Steve Rattner
@SteveRattner
Former head of Obama Auto Task Force. Wall Street financier. Contributing Writer to NY Times Op-Ed. Morning Joe Economic Analyst. 🌐
382 Following 135.1K Followers
98% of the refugees admitted to the U.S. under Trump have been white South Africans.
Gas prices are up 34.2% over the last year.
Trump’s promised $5,000 post-midterm checks would cost $1.2 trillion, more than the entire Pentagon budget.
Add that to his previous promises, and the total is $2.2 trillion.
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The federal government's debt has surpassed $40 trillion with over $4 trillion of that added since Trump's inauguration.
One in five American families fell behind on a loan or mortgage payment in the past year — up from one in eight in 2022 and the highest since 2007.
Since Trump took office, the personal saving rate has fallen from 5.7% to 4.1%, the lowest since 2022.
With tariffs pushing up prices and real wages falling since the Iran War, families are dipping into savings to keep up.
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Corporate profits and tax revenues grew together until the Trump tax cuts.
Now corporate profits are at an all-time high while tax receipts are at their lowest since 2021.
The trade deficit in August was $36 billion larger than the Biden average.
Trump's tariffs have failed.
Take A.I. and chip stocks out of the index and the market is down 5.7% since late August.
The S&P 500 is up 2.4% over the same stretch, chip stocks 16%. A.I. is holding the whole market up.
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Wages are at all-time lows, and profits at historic highs, as a percent of GDP.
The backlash against A.I. is a backlash against unchecked inequality.
My @nytopinion Chart:
Land-grant colleges and the New Deal helped Americans move from farms to new jobs in the city.
Workers hit by the China shock got far less help.
A.I. is next. Government has to make sure it lifts all boats.
My @nytopinion op-ed:
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So far, A.I.'s losers are routine office jobs like data entry keyers and customer service reps.
Its winners are data scientists and the trades building the data centers like construction laborers and electricians.
My @nytopinion Chart:
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Since 1830, technology has cut the American workweek from 69 hours to 38 while raising real income per person roughly 20-fold.
Properly managed, A.I. can do the same.
My @nytopinion Chart:
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Productivity growth raises per-capita incomes, but outside the dot-com boom, it's been sluggish for 50 years.
A.I. is our best chance in a generation to change that.
My @nytopinion Chart:
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The S&P 500 is near a record, but if you strip out the A.I. companies, it’s down 5% since late August.
My @Morning_Joe Chart
Trump keeps promising checks for voters but hasn’t delivered any.
All these promises are fiscally infeasible anyway.
My @Morning_Joe Chart
Trump’s tax cuts – and botched tariffs – will add $1.2 trillion to federal deficits over the next 5 years.
My @Morning_Joe Chart
A.I. companies will need to find at least $4.2 trillion a year in new revenue by 2031 to pay for their data center buildout, per @BainandCompany.
Native-born labor force participation just hit its lowest August on record.
Despite the admin's claims, deportations are not freeing up jobs for Americans — 600,000 native-born workers have left the labor force in the past year.
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The Strait of Hormuz is still closed.
Doss: The strait of hormuz was not closed before this war.
Jennings: It’s not closed now.
Phillip: I want you to actually answer that question, because this is just emblematic of like a broader glossing over of reality. If you're claiming the strait of hormuz is open, why are there only ten tankers coming through the strait now?
Jennings: We don’t need as many to go through right now. Ultimately it doesn't matter, because we have a figured out how to move oil out of the region.
Phillip: So why haven’t gas prices gone down?
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