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Velshi

Trump’s Economic Headwinds

Velshi

MSNBC

Msnbc, Politics, Weekend News, Ali Velshi, Government, News, News Commentary

4.8687 Ratings

🗓️ 2 August 2025

⏱️ 41 minutes

🧾️ Download transcript

Summary

Ali Velshi is joined by Philosophy Professor Jason Stanley, CNBC Senior Analyst Ron Insana, former Bureau of Labor Statistics Commissioner Erica Groshen, The New York Times’s Nicholas Kristof, author of the novel “Like A Love Story” Abdi Nazemian

Transcript

Click on a timestamp to play from that location

0:00.0

Good day. It's Saturday, August 2nd. I'm Ali Velshi, and I'm speaking to you this morning from the wrong side of yet another perilous line that our country has crossed under Donald Trump.

0:17.0

Today, we're all waking up in a country headed by a president who, when faced with empirical data that he does not like, will fire the government official who collected

0:24.5

it. Yesterday, we all got some bad news, an alarmingly bad monthly unemployment report that

0:29.6

revealed a far more fragile jobs market than we had thought we had. Only 73,000 net new jobs,

0:35.4

that's new jobs created minus jobs lost, were added in July. It's a weak

0:39.7

number, but worse were the revisions to the two previous jobs reports. May's job report was

0:45.6

revised down from 144,000 jobs to only 19,000 jobs. June's 147,000 jobs were mostly a mirage as well. Turned out only 14,000 jobs were added that

0:57.4

month. That's 258,000 fewer jobs than we previously thought, bringing the average for the last

1:03.4

three months to 35,000 jobs per month, far more than the 150,000 or more that is needed for job

1:10.5

growth to keep up with population growth in

1:12.5

this country. Now, revisions to government statistics are normal. It's the nature of large numbers.

1:18.8

They happen regularly. They almost never show this dramatic a shift. It was a bad report. There's no

1:24.2

doubt about it. And bad particularly for a president who, in political terms,

1:27.9

owns this job market and this economy, which has been roiled by the chaos of his tariffs and

1:32.6

his trade wars. But instead of addressing the numbers and the challenges they present,

1:37.2

the president said they were fake. And he fired the head of the department that collects the

1:41.5

numbers. Trump baselessly claimed that the job's numbers were rigged.

1:46.4

He accused the fired commissioner of inflating numbers for the Biden administration

1:50.0

and sabotaging job numbers under his administration.

1:55.1

Why did you fire the head of the Bureau of Labor Stitsip?

1:58.3

Well, I think our numbers were wrong.

2:00.4

I got issues with the numbers for a long time.

...

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