Michael Klein

August 1, 2025 AMERICAN ECONOMIC ASSOCIATION Committee on Economic Statistics and Committee on Government Relations Statement from the American Economic Association on the Dismissal of the BLS Commissioner Leaders of the American Economic Association express their grave concern over the dismissal of the Commissioner of the Bureau of Labor Statistics (BLS) earlier today. The independence of the federal statistical agencies is essential to the proper functioning of a modern economy. Accurate, timely, and impartial statistics are the foundation upon which households, businesses, and policymakers make critical decisions. Undermining the independence or credibility of these agencies threatens the integrity of the information that markets, institutions, and the public rely on every day. Measuring the vast and dynamic U.S. economy in real time is inherently challenging. It is standard practice for statistical estimates to be revised as more complete and higher-quality data become available. These revisions reflect the commitment of statistical agencies to accuracy, transparency, and methodological rigor-not failure or bias. The BLS has long had a well-deserved reputation for professional excellence and nonpartisan integrity. Safeguarding this tradition is vital for the continued health of the U.S. economy and public trust in our institutions. We call upon elected officials to respect and preserve the independence of the nation's statistical infrastructure. Lawrence Katz President, American Economic Association Katharine Abraham President-Elect, American Economic Association Karen Dynan Chair, American Economic Association Committee on Economic Statistics Kenneth Troske Chair, American Economic Association Committee on Government Relations

Statement from the largest economics association about the BLS firing

As context: AEA approximately never makes such public statements

This is a big deal

Are Trump’s tariffs helping or hurting the economy? 6 key facts about U.S. trade. There’s no connection between bigger trade deficits and slower economic growth.

Professor @mwkleinphd.bsky.social of @econofact.bsky.social highlights six key truths about tariffs and trade deficits. @marketwatch.com

www.marketwatch.com/story/does-i...

Has the dollar just had its biggest decline in 50 years? In the first six months of his second term, has President Donald Trump presided over a historic decline in the value of the dollar? That’s close to accurate, and economists are expressing some concern...

Professor @mwkleinphd.bsky.social of @econofact.bsky.social quoted in a piece on the decreasing strength of the USD. @politifact.bsky.social

www.politifact.com/factchecks/2...

Covering What Matters in Economic Journalism | Econofact Chats Heather Long reflects on her career as an economic journalist, highlighting her efforts to look beyond broad statistics to get deeper insights on the state of the economy.

Professor @mwkleinphd.bsky.social interviews @byheatherlong.bsky.social on the importance of telling the stories of everyday people in economic journalism. @econofact.bsky.social

econofact.org/podcast/cove...

Trump keeps pressuring the Fed to cut rates. Here's why its independence matters Trump has threatened to fire Fed Chair Jerome Powell, challenging the Fed's independence. Experts say he's not the first president to target the central bank, but he's the most public and aggressive.

"Nixon famously put a lot of pressure on [then-Fed Chair] Arthur Burns to keep interest rates low... [resulting in] the high inflation that we had in the 1970s," says Professor @mwkleinphd.bsky.social of @econofact.bsky.social. @npr.org

www.npr.org/2025/07/30/n...

The Vital Importance of Good Economic Statistics | Chats A discussion with Erica Groshen on the role of the BLS, the importance of good data for decision-making, and concerns about political interference degrading the integrity of government statistics.

Trump fires the BLS Commissioner because of bad jobs report. @ericagroshen.bsky.social warns of this autocratic move in this @econofact.bsky.social podcast econofact.org/podcast/the-...

The Cost of Financing U.S. Government Debt | Econofact The relatively short maturity structure of US government debt means that increases in interest rates translate rapidly into higher interest costs.

Interest payments on the national debt are now bigger than spending on national defense. @dbergstresser.bsky.social in @econofact.bsky.social explains the sources of the increase in the interest burden of the debt & its maturity structure (and why that matters) econofact.org/the-cost-of-...

Covering What Matters in Economic Journalism | Econofact Chats Heather Long reflects on her career as an economic journalist, highlighting her efforts to look beyond broad statistics to get deeper insights on the state of the economy.

I interviewed @byheatherlong.bsky.social about her years of making economics accessible and compelling to her WaPo readers in this @econofact.bsky.social podcast econofact.org/podcast/cove...

Understanding the Rise and Risks of Stablecoins | Econofact Chats A discussion with Udaibir Das on the potential benefits and risks of widespread adoption of stablecoins.

#Stablecoins - an emerging money or a risk to financial stability (or both)? Are they really different from #Bitcoin? Is the #GENIUS Act stupid? Udaibir Das discusses in this @econofact.bsky.social podcast econofact.org/podcast/unde...

Opinion | The National Debt Is Already Causing Bigger Problems Than People Realize

I’m quoted in this @nytimes.com editorial and my @econofact.bsky.social memo with Charles Collyns is cited and linked. www.nytimes.com/2025/06/27/o...

Opinion | The National Debt Is Already Causing Bigger Problems Than People Realize

The National Debt Is Already Causing Bigger Problems Than People Realize www.nytimes.com/2025/06/27/o...
Nice shout out to my @econofact.bsky.social memo with Charles Collyns.

80:1 New #tariffs on steel and aluminum will destroy jobs. @kadeeruss.bsky.social & @lydiacox.bsky.social published original research in @econofact.bsky.social showing that the ratio of jobs that use steel in production to those that make steel is 80:1. econofact.org/will-steel-t...

Is the Dollar Losing Its Edge? | Econofact Global investors typically flock to dollar-denominated assets when economic uncertainty spikes. That has not been the case lately.

Dollar securities have served as a safe haven. But with increased US policy uncertainty has that flipped? Charles Collyns and I confirm a shift in the relationship between policy uncertainty and the dollar with our analysis in @econofact.bsky.social .

Facing the Social Security Shortfall | Econofact If Social Security continues in its current trajectory — and no action is taken by Congress — it will only be able to cover 79% of promised benefits in 2033.

Will Social Security be there for you? Falling birth rates and retiring boomers mean that current levels of benefits can’t continue after 2033 without Congressional action. @gsgoda.bsky.soc of @brookings.edu explains in @econofact.bsky.social econofact.org/facing-the-s...

Can Manufacturing Still Provide Inclusive Growth? | Econofact Chats A discussion with Robert Lawrence on whether manufacturing jobs today offer a stable, well-paying means of employment for those without a college education.

Trump's tariffs & Biden's Build Back Better are responses to the fall in #manufacturing employment share: 35% in 1970, 8% today. Can manufacturing be revived and offer a path to the middle class? Robert Lawrence of @harvardkennedy.bsky.social in @econofact.bsky.social econofact.org/podcast/can-...

Understanding and Measuring Uncertainty | Econofact Many economic decisions involve a guess about the future. Uncertainty can cause economic transactions to be deferred or foregone and can deepen downturns.

The Fed kept rates steady partly because of heightened uncertainty. @nickbloom.bsky.social of @stanforduniversity.bsky.social developed uncertainty indexes. US policy uncertainty has spiked, it's higher than at any time, even onset of COVID. Nick explains this index in econofact.org/understandin...

The Significance and Solvency of Social Security | Econofact Chats A discussion with Gopi Shah Goda on the solvency of Social Security, and what's at stake if Social Security reform is unaddressed.

#SocialSecurity is the 3rd Rail of American Politics. Without changes, benefits will have to cut benefits by 1/5 in 8 years. What can be done, and, if nothing, who will get shocked? @gsgoda.bsky.social discusses in @econofact.bsky.social Chats econofact.org/podcast/the-...

How International Trade Affects the Economy A trade deficit isn’t by itself a sign of economic weakness, and trade surpluses don’t necessarily lead to increases in domestic manufacturing

Tufts Now, the university's alumni publication, publishes my @econofact.bsky.social memo on international trade. now.tufts.edu/2025/04/23/h...

Does International Trade Hurt the United States? | Econofact The U.S. has been running a trade deficit every year since 1975. However, both exports and imports have more than doubled since the beginning of this period.

Countries are not "ripped off" when they run a trade deficit with another country. Bilateral trade accounts can be very misleading. My newest Econofact memo explains these basic economic points - basic but worth recounting given current policies. econofact.org/does-interna...

Could Trump’s trade war be his ‘Nixon shock’ moment? - The Boston Globe In the 1970s, President Nixon tried to quell inflation by dropping the gold standard, freezing prices, and raising tariffs. The effort ultimately backfired.

Larry Edelman in the Globe. Nixon and Trump both tried to buck market forces. Nixon failed. So will Trump. I’m quoted about trade deficits and there’s a link to an original EconoFact post I wrote with @mchinn.bsky.social
www.bostonglobe.com/2025/04/04/b...

Looking Ahead to the 2025 Economy | Econofact Chats A discussion with Mark Zandi on factors shaping U.S. economic growth over the coming quarters.

Are we headed to a slower economy and faster rising prices? @markzandi.bsky.social of Moody's Analytics discusses the impacts of the Administration's policies, and policy uncertainty, in this new @econofact.bsky.social Chats episode. econofact.org/podcast/look...

The 10-Year Treasury Rate: Why Is It Important and What Can Policy Do About It? | Econofact What is the 10-year Treasury yield? What role does it play in the economy? What determines it? And what (if anything) can the Treasury do to affect it?

Treasury Sec. Bessemer says he & Trump want the 10 year Treasury yield to come down. Wishing don’t make it so. Ken Kuttner discusses in this new @econofact.bsky.social memo econofact.org/the-10-year-...

Support @econofact.bsky.social, fight disinformation, & make better financial decisions! 1st AMA webinar for Premium Subscribers ($50/yr.) on 3/26 at noon. John Campbell will answer questions about the stock market, housing prices, the economy and your finances.
secure.touchnet.net/C21525_ustor...

Why Has the Price of Gold Risen So Sharply? | Econofact Gold has a long history of being held as a financial asset by private investors and central banks, which can be the source of large shifts in its price.

Gold's current price, >$3,000/oz, is 40% higher than in Dec. 2023. Charles Collyns and I did some original research to figure out why the price of gold has been surging and report results in this new @econofact.bsky.social memo (spoiler alert: spiking uncertainty). econofact.org/why-has-the-...

Tariffs, Immigration, and DOGE: Assessing the Policies of Trump 2.0 | Econofact Heather Long (WaPo), Greg Ip (WSJ), Scott Horsley (NPR), and Binyamin Appelbaum (NYT) discuss the likely short and long-run impacts of Trump's economic policies.

The economy has weakened considerably since The Economist magazine declared it was the “envy of the world” last October. EconoFact Chats hosted Binyamin Appelbaum, Heather Long, Scott Horsley and Greg Ip to discuss the economy under Trump 2.0. econofact.org/podcast/tari...

Threats to U.S. Agriculture from U.S. Trade Policies | Econofact Exports are vital for U.S. agriculture. U.S. trade policy is raising uncertainty regarding trade with the U.S.'s top export markets: China, Canada, and Mexico.

We’ve seen this movie before. Tariffs and retaliation that hurts American farmers. @mchinn.bsky.social in @econofact.bsky.social from 2018. econofact.org/threats-to-u...

Which is why I founded @econofact.bsky.social To bridge the divide between the academy and the public on important and timely economic and social policy issues.

Costs of Corruption | Econofact Chats A discussion with Luigi Zingales on the broader consequences of corruption that distorts outcomes like who gets a job, what is purchased, and what attributes determine economic success.

Luigi Zingales (U. Chicago) discusses the deep economic problems that arise when people are rewarded for who you know, or even, who you pay off, rather than what you know, or your ability to produce and sell better goods and services in this new EconoFact Chats episode econofact.org/podcast/cost...

Immigration and Waning US Labor Force Growth | Econofact The growth of the working-age population born in the U.S. has slowed dramatically — particularly among less-educated workers. Has immigration filled the gap?

From 2000 to 2023, the US-born working-age population has shown a dramatic slowdown in growth, and eventually a decline.
econofact.org/immigration-...

Presidential pressure on the Fed isn’t new. It used to be through personal meetings. Now it’s through tweets. In either case it’s inflationary, as this new @econofact.bsky.social memo shows mailchi.mp/econofact/ho...