The Trumpcession

You’ve heard of stagflation? The wonders of Republican economics are such that we will need a portmanteau for “inflation” and “contraction”:

The Trump administration’s massive federal cuts and swelling feelings of economic uncertainty helped fuel a recession-level spike in layoff plans last month, new data showed Thursday.

US-based employers last month announced plans to slash 172,017 jobs, a 103% increase from a year ago and the highest February total since 2009, according to Challenger, Gray & Christmas’s latest monthly job cuts report released Thursday.

It’s the 12th highest monthly total in the 32 years Challenger has been tracking job cuts. The 11 others (four came during the Covid-19 pandemic) all occurred when the US was in a recession, Challenger data shows.

The largest share of job cut announcements came in the government sector, where the newly formed Department of Government Efficiency has axed jobs, slashed federal spending and scrapped contracts.

By Challenger’s count, there were 62,242 announced cuts across 17 federal agencies. That’s a 41,311% increase from the 151 cuts announced through February 2024, Challenger noted.

The DOGE effect was not limited to the public sector: Downstream impacts, such as the loss of funding for private nonprofits, led to another 894 cuts, according to the report.

Outside of the government, the next largest cuts were in retail (38,956), technology (14,554) and consumer products (10,625).

None of this is the natural product of the business cycle; it’s just random pain inflicted on the American people by an increasingly checked-out old fascist and the drug-addled libertarian-except-for-me narcissist to whom he has delegated most executive authority.