Breitbart By John Carney
Trump, Waller, Bowman, and Dutta Vindicated as Jobs Report Implodes Powell’s Narrative
The July jobs report was a disaster for the American worker, the U.S. economy, the Federal Reserve, and Jerome Powell.
But it was also a vindication for Donald Trump, for dissenting Fed Governors Christopher Waller and Michelle Bowman, and for a private sector economist named Neil Dutta.
With payrolls rising by just 73,000 and prior months revised down by a stunning 258,000 jobs, the data confirmed what critics have warned for months: the Fed’s overly tight policy has weakened the labor market. It’s hard to imagine a sharper rebuke to Jerome Powell’s complacent view of the labor market.
Trump has repeatedly argued that Federal Reserve policy was strangling growth just as his second administration was beginning to turn the economy around. Now he has the data to prove it. Waller and Bowman warned in real time that the labor market was weakening. And Dutta—almost alone among Wall Street economists—correctly diagnosed the softening months ago…
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