Jul 15, 2017

Trump's economic agenda isn't getting people to spend money

Despite optimism in the financial markets, people are spending less, per Wall Street Journal lead story by Ben Leubsdorf:

  • "Stocks hit records [yesterday] and big U.S. banks reported stronger-than-expected earnings. But new government data showed consumers pulled back spending at mid-year even as markets rallied. Households also grew less optimistic about the future and inflation on consumer purchases softened."
  • "Trump has set out an agenda to push economic growth well beyond the roughly 2% pace that has prevailed since the recession ended in 2009, but so far there is little sign of a real breakout happening."
  • Be smart: "Markets—as they sometimes do— took bad economic news as good investment news."
  • Why it matters: "The president has suggested a number of policies to spur growth, including a tax overhaul and major infrastructure spending, but those aren't yet close to reality."

Go deeper

DOJ to treat antifa involvement in protests as domestic terrorism

Barr and Trump. Photo: Doug Mills-Pool/Getty Images

Attorney General Bill Barr said in a statement Sunday that the Justice Department will use its network of 56 regional FBI Joint Terrorism Task Forces to identify the "criminal organizers and instigators" of violence during the George Floyd protests, including antifa and similar groups.

Why it matters: Barr, President Trump and other members of the administration have pinned the blame for riots and looting over the past few days of protests against police brutality on antifa, a loosely defined far-left movement that uses violence and direct-action protest tactics.

2 hours ago - Technology

Trump and Zuckerberg share phone call amid social media furor

Photo: Alex Wong/Getty Images

In the week that President Trump took on social media, Axios has learned that he had a call Friday with Facebook CEO Mark Zuckerberg that was described by both sides as productive.

Why it matters: With the White House and Twitter at war, Facebook has managed to keep diplomatic relations with the world's most powerful social-media devotee.

Twitter, Google lead chorus of brands backing George Floyd protests

Illustration: Lazaro Gamio/Axios

Twitter and Google are among the dozens of brands over the past 24 hours that have taken public stances in favor of Americans protesting racial equality. Some companies have changed their logos in solidarity with the movement, while others have pledged money in support of efforts to address social injustice.

Why it matters: The pressure that companies feel to speak out on issues has increased during the Trump era, as businesses have sought to fill a trust void left by the government. Now, some of the biggest companies are quickly taking a public stand on the protests, pressuring all other brands to do the same.