Trumpenomics

[jon-nyc]

It’s not just direct costs of tariffs, it included charges for shuttering plants in CA and MX and laying off workers in Michigan.

From AP:

Stellantis, the maker of Jeep and Ram vehicles, says its preliminary estimates show a 2.3 billion euros ($2.68 billion) net loss in the first half of the year due to U.S. tariffs and some hefty charges.

The automaker anticipates an impact of about 300 million euros for net tariffs incurred, and also expects planned production losses related to implementing its response plan.

The automaker provided preliminary financial figures on Monday after suspending financial guidance in April due to Trump’s tariffs. It also halted production at plants in Canada and Mexico in response to a 25% tax on imported cars, and it temporarily laid off 900 workers at plants in Michigan and Indiana.

Stellantis expects approximately 3.3 billion euros ($3.84 billion) of pretax net charges mostly related to program cancellation costs and platform impairments, restructuring and the net impact of costs related to emission standards. Automakers have been penalized if the average fuel economy of their annual fleet of vehicle production exceeds a certain level.

[jon-nyc]

Great moments in central planning.

[Horace]

The US Economy Was Supposed to Be in a Recession By Now. What Happened?

https://www.derekthompson.org/p/if-trumps-economic-ideas-are-so-terrible?utm_source=multiple-personal-recommendations-email&utm_medium=email&triedRedirect=true

[LuFins Dad]

@Horace said in Trumpenomics:

The US Economy Was Supposed to Be in a Recession By Now. What Happened?

https://www.derekthompson.org/p/if-trumps-economic-ideas-are-so-terrible?utm_source=multiple-personal-recommendations-email&utm_medium=email&triedRedirect=true

I have sincere doubts and disagreement with many of Trump’s policies. I am still a little amazed that things are still … not horrible yet.

[Axtremus]

Look at that large downward revision of May and June's jobs data:

https://www.nytimes.com/live/2025/07/31/business/tariffs-trump-trade?rsrc=ss&unlocked_article_code=1.a08.8SeH.ZQ6cd-Y_h1SI

U.S. employers added 73,000 jobs in July, less than economists expected, and the unemployment rate rose slightly. The report on Friday also significantly revised down the data on hiring from May and June by a combined 258,000 jobs, suggesting the labor market was under greater strain than initially believed. ...

[jon-nyc]

75% of the new jobs were in healthcare. That seems odd. Maybe that’s just a normal month in an industry that is growing as a percentage of gdp.

[89th]

You’d think I’d be numb to this by now. This is insane, but also predictable.

https://www.theguardian.com/us-news/2025/aug/01/trump-fires-erika-mcentarfer-labor-statistics

[jon-nyc]

He has China envy. Markets are going to love this.

[jon-nyc]

Another interesting thing about our growth is most of it is AI capex. The mag 7 are spending over a billion dollars a day on new data center infrastructure.

That has exceeded consumer spending as a proportion of growth.

[89th]

Indeed. I stumbled into investing in Palantir in Jan 2023. It’s up 2100% now so I just sold 1/3 of it. The bubble will burst one day, I think their PE ratio is like 650 or something.

[Axtremus]

https://www.bloomberg.com/news/articles/2025-08-02/trump-s-next-job-selling-skeptical-americans-on-his-economy

[Horace]

@89th said in Trumpenomics:

Indeed. I stumbled into investing in Palantir in Jan 2023. It’s up 2100% now so I just sold 1/3 of it. The bubble will burst one day, I think their PE ratio is like 650 or something.

Nice. Purchasing individual stocks is an inferior strategy to a well balanced mix of funds, except when it’s not.

[jon-nyc]

He’s doubling down on the 1500% cut in drug prices.

Someone asks Grok to explain:

A 1500% cut means reducing by 15 times the original price, e.g., a $100 drug becomes -$1400—you'd get paid to take it. Yes, that's a lot, but impossible without negative prices. Likely a misstatement; Trump's actual drug price reductions were more modest, around 1-5% annually.

[LuFins Dad]

While I would expect one of the most prominent business people in the world, and in a business that is specifically tied into interest rates and percentages, I would expect better… But… When we are spending 1500% more on drugs than the Phillipines and 400% more than most European countries, I would expect that most of his voters get it…

[Axtremus]

@LuFins-Dad said in Trumpenomics:

While I would expect one of the most prominent business people in the world, and in a business that is specifically tied into interest rates and percentages, I would expect better… But… When we are spending 1500% more on drugs than the Phillipines and 400% more than most European countries, I would expect that most of his voters get it…

Besides, just think about the alternative.
Is it still better than the alternative?

[LuFins Dad]

@Axtremus said in Trumpenomics:

@LuFins-Dad said in Trumpenomics:

While I would expect one of the most prominent business people in the world, and in a business that is specifically tied into interest rates and percentages, I would expect better… But… When we are spending 1500% more on drugs than the Phillipines and 400% more than most European countries, I would expect that most of his voters get it…

Besides, just think about the alternative.
Is it still better than the alternative?

Absofuckinglutely.

[Doctor Phibes]

@LuFins-Dad said in Trumpenomics:

@Axtremus said in Trumpenomics:

@LuFins-Dad said in Trumpenomics:

While I would expect one of the most prominent business people in the world, and in a business that is specifically tied into interest rates and percentages, I would expect better… But… When we are spending 1500% more on drugs than the Phillipines and 400% more than most European countries, I would expect that most of his voters get it…

Besides, just think about the alternative.
Is it still better than the alternative?

Absofuckinglutely.

I hate to be pernickity, but could you confirm that when you speak of "the alternative" you are referring to the election of President Kamala Harris, and not the earth being destroyed by a huge fucking meteor?

[jon-nyc]

It’s always interesting to see how much these otherwise intelligent people are willing to debase themselves in front of their entire profession (and be complicit in harming the American economy) all in service to Donald Trump.

[jon-nyc]

@jon-nyc said in Trumpenomics:

75% of the new jobs were in healthcare. That seems odd. Maybe that’s just a normal month in an industry that is growing as a percentage of gdp.

In fact if you take out healthcare and private education there was a net loss of 43k jobs.

[LuFins Dad]