Former Treasury Secretary Larry Summers criticized President Donald Trump’s accusation that the top Bureau of Labor Statistics official manipulated jobs report numbers without providing evidence. In an interview with “This Week” anchor George Stephanopoulos, Summers stated that one official would not be able to change the numbers and that the numbers are in line with what we’re seeing from all kinds of private sector sources. Trump blasted Erika McEntarfer, the now-former commissioner of Labor Statistics, after the release of disappointing jobs numbers on Friday and the revision downward of previous months’ reports.
Summers also discussed Trump’s bashing of Fed Chair Jerome Powell, saying that this kind of political Fed-bashing is a fool’s game. He believes that the Fed doesn’t listen, and longer-term interest rates will be higher, making it more expensive to buy a house. Summers also highlighted the potential impacts of tariffs on the economy, stating that they are not job creators but rather give an immense gift to adversaries like Canada and Europe, making it easier for China to grow and flourish in the global economy.
In conclusion, Summers argued that the economy is not being kept going by President Trump’s policies, but rather by the uncertainty and direct effects of tariffs on the economy.
