Haver Analytics
Haver Analytics

Viewpoints: August 2025

  • Kevin, in your role as Director of the National Economic Council, you carry the significant responsibility of advising the president on economic and fiscal policy matters, while also acting as an "honest broker." I was genuinely shocked and disappointed to hear that you argued the dismissal of the BLS Commissioner was an effort to "restore" trust in the BLS. This is entirely false. In reality, the removal of the BLS Commissioner sends the opposite message, indicating that the administration will attempt to manipulate the numbers for political gain.

    As you mentioned, the jobs data has indeed been "awful" for a while. But why is this happening? The statistical agencies, especially the BLS, have been lacking sufficient funding from Congress to produce the highest quality data for policymakers, businesses, individuals, and investors. Instead of seeking additional funding, the current administration has dismissed its leader, claiming this will lead to better statistics, which many now distrust.

    In the most recent employment figures, companies of all sizes have communicated to you and others in the administration that the erratic tariff policy has generated such confusion and uncertainty that managing a business on a day-to-day or weekly basis has become nearly impossible.

    Janet Norwood, the esteemed BLS Commissioner, remarked that "the professionals who compile the nation's statistics must be courageous enough to insist that their work remains free of political interference." The dismissal of the BLS Commissioner suggests that this is no longer feasible.

  • Several presidents have challenged governmental statistical agencies over the years, but these disputes typically involved the reporting and interpretation of economic data. Today, President Trump has crossed a "sacred red line" by firing the Bureau of Labor Statistics Commissioner, claiming the individual was "manipulating the jobs data." Employees of government statistical agencies operate with the highest integrity.

    The fact that Treasury Secretary Bessent and National Economic Council Chair Hassett did not prevent this firing is an embarrassment to everyone working in any government statistical agency. Bessent and Hassett should resign immediately, as they can never be trusted, and their failure to stop the firing of the BLS commissioner should disqualify them from any other position in the federal government, especially at the Federal Reserve.

    Those employed in the economic, business, and financial sectors must ensure that professionals responsible for collecting our national statistics remain independent of political influence. The best way to begin is by dismissing those currently in charge who failed to prevent the firing of the BLS Commissioner.

  • The Trump administration often highlights the revenue from tariffs, but hides the decrease in corporate income tax due to increased tariff-related expenses. By June 2025, covering three quarters of the fiscal year, corporate tax revenues have dropped by over $30 billion compared to the previous year.

    Therefore, while the government might be earning extra revenue from tariffs, it is US companies that are covering the costs, resulting in them paying less in taxes.