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Robert Reich warns Trump could be steering the economy into a recession: There is ‘no question’ economy is in a slowdown

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Robert Reich appears on CNN Saturday/Screenshot

President Donald Trump may be backing off his Mexico tariff threat now, but his broader trade war policies have already devastated jobs and businesses. These actions come as the May jobs report shows sluggish numbers for the president.

On Friday, former Labor Secretary Robert Reich broke down what it all means to MSNBC’s Chris Hayes.

“75,000 new jobs is really bad,” said Reich. “You need 125,000 new jobs just to keep up with the increase in the labor force. And relative to where we have been in this recovery that starts in 2009, it’s a very bad jobs report overall. There is a slowdown, no question about that. But if you add on to the slowdown, all of the direct and ancillary damage that comes from these tariffs, tariffs against China, retaliation from China, and tariffs that are threatened against Mexico, I mean you could easily find the American economy in a recession, certainly before the election.”

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“Well, there’s been a lot of debate about this, right?” said Hayes. “Are the effects of this big enough to actually knock America off of an expansion and into recession. I’ve seen people arguing on both sides. The sheer size of it relative to the size of the American economy is not big enough, and I’ve seen others argue, it can. What’s the case that it could?”

“Well, it’s the interaction, Chris, between the tariffs, and also the slowdown that is almost inevitable given how long this recovery has gone,” said Reich. “I mean recoveries don’t go forever. They gradually slow down. American companies and American individuals, American consumers, are deep in debt. That’s another thing that’s not talked about very much, but that debt is a problem. And then finally you’ve got that big tax cut for big corporations and the wealthy that did not trickle down, it just added $2 trillion over the next 10 years to our debt. Now, put all of that together and you get an economy that is very, very vulnerable.”

Watch below:


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2020 Election

Trump’s attacks on voting ‘backfired and only inspired people to march early to the polls’: report

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Clark County Registrar of Voters Joseph Gloria has had three decades of election experience in Nevada, but had never seen a "perfect storm," as he called it, like this before. With all hands on deck for this election cycle, Gloria helped put together an entire mail-in voting system in less than 90 days to deal with the coronavirus pandemic.

“I’m as comfortable as I can be because I have an excellent staff,” Gloria said. “We learned some things in the primary and are feeling good about this cycle, but unfortunately we have people at the national level who are encouraging people to do things that disrupt the polling place and make it a challenge for us to process votes.”

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2020 Election

Watch Kamala Harris laugh out loud when 60 Minutes asks her if Trump is racist

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Sen. Kamala Harris (D-CA) laughed when asked if President Donald Trump was racist during a 60 Minutes interview that aired Sunday evening on CBS.

"Do you think the president is racist?" Nora O'Donnell asked.

"Yes, I do," Harris replied, with a laugh. "Yeah, I do."

"You can look at a pattern that goes back to him questioning the identity of the first Black president of the United States," she said, referring to the racist "birther" conspiracy theory he pushed against Barack Obama.

"You can look at Charlottesville, when there were peaceful protesters and on the other side neo-Nazis and he talks about fine people on either side," she continued. "Calling Mexicans rapists and criminals? His first order of business was to institute a Muslim ban?"

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2020 Election

Lesley Stahl takes Trump to task for still not having a health care plan as 60 Minutes airs interview

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CBS News' Lesley Stahl took heat from President Donald J. Trump for asking him "tough questions" during their interview for 60 Minutes and the train wreck will air Sunday night in primetime.

But in the meantime, there's this:

Lesley Stahl: But you're okay with some tough questions?

President Donald Trump: No, I'm not. I mean--

Lesley Stahl: (LAUGH) You're not okay with tough questions?

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