[flagged]
San Francisco tech saw layoffs. The rest of the economy saw job growth every single month [1] and real GDP growth every quarter except Q1 ‘22 [2]. To the extent there was a fly in the ointment it was a cost-of-living crisis, and Trump seems intent on driving that into overdrive with his tax increases. (Pronounced tariffs in MAGAland.)
[1] https://data.bls.gov/timeseries/ces0000000001?output_view=ne...
Neither of those "accomplishments" are impressive or unusual. The population is growing, so jobs and GDP tend to grow as well. Negative job or GDP growth are both extremely rare events that happened only during the covid pandemic, the 2008 financial crisis, 9/11, etc.
But not the way these muppets are doing it and all other stupid things they're doing.
Note that that's SEK billionaire so $100M+-ish
Yay democracy
The difference is obviously these were not self inflicted like whatever the Trump administration is doing.
I will leave this here. I wish I could pin it. It's also very disingenuous to proclaim that the economy is 'terrible' and blame someone that's been in office for 2 months.
I'm not just going to assume ignorance on this topic, since HN seemingly has more intelligent people commenting here, but economic changes don't happen this quickly and are a direct result of the state of the economy prior to Trump coming into office.
> disingenuous to proclaim that the economy is 'terrible' and blame someone that's been in office for 2 months
He’s enacted massive tax increases and trade disruptions by fiat. You can see the stock market crash when he speaks.
Biden and Democrats overstimulated the economy in ‘22. Trump is trashing it in 2 months. If you have doubts, listen to him, Musk and Bessent on whether their policies will cause recession.
> The prevailing government indicator, known colloquially as “weekly earnings,” tracks full-time wages to the exclusion of both the unemployed and those engaged in (typically lower-paid) part-time work... Think of that: American workers on the median are making 16 percent less than the prevailing statistics would indicate.
As if that wasn't always the case. When you actually look at wages for the poorest Americas, they actually rose during the highest during the Biden administration https://www.epi.org/publication/swa-wages-2023/
I also don't think the economy is currently terrible - but it can easily tilt in that direction and we're on that path right now due to self-created chaos.
The market is overvalued, it has been overvalued for a long time. It is not possible for this to continue forever, the market going down is not a sign that the world is ending. When the market went up under Trump, the same media said it had nothing to do with him...this isn't a real point of view, it is emotional, ex-post rationalisation to justify political views.
Just generally, you can't complain about the government spending $1m on a packet of nails AND complain when those subsidies are removed.
Equally, Biden had the same goals as Trump with some of his actions but he did it through massive corporate subsidies...again, do you think corporate subsidies are preferable? Is it possible or wise for the US to grow productively through growth in low-skill labour and reduction in wages? Again, probably not.
Either way, these are things people can disagree about. The ex-post reasoning is hilarious, a few years ago it was wall-to-wall doom on here, now nobody can think that Biden did anything wrong, lol. I wonder if some people are just unable to recollect what they believed in the past?
Has the government spent a million dollars on a packet of nails?
This is why politics matters folks. Always read the fine print.
These were highly profitable companies laying people off. Neither over-hiring or interest rates explains this. What does explain it are sudden increase in costs (like taxes).