Since Trump announced his tariffs, average monthly job creation has been about 12,000 jobs.
Over the rest of this century - including the Great Recession and COVID - the average monthly job creation rate has been about 94,000 jobs.
Put differently: at the tariff-era pace, it would take two full presidential terms to create as many jobs as the U.S. economy typically creates in a single average year.
We're dangerously close to stall speed.
Tariffs weren’t a bold economic strategy. They were a brake.
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