As of January, the U.S. government had 2.4 million civilian employees, excluding the postal service. That is a lot of people, though just 1.5% of total nonfarm jobs. So what will it mean for the economy if hundreds of thousands of those jobs go away?
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Let me just say that, as an economist, I'm glad I'm not in the market right now.
Ugh. I was hoping to look for another job this year, too.
Have you heard much about economists losing their positions? If the CFPB gets axed, that's gonna be a lot of economists looking for work, but besides that I'm not sure how much the other agencies on the chopping block employ economists.
I haven't heard of any of the statistical agencies being in the cross-hairs. I know economists who have lost USAID grants, but they aren't losing their employment at the moment. I imagine some of the USAID and IRS people are economists, though.
You kinda already have a part-time job creating weekly "fun facts" for me.
I paid you 2% last week. I plan to quadruple your payout this week. :p
Productivity, mechanically, will go up; unemployment slightly; and then downward pressure of wages.
There are going to be many more people voluntarily entering the labor market, in addition to the layoffs. They were scared out of taking the deferred resignation by dishonest union leadership, but they'll be looking for other employment as concerns grow over job security.
The same people that were worried about deported migrants not being available to harvest their salads and re-shingle their roofs will now be free to harvest their own salads and shingle their own roofs
Mix in the DOGE UBI checks as hedge against a deflationary doom loop, and tariffs to crush foreign currencies, the prophecy is being fulfilled.
Death to every non-dollar fiat currency -> Global Bitcoinization