The current economic malaise that's so far defined President Donald Trump's second term is largely self-inflicted, according to the Wall Street Journal's (WSJ) editorial board.
In a Tuesday editorial, the WSJ noted that the Bureau of Labor Statistics' (BLS) recent revisions of jobs numbers in 2025 — which showed far fewer jobs added to the U.S. economy than previously thought — suggest that some of Trump's economic hurdles may in fact be inherited from his predecessor, former President Joe Biden. The Journal observed that while the richest Americans did well over the last four years, working-class Americans' incomes barely "treaded water."
But the Journal then pivoted to reminding the administration that after nearly eight months in office, the buck stops with Trump when it comes to the economy. And the WSJ specifically zeroed in on Trump's tariffs (which it called "border taxes") and mass deportations as key contributors to a flagging job market and declining wages.
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"Job growth stalled this summer amid his tariff barrage," the editorial read. "The BLS establishment survey showed that an average of 27,000 jobs were created over the last four months. The number of Americans not in the labor force has increased by 1.2 million since April, more than half of whom said they want a job."
"The August consumer-price report arrives Thursday, but recent data indicate that inflation isn’t vanquished and tariffs are contributing to higher prices in some goods," the WSJ continued. "Mr. Trump ignores these dummy lights about the economy at his own political peril."
According to the conservative paper, Trump shouldn't count on the Federal Reserve to bail him out during its meeting next Tuesday. The WSJ wrote that even if the Fed fulfilled Trump's wishes by lowering interest rates, it wouldn't make up for his "weak economy."
"The Fed is likely to cut rates by 25 or perhaps even 50 points next week," the WSJ wrote. "But the President could do far more to help businesses, workers and consumers by dropping his anti-growth policies."
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Click here to read the WSJ's full editorial (subscription required).