The coat of A.I. gloss is giving the administration runway to double down on bad ideas: America’s effective overall tariff rate is nearly back to the levels announced in April, the vice president has called for the administration to be involved in the Federal Reserve’s interest rate decisions, and Mr. Trump fired the head of the Bureau of Labor Statistics after a disappointing jobs report.
The situation is worse than having all of your economic eggs in one basket. It’s closer to putting all of your eggs in one basket and stomping on all the other baskets.
There are signs that the non-A.I. economy is under duress. As economists predicted, tariffs are pushing up inflation and dragging down growth. Hiring has stalled. Jobs are particularly hard to come by for young people entering the labor market; youth unemployment is at 10.5 percent, a level not seen in nearly a decade, absent the pandemic.
The coat of A.I. gloss is giving the administration runway to double down on bad ideas: America’s effective overall tariff rate is nearly back to the levels announced in April, the vice president has called for the administration to be involved in the Federal Reserve’s interest rate decisions, and Mr. Trump fired the head of the Bureau of Labor Statistics after a disappointing jobs report.
The situation is worse than having all of your economic eggs in one basket. It’s closer to putting all of your eggs in one basket and stomping on all the other baskets.
There are signs that the non-A.I. economy is under duress. As economists predicted, tariffs are pushing up inflation and dragging down growth. Hiring has stalled. Jobs are particularly hard to come by for young people entering the labor market; youth unemployment is at 10.5 percent, a level not seen in nearly a decade, absent the pandemic.