Chicago – March 11, 2025
America’s nearly five-year economic boom is starting to show its age.
Cracks are forming in the economy’s foundation: Layoffs are mounting, hiring is slowing, consumer confidence is eroding and inflation is picking up speed. Although all of those things would almost certainly be happening if former Vice President Kamala Harris had won the election, the uncertainty that President Donald Trump’s economic policy has unleashed is exacerbating those problems.
Tariffs — particularly the on-again, off-again natureof Trump’s dictates — are sowing confusion for businesses, consumers and investors alike, and they’re stoking concerns about inflation at a time when consumer prices have been stubbornly on the rise again.
Trump’s immigration crackdown threatens key industries, including agriculture, construction and health care, which have been struggling to hire. And steep cuts to federal workers and government aid could hurt the most vulnerable Americans who are least insulated from price hikes.
Trump himself acknowledged in his joint address to Congress last week and in the Oval Office Friday that tariffs will cause “a little disturbance.” In an interview with Fox News Sunday, Trump declined to rule out a recession, saying his economic plan could be painful for some at first.
