It’s not Easy Being Green

Posted on by Leave a comment

The economy, the war, the arch, the east wing, all of these controversies swirling around Washington these days seem to pale when compared to the saga of the Lincoln Memorial Reflecting Pool. The pool recently underwent a $14 million repainting project ordered by Donald Trump. However, within two weeks of refilling, the pool developed severe algae blooms that turned the water green, and its new blue paint began peeling in large chunks.

Trump insisted that the bottom of the pool be repainted “American flag blue” and that the work be completed well before the nation’s 250 birthday celebration on the Fourth of July. But the repainting did not address the well-known problems with the pool, which is more than one hundred years old.

Trump has claimed, with his usual lack of evidence, that the peeling paint and algae were caused by vandals who slashed a 300-foot gash in the sealant and dumped chemicals into the water. In a court filing, an official with the National Park Service declares, “… the U.S. Park Police responded to an NPS report of damage to the reflecting pool, including a caulk over the foam sealant that was cut with a sharp knife or razor and destruction of delaminating surface material. In addition, approximately 70 fence post tops were thrown into the pool.”

U.S. Park Police say they have arrested and cited multiple individuals in connection with the claims. Funny thing about this. There has been no public arraignment of anyone charged with this vandalism and no notice of arrests. Both would be normal procedure. And the area of the pool is under 24-hour surveillance, and no pictures have surfaced showing any kind of vandalism. In spite of the arrests, the only visual evidence shows someone bending over and putting her hands in the water. Another woman is seen taking pictures of the water with her mobile phone.

Trump has called for harsh penalties for the alleged vandals. That means if you vandalize the reflecting pool you will have the book thrown at you. If you attack the Capitol and beat Capitol Police, you will get a pardon and be entitled to compenensation. Go figure.

Critics and experts suggest that the peeling may be due to a faulty renovation. They say the material installed at the bottom of the pool should resist cutting and tearing. But they also say the material may not have been able to adhere to the concrete surface. Scores of federal government workers have now been deployed to combat the green, a battle Trump compared to the war with Iran. Workers were seen on site in waders, attempting to fish out algae and eliminate patches of deep green across the pool.

As the “green crisis” unfolded, the U.S. Department of the Interior, which oversees the National Park Service, had claimed the water was “crystal clear”, and blamed the “Fake News Media” for reports to the contrary. “The Reflecting Pool water is crystal clear, and our National Park Service team is now vacuuming up the dead algae resting on the bottom of some parts of the Reflecting Pool – just like the destroyed Iranian Navy resting on the bottom of the Persian Gulf,” the department’s press office posted. Why believe what you can see with your own eyes when you can believe what the government is telling you?

The experts say Trump’s rush job was a recipe for failure at each step.

  • Step 1: Remove filters in Reflecting Pool because Obama put them in.
  • Step 2: Give your neighbor who runs “Greenwater Services” a $20 million no-bid contract to paint the pool.
  • Step 3: Personally inspect the work by driving your motorcade of ten heavy armored SUVs on its surface.
  • Step 4: Fill the pool with water from the Potomac River, the phosphates from which cause algae blooms.
  • Step 5: Freshly sealed pool and extreme heat, aggravated by the dark blue color, results in a super scum event. 
  • Step 6: Direct National Park Service to dump hydrogen peroxide into the pool which kills algae but also causes the paint to peel.
  • Step 7: Deploy US National Guard to stop people from taking photos of the swamp as a perfect metaphor for the administration. Put up a fence around the pool to keep people away.

The proper way to repair and update this national treasure is well known and has been known for years. But the plan is expensive and will take time. It includes completely replacing the pool’s concrete foundation with stone. The concrete has cracked as the bottom of the pool, built on swampland as is most of Washington, has settled. The plan would also contend with the pool’s ongoing water-loss issues, causes by the breaking of pipes also caused by the settling ground. Formal estimates on cost and time have not been released although the numbers $100 million and four years have been cited before by the National Park Service.

The landmark pool may now be dry and inaccessible on the Fourth of July.

Wait until Trump builds his arch.

####

This is How It Should Be

Posted on by Leave a comment

This is a great picture in these troubled times. All four of the living former Presidents of the United States, and First Ladies, gathering in Chicago for the opening of the Barack Obama Presidential Center. It was an uplifting event, full of hope and optimism for the future of a country about to celebrate the 250th anniversary of its birth. The only downside was that we found ourselves noting how remarkable it was. This is how it should be.

It was a fitting memory of those eight years of Obama’s history-making presidency. Something I thought I would never live to see as I grew up in the 1960s, during the turmoil of the civil rights protests. For four years I rode my bike, weather permitting, right past the spot in Jackson Park where the Obama Center now stands. I was going from our apartment just north and east of the location to my high school in the middle of the University of Chicago campus, just to the west.

The ceremony was, like the Obamas themselves, classy and dignified. President Obama spoke not about himself, but about the accomplishments of the team he put together in Washington. He focused on rejecting political cynicism, defending American democracy, and honoring the South Side community that shaped his early career. He said, “I found my purpose here, and I fortified my faith here, and I found my community here.” He noted that the Jackson Park location sits near where he met Michelle, where they married, and where his daughters took their first steps.

President Obama stated he did not want the center to feel like a static “mausoleum” or evoke “nostalgia for some gauzy, bygone era.” Instead, he designed it to address the “unfinished business” of progress. He described democracy as frustrating, slow, and inefficient, but called on visitors to view the center as an affirmation of why democracy is so precious. He explicitly urged us to reject growing cultures of mistrust, declaring that giving in to cynicism would be a “betrayal of our founding ideals.” He closed his speech by channeling 19th-century abolitionist Theodore Parker, describing a “defiant call not to abandon hope or give way to fear,” reminding the crowd that the country must keep fighting even in the face of impossible odds.

What few political zingers were heard came from former First Lady Michelle Obama, who introduced her husband. She praised her husband’s resilience under fire, redefining what a “lasting legacy” means, and positioning the Center as a refuge from modern political chaos. She addressed him directly, saying, “Eight years in the crucible and not once did you melt in the heat. Not once did you let it harden you.”

“You were unflappable at every turn, always focused, always calm, always looking at the long view,” the former First Lady said to her husband. “How absurd it is to even imagine that you might have buckled under the pressure even once, lashed out in frustration, lost your temper. How absurd it is to imagine that you might have done anything but make our family and this entire country proud.”

“No, you were too busy. I’m not done, y’all! Not done,” Mrs. Obama continued as the crowd roared with approval. “So much to say. You were doing the people’s work, rescuing our economy, expanding healthcare, ending a war, ordering the Bin Laden raid, saving an auto industry, winning a peace prize.” Seated in the wing, Hillary Clinton burst out laughing at the obvious jab and President Obama laughed along with her.

We shall leave he-who-was-not-directly-named to sit in the Oval Office fuming. This was a private, not a state event, and he was not invited. The Obamas live in his head to this day.

The entertainers included John Legend, Stevie Wonder, Jennifer Hudson, Bono, the Roots, Christina Aguilera, Common, Marc Anthony.

It is not just a look into the past, but a living testament for the future.

It was as it should be.

#####

Up, Up, and Away

Posted on by Leave a comment
Space X Launch

I have not held back on my feelings for Elon Musk. But his persona and his work for the Trump administration notwithstanding, I will concede that he is the greatest marketer since P. T. Barnum. Barnum was a 19th century showman, self-made entrepreneur, and co-founder of the Barnum & Bailey Circus. He is often credited for coining the phrase, “There’s a sucker born every minute” although there is no evidence that he actually said it. Elon Mush might have been able to sell shares in his company, SpaceX (Ticker: SPCX), to Barnum. He did manage to sell shares to millions of retail investors.

As of this writing, SPCX had overtaken Amazon to become the world’s fifth-most valuable public company. It trails just behind Microsoft. Its market capitalization sits at approximately $2.66 trillion. This is all within days of setting records as the largest initial public offering (IPO) in history. SpaceX priced its shares at $135 each, offering 555.6 million shares and raising about $75 billion.

It is an amazing achievement when one considers the fact that, on paper, this valuation is unsupported by any reasonable standard. Mainstream financial analysts note that the company’s $2.66 trillion market cap trades at a staggering, speculative 142x price-to-sales ratio, especially considering the company logged a $4.9 billion net loss last year.

Bulls are pricing in Elon Musk’s projection that SpaceX could achieve $1 trillion in annual revenue by 2030 following its merger with xAI. xAI is another one of Musk’s companies. It develops artificial intelligence tools and is the creator of the AI chatbot Grok. According to its prospectus, SpaceX has accumulated a total loss of $41.3 billion since it was founded in 2002.

There is a third leg to the SpaceX story. Musk, who became the world’s first trillionaire based on his combined stakes in SpaceX and Tesla, may have started the company as a reusable rocket maker, but the only profitable part of the business today is the Starlink satellite internet division. It has brought the Internet to the world.

The sight of rocket ships (SpaceX Falcon) landing upright on their tails, ready for reuse, excites anyone who, like me, watched Flash Gordon’s spaceship do the same thing on Saturday morning television as a child. But SpaceX is already on to the next thing. It has a new rocket, Starship, which is still in its test phase, and failing spectacularly. SpaceX has also stimulated competition, and one has to consider the future market for launch services to value its profit potential in the years ahead.

Musk wasted no time in putting his company’s new cash infusion to work. Less than a week after the IPO SpaceX announced a $60 billion purchase of Cursor, a privately company currently owned by Anysphere. Cursor is the hottest AI coding tool in the world. It helps developers write, edit and review computer code. This will be one of the biggest AI acquisitions ever. Anthropic, which has filed for its own IPO, currently dominates the AI coding market with its Claude-based tools.

SpaceX share prices rose following the IPO and jumped when the Cursor acquisition was announced. But rational investors still scoff at the idea of paying 140 times revenue for a company. A rational investor will also note that only about five percent of SPCX is in play right now. That makes supply short and raises prices. Beginning sixty days after the IPO (mid-August), the various lockout periods begin to expire. At that point, insiders who had shares before the offering either as employee benefits or private investment, can begin selling their shares. There are hundreds of newly minted millionaires who will want to do that. This will increase supply and would be expected to push the stock price down.

So, the rational investor will stay away and compare buying of SPCX shares to rolling the dice in Las Vegas. Personally, I’ve always enjoyed the shows and the restaurants in Vegas but am not inclined to gamble there. I take a few wild shots on Wall Street instead. This may be one of them.

####




Poof! It’s Gone. Maybe.

Posted on by Leave a comment

We think Donald Trump‘s name has been removed from the John F. Kennedy Center for the Performing Arts. At least, that what Trump’s handpicked board of directors told the District Court for the District of Columbia in a filing on Saturday. The removal had been ordered by the court two weeks earlier in a decision enforcing the Center’s original statutory name.

Trump’s name was added in December 2025 after he replaced the Kennedy Center’s leadership and the new board voted to rename the institution. The court found this action illegal, ruling that the board cannot unilaterally change the name of a national memorial.

In his 94-page decision, U.S. District Judge Christopher Cooper wrote, “The Kennedy Center’s organic statute makes crystal clear that the Center is to be named for President Kennedy, and it cannot bear any other formal name or public memorial based on the Board’s unilateral say-so. Congress gave the Kennedy Center its name, and only Congress can change it.”

The renaming triggered a large outcry and a boycott of the Center by patrons, performers, and donors. A crowd of several hundred people gathered on Saturday at the Center to witness the removal of Trump’s name from the exterior. Which brings us to my use of the word “maybe.”

While the Trump lettering was put up by workers on simple lifts, workers Saturday first erected an expansive scaffold in front of the lettering. Then they draped a large curtain or tarp to prevent people from watching their work. Several web cams had been pointed on the sign, transmitting the image around the world. The curtain remains up on Sunday morning. We have only the sworn statement of Trump’s board of directors that the name has been removed.

Why is the curtain still up? Perhaps Trump just couldn’t stand to see the empty space his name once filled. And didn’t want to watch his name coming down.

This is not the end of the lawsuit, which had been brought by Rep. Joyce Beatty (D-Ohio), an ex officio trustee who sued her fellow trustees for adding Trump’s name to the title of the Kennedy Center. Hours before Friday’s deadline, two courts denied the Kennedy Center’s last-ditch attempt to delay the removal, even as crews erected scaffolding next to the building.

Judge Cooper ruled at 1 p.m. that the Kennedy Center’s lawyers failed to demonstrate they were likely to win their appeal or that the center would suffer “irreparable harm” if Trump’s name were removed. At 3:46 p.m., Justice Department lawyers representing the center appealed Cooper’s denial, filing an emergency motion for a stay with the Court of Appeals for the D.C. Circuit. Shortly after 7 p.m., the appeals court denied the second attempt. But the appeal will continue.

The addition of Trump’s name sparked immediate backlash from the arts community and members of the Kennedy family, who argued that the renaming desecrated a living memorial to the assassinated president. Congress established the center in 1964, two months after Kennedy’s death, designating it “the sole national monument to his memory within the city of Washington and its environs.”

Trump’s Department of Justice, paid for by taxpayers, represents him in these cases.

Last week the Center was also sued by the Washington National Opera. The WNO performed in the Center for fifty years but decamped when Trump took over. The opera claims the Center is refusing to return more than $17 million dollars of endowment contributions, gifts and donations which it managed on behalf of the WNO.

June 16 Update

Official word from The Kennedy Center is that the tarps will stay up for the “two-year renovation” and “replacement” of the marble facade slabs. Trumpian subtext, “OK, my name may be removed, but I’m not going to let you see it!!!! Na Na Na Na-Na.” And make no mistake about it, Trump is still the Chairman of The Kennedy Center, and his “Board” are 100% partisan sycophants.  The Kennedy Center is still in mortal danger.

####

Inflation!

Posted on by Leave a comment
Grocery prices

Go ahead. Tell me the higher prices we see staring back at us every day at the grocery store and the gas pump are just a temporary thing. I dare you.

The latest inflation report shows that price pressures heated up again in May, with the Consumer Price Index rising 0.5% month‑over‑month and 4.2% year‑over‑year, the highest annual rate since April 2023. That 4.2% figure matched economists’ expectations, but it still marks a clear acceleration from April’s 3.8% pace. The monthly increase was driven heavily by energy costs, which jumped 3.9% in May and are up 23.5% over the past year, reflecting the ongoing impact of the Iran conflict on global oil markets. Gasoline alone surged 7% in May and more than 40% compared with a year ago, accounting for the majority of the overall CPI increase.

Core inflation—which excludes food and energy—remained more subdued. Core CPI rose 0.2% for the month and 2.9% year‑over‑year, both in line with forecasts and cooler than April’s monthly reading. That suggests underlying inflation pressures are not spiraling, even as headline inflation is being pushed higher by energy. Some categories even showed mild relief: core commodities slipped 0.1%, and food prices rose only 0.2% on the month, though they remain 3.1% higher than a year ago. Still, essentials like electricity and medical care continue to climb at rates above 3%, contributing to the financial strain many households feel.

The report lands at a delicate moment for the Federal Reserve. Markets widely expect the Fed to hold rates steady at its June 17 meeting, but policymakers will be parsing this data closely for signs of persistent inflation. With headline inflation back above 4% and energy‑driven pressures unlikely to ease immediately, the Fed faces a tricky balance: acknowledge the progress in core inflation without ignoring the renewed squeeze on consumers. For households, the picture is similarly mixed—some categories are stabilizing, but the basics of daily life remain noticeably more expensive than a year ago.

The new Fed Chair, Kevin Warsh, faces a sharp collision between immense political pressure to cut interest rates and May’s hot inflation report that makes a rate reduction nearly impossible. The European Central Bank just raised rates, saying the risk of inflation caused by the shock rising energy prices must be countered.

Add to that the report on Producer Prices for May. The PPI captures inflation at the wholesale level—before costs reach consumers. PPI rose 1.1% month‑over‑month, matching the prior month but exceeding expectations of 0.7%. It rose 6.5% year‑over‑year, slightly above the 6.4% consensus and up from 5.7% previously.

Combined with rising unemployment claims, in spite of the positive employment numbers for May, these reports point to a cooling labor market but persistent inflation. That is the Federal Reserve’s nightmare.

As for Donald Trump, across multiple on‑camera exchanges, Trump responded to questions about inflation by saying:

“You know what I really love? I love the inflation.”

“The numbers were great… I love the inflation.”

Donald Trump, International Business Times UK

He later told the New York Post that he meant he “loved” that inflation wasn’t even higher, arguing his comments were taken out of context. He said the inflation spike is a temporary consequence of the U.S.-Iran war, and insisted inflation will “come down like a rock” once the war in Iran ends.

Two notes. The consensus among economists is that even if the war were to end today, it will take months if not a year for prices to recover. And also, Trump has repeatedly predicted an end to the war he started more than 100-days ago. CNN has put together a devastating video montage.

We shall see.

####

Trump Meets the Press

Posted on by Leave a comment

This goes on my list of most memorable television interviews. And I have seen many.

Donald Trump sat for an interview with Kristen Welker, host of NBC’s Meet the Press. I have no idea why. Welker announced that she and her crew had been invited to follow Trump to a rally in Wisconsin, where Trump addressed farmers, one of his most supportive constituent groups. Why they continue to overwhelmingly support him is something else I don’t understand. His policies have crippled their export markets and put them on government subsidies, welfare, and threatened their livelihood. Still, he found himself addressing a friendly crowd. Then he sat down with Welker in a barn in the midst of a pouring rainstorm. As the interviewed progressed, the storm moved inside.

You can find both the transcript and the full video here. You should really see it for yourself.

It began as most Trump interviews do. They spoke about the war with Iran, the “anti-weaponization” fund, and the economy. Trump told his usual lies and Welker just moved on. Then something happened. When Welker moved on to talk about elections, including the recent primary in California, and Trump repeated his lies, Welker followed up and demanded proof. That is a rare event. Welker asked the president for any evidence on the gubernatorial race being fraudulent. He responded by accusing the reporter of being “crooked”. “They’re crooked, just like you’re crooked, your press is crooked. And Meet the Press is crooked,” said Trump.

Welker then defended herself and tried to ask additional questions, with Trump replying: “You’re either crooked or you’re stupid. You play right into their hands with this crap. You know that these elections are rigged. Your network knows that they’re rigged.” Trump then brought up previously repeated false claims that he won the 2020 US presidential election.

When Welker tried to ask additional questions, Trump continued to assert that NBC was “crooked” and ended the interview. “Let’s call it quits because I’ve had enough,” said Trump, taking off his microphone. “Thank you, darling. Have a good time.” He stomped on the microphone as he left. These broadcast-standard microphones typically cost between $350 and $450.

I’ve seen interview subjects walk out on interviews before. But never a president. Some mental health experts have analyzed the walkout through the lens of political psychology. They argue that his sudden exit and verbal attacks (e.g., calling the interviewer and networks “crooked”) illustrate his inability to cope with objective pushback. Professionals point out that because he is used to an environment where his statements are frequently accepted without challenge, being confronted with factual discrepancies causes significant volatility.

Here are the last few minutes from NBC’s transcript:

KRISTEN WELKER:

This $1.8 billion so-called anti-weaponization fund that’s going to compensate people who say the federal government weaponized the legal system against them. It’s been blocked by the courts, met with opposition from Republicans –

PRES. DONALD TRUMP:

And Democrats.

KRISTEN WELKER:

– in Congress, and Democrats.

PRES. DONALD TRUMP:

Most, excuse me, mostly Democrats.

KRISTEN WELKER:

Mostly Democrats and some Republicans.

PRES. DONALD TRUMP:

Some. Very few Republicans.

KRISTEN WELKER:

Just to be very clear, are you backing off the fund completely as your acting Attorney General Todd Blanche has said, or are you looking for another avenue to revive the fund?

PRES. DONALD TRUMP:

So let — let me explain what the fund is. People have been hurt so badly by radical left lunatics that worked for the Biden administration and Sleepy Joe. They’re vicious. They’re violent, what they did to people. And of course they went after me more than anybody else. They raided Mar-a-Lago and all the other things. But people have been badly hurt. They’ve committed suicide. They’ve lost their jobs. They’re lost their families. They’ve lost their wives. They’ve lost everything. They’ve lost everything over a fake weaponization of government. Now, let me just tell you –

KRISTEN WELKER:

So are you looking for a way to revive it?

PRES. DONALD TRUMP:

Well, look. If it was up to me, I’d pay them the kind of money that they deserve. People have been destroyed. Lives have been destroyed. Many suicides, think of it. People have committed suicide because a bunch of thugs went after them.

KRISTEN WELKER:

You don’t –

PRES. DONALD TRUMP:

So me, personally, I think the weaponization fund is a great idea, and so do many other Republicans. You have to get it approved. If they get it approved, that’s great. If they don’t get it approved, I’d be disappointed.

KRISTEN WELKER:

All right. We’re going to motor through this.

PRES. DONALD TRUMP:

But you have to understand, people have — have been destroyed by crooked politicians, and they should be reimbursed for that.

KRISTEN WELKER:

Do you think anyone who attacked police officers on January 6th should get taxpayer money?

PRES. DONALD TRUMP:

I wouldn’t be inclined to say so, but I have to see it. I can tell you this: 97% of those people, you look at them, the FBI or whoever it was, cause you had a lot of crooked cops, you had dirty cops. Comey was a dirty cop.

KRISTEN WELKER:

Well, there is no evidence to –

PRES. DONALD TRUMP:

A guy like Bolton was a dirty cop –

KRISTEN WELKER:

But there is no evidence that– but there’s no evidence that people who –

PRES. DONALD TRUMP:

Wait a minute, wait a minute. Oh, you think Comey was a straight cop?

KRISTEN WELKER:

We had 170 people who pleaded guilty to assaulting police officers.

PRES. DONALD TRUMP:

Comey was a dirty cop.

KRISTEN WELKER:

No, no, but the people who assaulted police officers.

PRES. DONALD TRUMP:

They had FBI — listen to me. They had FBI agents ushering them into the building. They had FBI “Go into the building.” Those people are walking around, they’re looking, “Oh, isn’t this nice?” They weren’t in– they were being ushered into the building.

KRISTEN WELKER:

There’s no evidence of that, sir. There’s no evidence of that.

PRES. DONALD TRUMP:

You had a bunch of dirty cops, and frankly, what they did was weaponization of our government.

KRISTEN WELKER:

But sir, there– there’s no evidence of that. More than a thousand people pleaded guilty to crimes –

PRES. DONALD TRUMP:

No, well, yeah, no, there’s none. You know what they do?

KRISTEN WELKER:

Would you –

PRES. DONALD TRUMP:

Try looking at the tapes one time.

KRISTEN WELKER:

Would you take it off the table?

PRES. DONALD TRUMP:

Look at the tapes one time.

KRISTEN WELKER:

Okay, but 172 people did plead guilty to assaulting police officers.

PRES. DONALD TRUMP:

You know why they pled guilty?

KRISTEN WELKER:

Should they be exempt –

PRES. DONALD TRUMP:

Because they told they were going to jail for 15 years –

KRISTEN WELKER:

– from receiving funds?

PRES. DONALD TRUMP:

– if they didn’t.

KRISTEN WELKER:

Should they –

PRES. DONALD TRUMP:

They pled guilty because they were frightened. They went down. They were ushered into a building. Many of them were arrested without even going into the building.

KRISTEN WELKER:

You’d be okay with them receiving taxpayer dollars?

PRES. DONALD TRUMP:

The people were destroyed by dirty cops and by weaponization. Many of those people should be compensated. Now, with that being said, the, as I understand it, the weaponization fund was going to set up a group of people, people that could be picked by anybody, fair people, smart people, and they will go on an individual case basis.

KRISTEN WELKER:

Okay.

PRES. DONALD TRUMP:

Now, I don’t know what’s going to happen with the weaponization fund. I love the idea, because people like you, the fake dirty press, the crooked press, people like stupid Biden, he’s not smart enough to know what’s going on, but people that surrounded him, surrounded his beautiful Resolute Desk in the Oval Office, what they did to the lives of people, they destroyed people. They sent people to jail who did nothing wrong.

KRISTEN WELKER:

All right, this is, just to be very clear, there’s no evidence of what you’re saying, but let me ask about Todd Blanche.

PRES. DONALD TRUMP:

There’s a lot of evidence.

KRISTEN WELKER:

Let me ask about Todd Blanche.

PRES. DONALD TRUMP:

Listen — listen to me — listen to me.

KRISTEN WELKER:

Let’s talk about Todd Blanche.

PRES. DONALD TRUMP:

There’s tremendous evidence. There’s nothing but evidence.

KRISTEN WELKER:

Well, it’s not been presented in a court of a law.

PRES. DONALD TRUMP:

The election was rigged. It was a dirty election.

KRISTEN WELKER:

Mr. President –

PRES. DONALD TRUMP:

And it’s happening again right now in California.

KRISTEN WELKER:

— you’ve never presented evidence –

PRES. DONALD TRUMP:

It’s happening right now in California

KRISTEN WELKER:

– that the 2020 election was rigged.

PRES. DONALD TRUMP:

Right now, it’s look at what’s happening in California.

KRISTEN WELKER:

Where’s the evidence to that?

PRES. DONALD TRUMP:

It’s four days –

KRISTEN WELKER:

The Republicans are doing well in California.

PRES. DONALD TRUMP:

In California, it’s, no they’re not. They’re dropping fast because it’s a rigged election. Let me tell you, it’s four days and they aren’t even close to coming up with the –

KRISTEN WELKER:

That’s how they count the votes in California.

PRES. DONALD TRUMP:

Do you know why they’re doing that? Because they’re cheating on the election.

KRISTEN WELKER:

There’s — What? Do you have evidence to support that?

PRES. DONALD TRUMP:

It’s– all I have to do is look. All I have to do is look.

KRISTEN WELKER:

But that’s not evidence.

PRES. DONALD TRUMP:

And I listen. And I listen to people. And let’s see what happens.

KRISTEN WELKER:

But sir, that’s not evidence, and that’s how they count the votes in California–

PRES. DONALD TRUMP:

Do you think it’s appropriate that they have an election and five days later, they’re nowhere close to picking a winner?

KRISTEN WELKER:

State and local officials acknowledge they are slow. They’re urging–

PRES. DONALD TRUMP:

No, they’re crooked.

KRISTEN WELKER:

– they’re urging the votes to be counted quickly. That’s how they vote in California.

PRES. DONALD TRUMP:

They’re crooked just like you’re crooked, your press is crooked. And Meet the Press is crooked.

KRISTEN WELKER:

To be fair, I’m not crooked. But let’s continue.

PRES. DONALD TRUMP:

Really? Well, you play right into their hands then.

KRISTEN WELKER:

Let’s continue.

PRES. DONALD TRUMP:

You’re either crooked or you’re stupid.

KRISTEN WELKER:

Let’s continue.

PRES. DONALD TRUMP:

You play right into their hands with this stuff. You know that these elections are rigged. Your network knows that they’re rigged. Do you know that I won an election in a landslide and I got 94% bad press.

KRISTEN WELKER:

But Mr. President –

PRES. DONALD TRUMP:

You know why I got that?

KRISTEN WELKER:

– you’ve never presented –

PRES. DONALD TRUMP:

Because you have no credibility.

KRISTEN WELKER:

-evidence. But you’ve never presented evidence it was rigged. Let’s keep talking about, I want to talk about Todd Blanche.

PRES. DONALD TRUMP:

You have more evidence, there’s more evidence than ever presented.

KRISTEN WELKER:

Let’s talk about–

PRES. DONALD TRUMP:

Your elections in this country –

KRISTEN WELKER:

– you went to court.

PRES. DONALD TRUMP:

We’re like a third world country.

KRISTEN WELKER:

But sir –

PRES. DONALD TRUMP:

Your elections are crooked and you’re crooked, and Meet the Press is crooked.

KRISTEN WELKER:

But Mr. President–

PRES. DONALD TRUMP:

And so is ABC and CBS and CNN.

KRISTEN WELKER:

But Mr. President–

PRES. DONALD TRUMP:

You’re a one-sided crooked network. Sorry. Let’s call it quits because I’ve had enough. Thank you, darling. Have a good time.

KRISTEN WELKER:

Mr. President, let’s — please, I traveled all the way to Wisconsin.

PRES. DONALD TRUMP:

I’ve sat in the rain with you–

KRISTEN WELKER:

I traveled all — I know. I traveled all the way–

PRES. DONALD TRUMP:

I sat in the rain with you for an hour.

KRISTEN WELKER:

–to Wisconsin.

PRES. DONALD TRUMP:

On and off in the rain, and I’ve given you enough time. You ought to straighten out your press, because you know what?

KRISTEN WELKER:

Mr. President–

PRES. DONALD TRUMP:

A country can never be great with a dishonest press.

KRISTEN WELKER:

– we traveled all — listen. We traveled all the way to Wisconsin for this interview.

This is one for the record books.

#####

Economic Conundrum

Posted on by Leave a comment

The May Employment Situation Report released by the Bureau of Labor Statistics (BLS) handily beat expectations, with the U.S. economy adding 172,000 nonfarm payroll jobs. Economists had forecasted a much more modest gain of roughly 80,000 to 85,000 jobs, making this a significant upside surprise.

If the professionals were surprised, what are we average citizens supposed to make of it? Donald Trump celebrated the numbers, declaring that “it’s raining jobs” in America, while pushing back against Wall Street and Federal Reserve anxieties regarding inflation. Over the weekend, Trump focused his responses on celebrating the numbers as a massive administrative win while lecturing the financial markets for dropping on good news.

I spent three decades trying to figure out the gyrations of the U.S. economy as a reporter for public television’s Nightly Business Report. It got harder and harder as the years went on. I’ll admit to being as confused as anyone by the strength of the economy today. So, I called some of those professional economists and asked them to explain.

Many view Trump’s claim that this jobs report is a “big win” for his specific policies with a mix of validation and heavy skepticism. While his administration’s legislative actions are directly impacting specific sectors like private manufacturing and corporate investment, broader macroeconomic factors and long-term structural trends are also heavily driving the numbers. They seem to be ignoring tariffs and direct government investment. Too socialistic I presume.

National Economic Council Director ⁠Kevin Hassett and other administration officials point directly to tax provisions within recent legislation—such as the One Big Beautiful Bill Act—and aggressive deregulation. They argue tax incentives have given companies the financial breathing room to hire aggressively without passing high costs to consumers. They also highlight a major comeback in factory construction and data center investments, fueled by corporate tax cuts and protective trade policies.

While the job surge in May, and equally as important the upward adjustments adding 93,000 jobs to the March and April reports, is positive, there are signals which some economists cite to qualify the surge and caution about the road ahead.

  • The “Low-Fire” Environment: After struggling to find staff in recent years, companies are hoarding talent and keeping layoffs at record lows. Because employers are reluctant to shed workers, unemployment numbers remain tight.
  • Sector-Specific Demand: The bulk of net job creation remains heavily concentrated in non-cyclical, hands-on industries. Healthcare continues to expand to meet the needs of an aging population, while construction and public infrastructure remain heavily active.
  • AI and Tech Investment: The massive, ongoing capital buildout in AI—projected to require over $200 billion in new spending—is driving intense demand for specialized tech and cybersecurity talent.
  • Increased Productivity: Corporate profits are soaring because companies are becoming more efficient, often using new technology tools to do more with their existing workforces, which drives up stock valuations.
  • “Optionality” via Job Openings: While hiring data looks robust on paper, economists note that many small and medium-sized firms are posting open roles to keep their options open, rather than bringing workers on board immediately.

This dynamic creates a somewhat paradoxical labor market where overall job security is high, but finding a new job can feel highly competitive due to automated screening and “one-click” application surges.

Analysts as SHRM, the Society for Human Resource Management, see what they brand a “low-hire, low-fire” narrative evolving. They note a surprise jump in job openings to 7.6 million. Paired with May’s payroll surge, they say employers are clearly demonstrating a renewed willingness to expand headcounts despite broader geopolitical headwinds and inflation anxieties.

I would have thought the Trump tariffs would be dragging down the economy by now. My economist friends tell me the fact that the courts have ruled most of them illegal may explain why they have had little effect. Most of the inflation we have seen, they note, can be blamed on the war with Iran and its effect on energy and petroleum derivatives.

What does it all mean? If you have a job, indications are you need not worry, yet. If you’re looking for one, you might take note that the hot job sectors are not those which require an advanced degree. That’s bad news for recent graduates. The surprising gains were driven by specific pockets of high demand:

  • Leisure and Hospitality: Surged by 70,000 jobs, heavily outperforming its 12-month historical average.
  • Local Government: Added 55,000 jobs, heavily fueled by non-education municipal sectors.
  • Healthcare: Kept up its consistent growth pattern by adding 35,000 jobs.

Financial Activities experienced a decline in overall net employment for the month.

The Federal Reserve, even with a new chairman seen as pro-Trump, is going to have a hard time satisfying Trump’s demand for lower interest rates. With high inflation and the job market still doing well, higher rates may be indicated.

And the stock market? Trump complained that the market fell on the strong jobs news. That is further proof he doesn’t understand the financial markets. The markets are now mostly driven by speculative fever and speculators gamble with other people’s money. Interest rates are the cost of that money. What’s good for jobs is, in the markets’ perverse way of looking at things, bad for stocks because higher interest rates cost the speculators money.

To be continued.

####

« Older Entries