June 4th, 2025.

Just hours after President Donald J. Trump posted on social media yesterday that,

because of tariffs, our economy is booming.

A new report from the Organization for Economic Cooperation and Development,

or OECD, said the opposite. Founded in 1961, the OECD is a forum in which

38 market-based democracies cooperate to promote sustainable economic growth. The OECD's economic outlook reports that economic

growth around the globe is slowing because of Trump's trade war. It projects global growth

slowing from 3.3% in 2024 to 2.9% in 2025 and 2026. That economic slowdown is concentrated primarily in the United States,

Canada, Mexico, and China. The OECD predicts that growth in the United States will decline from 2.8% in 2024 to 1.6% in 2025 and 1.5% in

26. The nonpartisan Congressional Budget Office, or CBO, released two analyses yesterday of

Trump's policies that add more detail to that report. The CBO released two analyses yesterday of Trump's policies that add more detail to that report.

The CBO's estimate for the effect of Trump's current tariffs, which are unlikely to stay as they are,

is that they will raise inflation and slow economic growth as consumers bear their costs.

The CBO says it's hard to anticipate how the tariffs

will change purchasing behavior, but it estimates that the tariffs will reduce the deficit by $2.8 trillion

over 10 years. Also today, the CBO's analysis of the Republicans' one big, beautiful bill, is that it will add

$2.4 trillion to the deficit over the next decade because the $1.2 trillion in spending cuts in the

measure do not fully offset the $3.7 trillion in tax cuts for the wealthy in corporations.

Republicans have met this CBO score with a tax on the CBO, but its estimate is in keeping

with those of a wide range of economists and think tanks.

Taken together, these studies illustrate how Trump's economic policies are designed to transfer wealth from consumers to the wealthy corporations.

From 1981 to 2021, American policies moved $50 trillion from the bottom 90% of Americans to the top 1%. After Biden stopped that upward transfer,

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