Trump appointments could bring on a breakdown of economic trust

No longer are America's most important economic institutions politically untouchable.Why it matters: Econ wonks — those far more comfortable with large datasets than the inner dealings of Washington — won't just question the significance of indicators or policy decisions.Now they will wonder whether they can trust if data, or monetary policy conclusions, reflect reality or political motivations.Driving the news: President Trump said Monday night he would nominate Heritage Foundation economist E.J. Antoni to lead the Bureau of Labor Statistics."Our Economy is booming, and E.J. will ensure that the Numbers released are HONEST and ACCURATE," Trump said in a Truth Social post.Details: Antoni, a frequent BLS critic, got his Ph.D. in 2020 from Northern Illinois University and is chief economist at the Heritage Foundation's Hermann Center for the Federal Budget.Former White House adviser Steve Bannon had been pushing Antoni as a preferred MAGA candidate for the role.Antoni is the second former Heritage economist picked by Trump to lead BLS, after William Beach in 2017. (Beach has recently blasted Trump's firing of BLS commissioner Erika McEntarfer.)What to watch: There is no evidence to suggest the BLS is fudging the data to make Trump appear more or less favorable.But the pick raised questions among economists on the right and the left about what qualified Antoni to lead the agency — beyond his support of Trump.It is also unclear what types of sweeping changes Antoni might implement in the near term, a possibility that could leave Wall Street in the dark for a longer stretch than usual.Antoni told "Fox Business" on Monday that the BLS "should suspend issuing the monthly job reports but keep publishing the more accurate, though less timely, quarterly data."What they're saying: Antoni's "work at Heritage has frequently included elementary errors or nonsensical choices that all bias his findings in the same partisan direction," Stan Veuger, a senior fellow at the conservative American Enterprise Institute, wrote in an email to Axios.Veuger, who also cited Antoni's lack of relevant research or management experience, pointed to a paper from last year co-authored by Antoni. It claimed the American economy was in recession since 2022 — which was rebutted thoroughly in a subsequent National Bureau of Economic Research paper.The big picture: Trump's BLS pick comes days after the White House said Stephen Miran would be appointed to the Federal Reserve board to serve out a term that expires in January.Like Antoni, Miran — who is currently the chair of the Council of Economic Advisers — will soon be a top official at an institution he has previously criticized.If confirmed, Miran will likely join other Fed governors in calling for rate cuts, as Trump repeated Tuesday morning he wants.The other side: In nominating both Miran and Antoni, Trump has suggested the picks will correct perceived faults at the respective agencies.Trump said the July jobs report was "RIGGED in order to make the Republicans, and ME look bad," though he did not offer evidence to support that claim.The intrigue: The BLS is dealing with plummeting survey response rates and funding cuts that have plagued data collection — key issues Antoni, if confirmed, will face.Meanwhile, the Fed is likely to slash interest rates in September with signs of labor market weakness. Some economists question whether that cut might be too late to stop further weakness.

Comments

World news

Five dogs have died and more than 20 fell sick in California. Researchers suspect a toxic algae is to blame

Independent

Russia 'breakthrough' in Ukraine: Putin races to grab territory with lightning advance days before meeting with Trump that could end war for good

about 3 hours ago

JD Vance claims Kamala Harris snubbed White House olive branch gesture

Independent

Comments

Similar News

Trump administration to review 19 Smithsonian museums to ensure exhibits are ‘patriotic’

Trump’s pay-to-play economy

White House downplays expectations for Trump-Putin Alaska summit

Karoline Leavitt says chief of police now answers to Trump who is Commander-in-Chief of DC force

White House is already downplaying expectation for Trump-Putin meeting painting it as only a step toward peace

Trump fumes and again insists companies pay tariffs not consumers as he bashes criticism of his plan

The Risks of the Trump-Putin Summit

Inside Senate Dems' summer warpath against Trump

Mexico and Brazil Rebut Trump’s Claims About Violence in Their Cities

Trump officials move to sanction lawyer who tried to block client’s deportation

US court says Trump’s Doge team can access social security numbers and other sensitive data

Ex-NBA star begs for Trump pardon after reporting to jail for healthcare fraud scheme

The Latest: National Guard troops arrive in Washington DC as Trump’s federal takeover begins

Everything we know as Trump meets with European leaders and Zelensky for emergency virtual summit

NYC candidate Zohran Mamdani is making his messaging for the mayoral race clear: Me vs Trump

Trump wants to put Washington DC under full federal control. Here’s why he probably can’t

UK and Europe warn Trump against handing over Ukraine land to Putin

How Zelensky is manoeuvring ahead of the Trump-Putin meeting

There’s a big, important limit on Trump’s power to seize control of DC’s police

How to Navigate Trump’s Tariffs

World news

Five dogs have died and more than 20 fell sick in California. Researchers suspect a toxic algae is to blame

White House is already downplaying expectation for Trump-Putin meeting painting it as only a step toward peace

Trump fumes and again insists companies pay tariffs not consumers as he bashes criticism of his plan

Mom facing charges after her three-year-old daughter and family dog found dead on floor of hot car

Israel is in talks to possibly resettle Palestinians from Gaza in South Sudan

Karoline Leavitt says chief of police now answers to Trump who is Commander-in-Chief of DC force

Jamie Carragher: Alexander Isak’s behaviour at Newcastle is ‘toxic’

The Risks of the Trump-Putin Summit

Can UNESCO Accommodate Both Preservation and Human Rights?

Royal Caribbean passenger at center of viral broken slide video plans to sue company after suffering injury

‘I just don’t know how it happens’: Minnesota lake nearly entirely drained after ‘mechanical issue’

ABC anchor Kyra Phillips says she was jumped by half-dressed homeless man in DC

Everything we know as Trump meets with European leaders and Zelensky for emergency virtual summit

Ex-NBA star begs for Trump pardon after reporting to jail for healthcare fraud scheme

The Latest: National Guard troops arrive in Washington DC as Trump’s federal takeover begins

Dodgers star Shohei Ohtani and agent sued over $240M luxury housing project

Who is Ethan Guo? The teenage influencer trying to fly across all seven continents solo

Scott Bessent addresses explosive ‘WWE’ clash with Elon Musk in West Wing - and if he gave him a black eye

Suspect in shooting at Texas Target that killed three including a child is pictured after his arrest

Why a driver faces a huge $110,000 in fines for speeding on a Swiss street

Dad of three was killed in Pennsylvania steel plant explosion and his sister is demanding answers on lack of information

NYC candidate Zohran Mamdani is making his messaging for the mayoral race clear: Me vs Trump

Trump wants to put Washington DC under full federal control. Here’s why he probably can’t

Hackers spark panic in Russia after triggering ‘Ukraine nuclear strike’ alarm

How Zelensky is manoeuvring ahead of the Trump-Putin meeting

What Israelis actually think about starvation in Gaza

Rushanara Ali’s hypocrisy has only strengthened the Renters’ Rights Bill

Crystal Palace fans explain why Diogo Jota silence was really interrupted

There’s a big, important limit on Trump’s power to seize control of DC’s police

Kitchen revamp stone linked to deaths face import crack down

RFL considers expanding Super League to 20 teams

UK and Europe warn Trump against handing over Ukraine land to Putin

The Bank of Mum and Dad has a big catch

How to Navigate Trump’s Tariffs

A Lifeline for Global Development Is Under Threat

Philippines blames China for ship collision

South Korean court orders arrest of wife of jailed ex-President Yoon Suk Yeol

Trump appointments could bring on a breakdown of economic trust

Torrential rains shut down flights at Mexico City airport for second day

Jimmy Kimmel reveals his Italian citizenship, hints at move amid Trump feud

Unattended barbecue blamed for fire that seriously damaged Calgary duplex

Out-of-control wildfire burning near Port Alberni forces evacuation of campground

Montreal police arrest a suspect after alleged attack on father in a park

Brandon man competes in gruelling amateur version of Tour de France

Quebec provincial police add two murder suspects to most wanted criminals list

Panicking horse crashes head-first into car during nightmare funeral procession

Russian forces break through Ukraine frontline days before Putin-Trump summit

Man crushed to death by heavy wife after she 'stumbled and fell on top of him'

Russia 'breakthrough' in Ukraine: Putin races to grab territory with lightning advance days before meeting with Trump that could end war for good

JD Vance claims Kamala Harris snubbed White House olive branch gesture

Soaring demand at food banks across Africa thanks to massive aid cuts

Man tried to smuggle hundreds of turtles inside socks out of the US

NewsNation anchor flips out when Trump critic Mehdi Hasan invokes Jan. 6 and cuts off interview

Bolt of lighting hits transformer by busy highway causing huge fireball in dramatic footage

Major US photography brand warns it could go out of business

Killing Palestinian journalists in Gaza renders the world blind - what is Israel so afraid of?

Firefighters come dangerously close to wildfires as they tear through northwestern Spain