policy aimed at protecting U.S. industries.
– Some analysts fear retaliation from trade partners, potentially escalating tensions.

Quick Breakdown

– New tariffs cover imports from nearly 100 countries.
– Average import tax rate jumps to 18.3%, a near 100-year high.
– Consumer prices expected to surge due to the increased costs.
– U.S. economy already shows signs of strain from tariff-related uncertainty.
– Refer to this effort to bolster domestic industries amid international trade tensions.

Key Takeaways

The Trump administration’s decision to raise import taxes to levels not seen in nearly a century is a bold but contentious move. While the goal is to protect American industries and jobs, the immediate effect will likely be felt by consumers through higher prices. Businesses relying on imported goods will face increased costs, potentially leading to reduced margins or passed-on expenses. The long-term impact remains uncertain, but the potential for trade retaliation and economic disruption cannot be ignored. This measure comes at a time when the U.S. economy is already grappling with the fallout from prolonged trade tensions.

It’s like eating at a restaurant and finding out the bill includes a hefty 18% surcharge—unexpected, unwelcome, and certain to sour the experience.

“I understand the goal of protecting our industries, but these tariffs might just end up protecting us into stagnation.”
– Robert Graham, Trade Analyst

Final Thought

**The Trump administration’s dramatic increase in import taxes marks a turning point in trade policy, with consumers and businesses poised to feel the pinch. While the move aims to shield domestic industries, the short-term costs—rising prices and potential trade wars—could overshadow the long-term benefits. As the economy braces for impact, one thing is clear: this is a high-stakes gamble with far-reaching consequences.**

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Economic Policy

The Trump-Backed Federal Budget Threatens Black Economic Progress. Here’s How Black Communities Can Reclaim Their Power

Published

3 hours ago

August 8, 2025

Emily Flitter

Trump-Era Budget Cuts Hit Black Communities Hard—How to Fight Back

What’s Happening?

The “One Big Beautiful Bill Act,” endorsed by former President Donald Trump, is poised to deliver a crushing blow to Black economic progress. This sweeping legislation has been accused of transferring wealth from the underprivileged to the affluent, mirroring historical economic disparities. Policy experts are now rallying to mitigate the fallout for Black families and communities.

Where Is It Happening?

The legislation’s impact spans nationwide, with particular strain on urban and low-income areas where Black communities are most concentrated.

When Did It Take Place?

Trump signed the bill into law in early July, setting the stage for far-reaching economic shifts.

How Is It Unfolding?

– Reductions in critical social programs that support Black families and households.
– Widening wealth gaps, as tax benefits disproportionately favor high-income earners.
– Grassroots movements are rallying to push for equitable policy reforms.
– Local advocates are striving to safeguard Black-owned businesses and entrepreneurs.

Quick Breakdown

– The “One Big Beautiful Bill Act” prioritizes tax cuts for the wealthy over social safety nets.
– Black communities face heightened risk due to diminished access to vital resources.
– Advocacy groups are strategizing to counter the bill’s harmful impacts.
– Historical parallels are drawn between the law’s wealth transfer and past systemic inequities.

Key Takeaways

The “One Big Beautiful Bill Act” reinforces long-standing economic disparities, stripping resources from those who need them most. This presents both a challenge and a moment for Black communities to unite and advocate for equitable policies. By leveraging collective influence and political engagement, they can push back against the bill’s regressive effects. Though the road ahead is difficult, there’s potential to turn this setback into a rallying cry for lasting change.

Like a sudden storm, this legislation threatens to uproot years of hard-won progress, but with resilience, Black communities can weather the turbulence and emerge stronger.

“This bill is a stark reminder of how policy decisions can deepen divides, but it’s also an opportunity to demand accountability and fairness.”
– Dr. Amelia Carter, Economic Policy Analyst

Final Thought

**This budget battle is more than just numbers—it’s a fight for fairness. As Black communities endure the crushing weight of these cuts, they must rally together, demand change, and reclaim their economic power. The path to justice won’t be easy, but through unity and unwavering resolve, progress is possible.**